Basic Strategy

Money Management
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Choosing which limit to play is a critical element when playing poker. Generally, you should choose which limit to play based on your financial situation, your poker ability, and your aversion to risk.

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No matter how wealthy you are, it is often best to start out at the lower limits simply because the competition there is easier. Few 'professionals' play at the $1-2 games, so it is a relatively safe place to begin one's poker career. Even if you are a billionaire, no one will know it when you play on the internet and think any less of you for playing at a low limit.

When choosing a limit, the major choices come when one decides to move up a limit or down a limit. Generally, you should only move up a limit if you think you are comfortable playing at that limit for seven sessions or more. Do not choose a limit so high that it makes you scared to play. Playing scared is a guaranteed recipe for losing. It is also not wise to 'go for it' at a higher limit. If you are making a run for it at a higher limit, you probably do not have the bankroll to survive there for long. Even if you win on two straight sessions, you will likely bust out and have to move down if you are not bankrolled enough at any given limit.

If you take a hit at a higher limit, you should generally move down. However, you shouldn't move down so far that you are totally unmotivated to play. If you move up to $25-50 from $10-20, you shouldn't fall back to $1-2 once you decide that $25-50 is too high. While people tend to play too scared at a higher limit, they also tend to play too loose at a lower limit. Play a limit that motivates you to play, but also at which that you are not scared to play.

Also,

Even if you are the best poker player in the world, you will have some losing days. Knowing when to just call it quits for the session will do you a world of good for your bankroll. If you play limit poker, it is wise to quit if you have a swing of 40 big bets or more either way. Forty big bets at limit is a lot (especially longhand), so having swings more than this may drive you insane. The only reason to break the 40-big-bet rule is if the game you are in is really good.

Fundamentally though, you should quit because you are tilting, you have played a lot already and risk being tired, or you just have other things to do.

Here are some signs that you may be tilting:

  1. You always think your opponents are bluffing.
  2. You really want to break even for the day.
  3. You want to get back into the action as soon as possible.

Here are some signs that you may have just played too much poker:

  1. You are falling asleep at the table.
  2. You have played more than ten hours for the day. (Never play more than ten hours at any one time. It is better to play many short or medium sessions than a few long ones.)
  3. You find it harder to pay attention to your opponents.