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Limit vs. No Limit Holdem C. asked: I have been playing home games (small $20 tournaments) for the past 4 years now. In the past 2 years I have been playing online poker and recently starting playing small limit games at various casinos. I would like to get pretty serious with poker and have 2 questions for you. First, I would like to know where to begin. I feel that I am still a beginner and need direction. Second, my question is pertaining to play in casinos; I have been playing limit hold'em and want to start playing bigger multi-table no-limit games... are there any changes in strategies between limit cash games and no-limit tournaments?
The best place to begin is at the beginning! By that I mean, don't jump right into middle limit games and high buy-in tournaments, but start off small. When you're at your local casino, you'll notice that the low stakes games are extremely loose and passive, meaning lots of calling and very little raising. These are a perfect place to learn how to play good poker against poor opponents, so long as you don't pick up their tendencies. I suggest starting at one of the lower limits - for a beginner to intermediate player, 5/10 or below should be your starting point. You can win at this level simply by practicing good fundamentals and unlike with no-limit tournaments, you'll have to learn how to play the turn and river properly for value. At these games, because it's limit you can't push all-in and sit back while the last two cards are dealt. You have to react to them as they come, and this means you will learn the post-flop game much quicker than you will playing no-limit tournaments where most people push all-in preflop or on the flop.
There are some downsides to playing live poker. First, the rake is higher. This will mostly be offset by the looseness of your opponents, but even the best players still have to consider the rake. Second, tournament fees are MUCH higher live than online. This is a problem for live tournament players who aren't playing at the top levels (the WPT or WSOP). Most low buy-in tournaments have outrageous fees. For instance, you might find tournaments with a $60 buy-in and a $40 fee live (no joke, I've seen these in listings for live tournaments in Vegas!). By comparison, online tournaments feature a low fee. A $60 online tournament will likely have a $5 or $6 fee. This means that playing live tournaments is far less profitable than online ones, and you might be a good player but totally unable to win money because the fees are so high!
So while I have no problem suggesting you start playing low limit cash games live, I would like to steer you away from live no-limit tournaments until you've proven yourself enough that you can play in the bigger tournaments. Interestingly enough, live tournament fees don't increase nearly as much as online ones do as you move up the stakes. You might find a $500 tournament with a $75 fee live, as opposed to $60 with a $40 fee. Online, the fees are much lower and proportionate to the buy-in for the tournament. You can even find online tournaments with no fees (such as Hollywoodpoker's grand tournament, which cost $1000+0). So, your best place to get started with multitable tournaments is definitely online, because you can find lower buy-ins and fees than live.
As for strategy, I can't possibly give you every difference between limit cash games and no-limit tournaments. I suggest you buy "Small Stakes Hold'em" by Miller, Sklansky and Malmuth for limit cash games, and for tournaments, you can find plenty of advice online, or buy a good book like "Tournament Poker for Advanced Players" by Sklansky. I always suggest a good book for strategy issues.
Good luck at the tables!
 
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