Taking chip stack into consideration
Original article found at: http://www.pokerschoolonline.com/index.php?option=com_content&task=view&id=34
Size Does Matter (Chip Stacks)
To influence opponents at your table, the size of your chip stack will matter a great deal. In fact, how "deep" you, or your opponent are, should dictate the size bet you will make and the anticipated action you may receive following your bet. It is important for you to look and calculate the ratio of the blinds to the shorter stack in the hand, and yourself. There will be three distinct categories of stacks to identify: short, medium and big stacks. Let's examine what constitutes each grouping and discuss some strategies that you can use when in each situation.
Short Stacked (a chip amount that is normally less than 10 times the big blind). An example would be: The big blind amount is 100 and you have 900 in chips remaining (so only 9 times).
Medium Stacked (a chip amount that normal falls between 10 and 50 times the big blind). An example would be: The big blind amount is 500 and you have 15,000 in chips remaining (so 30 times).
Big Stacked (a chip amount that is normally over 50 times the big blind). An example would be: The big blind amount is 1,000 and you have 70,000 in chips remaining (so 70 times).
Position associated with a small stack is usually inconsequential, as you will be betting your entire stack pre-flop, or on the flop, when you play a tournament hand at this particular juncture. You will stand the greatest chance of winning, and doubling up, when you enter the pot first, holding a pair, or high face cards. If you enter the pot with a small or medium pair, you should not expect to improve your hand. When holding cards that are not very strong, it is in your best interest to try to reduce the amount of opponents as much as you can. You would be very fortunate to create a "heads up" showdown situation. So you must commit all your chips in this spot. Keep in mind, with the blinds eating away at your stack, you must pick a spot and go all out in hopes of improving both your hand and your chip count. You will notice players on short stacks will commit their entire stack with a good holding, and check raise with a big hand, getting more money into the pot. Note: If in late position to an unraised pot with lots of callers, you might want to see a flop if your holding plays well multi-way (a chance to double of triple up), but remember, if the calling bet is significant in relation to your remaining stack size, it might not be prudent and waiting for an opportunity to go all-in with a better holding may provide you a better opportunity to double through).
With a medium chip stack, the urgency to get involved and committed into a hand is greatly diminished. You are not faced with the prospects of making a stand, or quickly committing the remainder of your chips due to your ominous chip standing. Having some wiggle room allows you to raise, seeking an advantage, yet enables you to release a holding (you are not pot committed), to a significant reraise, or hefty all-in move by a bigger stack. You will notice players on medium stacks will also do a fair amount of probing bets and check raising, looking to go all-in if the opportunity presents it self to double up.
Position becomes essential factor on all betting rounds when afforded a big stack. With a big stack, position allows you to evaluate the bets by others (size relationship to the pot), calculate pot odds, choose who you want to play against (you might not play a hand, seeing a solid/aggressive player reraise the pot, prior to your turn to bet), and you can bet to bluff, semi-bluff, set up to receive a free card, or even bait your opponent into giving you action with a teaser bet. No one wants to bet a significant amount of their money when the outcome is uncertain against a big stack bettor, and when the big stack is likely to fire again on the next betting round. Those opponents willing to risk their entire stack in against your raise is more often likely to have one pair beaten. What you don't want to do is build monster pots with only top pair, or having a bottom set, and even a non-nut flush. You should see big stacks asserting them selves in the early betting rounds, making it expensive for shorter stacks to play, yet risking only a small portion of their big stack to entice action. It is never in a big stacks interest to let others draw against them without paying a premium price to play.