In low-limit games, you typically will only waste money by trying
to bluff people out of pots. The only time a bluff works is when
the player that you are trying to bluff is capable of folding. Most
low-limit players won’t just won’t fold. So save your
money, and if you do decide to bluff, only try to bluff good players.
The semi-bluff is a great tool though, and frequently allows you
to either win the hand immediately, or draw to a hand very cheaply.
A semi-bluff means exactly what it sounds like--- you don’t
have a great hand at the moment, but you have the possibility of
making a good hand on the turn or river cards.
Here is an example of a semi-bluff in action, where by making the
bet, you buy yourself a “free card”, and get to see
the turn and river without calling any additional bets:
You are the button and hold:
 
There are 4 other people that see the flop, which comes:
  
The player in the big blind bets out, and there are two callers.
You raise--- even though you have currently have nothing but a flush
draw. The big blind calls, and the other two players also call.
Now--- if a heart comes on the turn, you have the “nut”
flush. If a heart doesn’t come on the turn, most of the time
the other players will check to you, waiting for you to bet again
since you raised on the flop. You can then just check, and see the
river card for free without putting more money into the pot.
Buying a “free card” with a semi-bluff is one of the
most powerful moves in limit hold’em. Notice that being in
late position is necessary for this move, as you won’t usually
get a free look at the river card when there are players on the
turn to act after you.
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