Before invention of tournaments most of the players used to play poker for real money. They used to bet actual currency or chips which represented currency on the hands. These games which feature actual money on individual hands are called as ring games or cash games. In Texas Holdem most of the players play no-limit or fixed-limit cash games. The strategies followed in these two games are entirely different.
In the no-limit game players find it difficult to gear down for limit, while limit players lack in courage and feel necessity of limit to excel. In limit games size of bets are restricted, they do not allow people to bluff. Most of small stake games involve more players in each hand and vary from extremely passive position (less raising and betting) to extremely aggressive position(high raising).
Tournaments – Texas Holdem can also be played as tournament. Poker tournament is not played with currency; it is played with chips (representing currency). In standard play all players have to “buy-in” fixed amount of money and start the game. The play proceeds until one player has accumulated all the chips and the money is distributed to players based on the place they finished in tournament. Most of the times in tournaments only 10% of players receive money and others are left without anything. Playing tournament is entirely different from cash game.
The strategy followed by this game varies widely depending upon chips a player has, amount of chips others have, the tournament, playing styles of opponents. Some of the proficient players recommend beginners to follow tight playing strategy while other players recommend following loose playing strategy. In loose playing strategy players should play more hands. In these tournament games the binds and antes increase regularly and sometimes reach to their maximum at the end of tournament. Sometimes players make mistakes at the end of tournament; they play more hands at the end when compared to the beginning. This leads to severe loss at the end.