There are two rules that I live and die by when playing poker

[ffindingnemo]

These two tips given to me when I first started playing poker are for me, the best tips you will ever get.

The first one is this.

DONT PLAY WITH WHAT YOU CAN'T AFFORD TO LOSE

That on face value appears to be financially orientated, but in fact there is more to it than that.

Dont play with friends for money. You could fall out with them and theres nothing worse than losing a friend.

Dont play with time that you dont have. If you are spending all your life playing poker then you arent making time for the other things in life like family and friends..

So obviously dont play with money you havent got, and dont play with friends you cannot afford to lose and time that you should be spending doing other things.

The second one

A WINNING PLAYER IS THE ONE WHO KNOWS WHEN HE'S LOST.

When you've exhausted your bankroll then its time to stop. You have been beaten. Accept it and walk away. Go back when you can afford it.

Likewise, when your in a hand and you run the risk of losing too much then discretion is the better part of valour. Accept you have lost and fold your hand. If you arent sure then take it you've been beaten and take it gracefully.

[cow344]

Good advice there!  Also should have a third rule of keeping track of your outs to make the nuts along a chasing rule.

When chasing an Ambulance you got a chance if the price is right, but chasing a Hearse it has to be worse!  Helps a good player know when they are beat even if the price is right, the Hearse hand is more likely trapping you! 

[underdog140]

Realy good advice.I like those 2 rules.Everyone
should follow them.

[toucan sam]

So obivous, yet we forget these rules.

[rgchan]

Along the lines of the 1st rule. Don,t play in a Ring game with higher limits than you want to wager. I played in a game and the Big Stack just kept raising it higher in Nl. I folded many probably winning hands or hands with good potential because I was too afraid of losing. You can,t play well fearfully. Choose a lower limit. 

[gn2056]

The second tip is great, as far as the first that one only seems to matter after I have lost it.  We tend to think backwards, those are great tips though.

[witl69]

  real good advice there but sometimes its hard to follow everyone has diffefrent poker issues and there is no perfect play or player either one, I think.