In the pre-flop strategy I outlined the following formula for card selection:
If (EV x 100) > M, raise! Otherwise, fold.
When you are in the money you want to continue to select solid starting hands, but you should open up your hand selection slightly. Generally speaking, now you want to play any hand with a positive EV, regardless of your stack size. There are some things to watch for which I will outline shortly. But the key at this point is to get involved with pots to give yourself an opportunity to hit a big hand and either knock out a smaller stack or double-up through a larger stack.
The Small Stack
If you are the small stack at the table, your goal is to double-up against one of the other two players. They will typically be more cautious at this point because they want you to get knocked out so they can play heads-up, and both of them will be hoping the other player knocks you out. Usually, the player with the medium stack will be more cautious than the big stack. So, you want to look for opportunities to get your money in against the medium stack.
In his books, Dan Harrington talks about "first in vigorish." When you are the first to put your money in, you have two ways to win. First, the others might fold to you and you win the pot uncontested. Second, if you get called, you have the best hand at showdown and you win the pot. When you are the short stack, this is your key weapon--getting your money in the pot first. If someone raises before you, you lose the first in vigorish and now need a very strong hand to call. But if you are first to act, you can push with weaker starting hands due to your first in vigorish.
So, as the small stack, if you have a positive EV hand, look for opportunities to push all-in when you are first to act. Obviously, if you have a strong hand like a big pocket pair, push regardless of what happens before you. But your key strategy as the short stack is to get your money in before the flop and hope to pick up the blinds uncontested.
The Medium Stack
As the medium stack at the table, you are in a tough situation. You need to be careful of the small stack as they will be looking for opportunities to push (as described above). In addition, the big stack is also looking for an opportunity to knock you out. The strategy here is fairly straightforward. If you are first to act and the short stack is next to act, raise 3x the blind or half the amount of the short stack, which ever is more, with any positive EV hand. The goal is to bet enough that the short stack will be pot committed if he calls. If they are playing a similar strategy as outlined above, they will lose their first in vigorish and will only call you with a strong starting hand. You want to put pressure on the small stack and force them to commit their chips.
If you are first to act and the big stack is next to act, continue to play the "normal" strategy as outlined in the pre-flop lessons. When the short stack sees the two of you in a hand, they will often sit out the hand (unless they have a big hand) hoping the big stack knocks you out, allowing them to slide into 2nd place. Don't be afraid to play against the big stack as he will want to protect his lead so he has the chip advantage when you get heads-up. Your best opportunity to build your chip stack will be through the big stack.
Next: In The Money (3)
