No Limit games offer the opportunity to take home huge pots, but you may just as well suffer big losses. If you trap one of your opponents in a No Limit game you may win his entire stack. At the same time, if someone has you trapped you might have to leave the table with nothing.
The possibilities of big money swings and enormous pots make No Limit Hold'em an in some ways different game than Limit Hold'em. The importance of position is underlined in No Limit and the hand value changes. Position is a powerful weapon when it comes to trapping opponents and the decisions you make in these situations, good or bad, will have a massive impact on your stack. When it comes to hand value there are also some differences compared to Limit Games. Big connectors like AK, AQ and KQ are worth less in No Limit since they often will win the small pots but lose the big pots. On the other hand all pairs increase in value. If you hit a set on the flop you have a good chance of a big pay off on this hand.
You also have to observe the size of your and the other player's money stacks when playing in No Limit games. This will be a crucial factor in certain situations. For example, if you're holding an average starting hand (JTo for example) and a short stacked player has moved all-in you should fold. Chances are he's holding a much stronger hand than you and because the possible pay off is rather small it's not worth a call. It might be acceptable to call in this situation if the raise is made by a player with a large stack. You are probably still an underdog to win the pot, but if you know that you have the ability to outplay this opponent after the flop the opportunity to win a big part of his stack warrants the call.
In other cases you should call if the opponent has a small stack and fold if he has a large stack. If you're holding QQ and your rival moves all-in chances are he has AA or KK. It's not worth risking all your money in this situation but if only a small part of your stack could be lost you should call.
Here are some other things to think about before sitting down at a No Limit Hold'em table:
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