The Practice Of Speculation 

So what is speculation? Well, if you're playing poker, draw an analogy between yourself and one of the old wildcatters in the oil business, basically taking a shot at buying land and drilling for oil without knowing for sure whether it's really there, but with an instinct that it might be.

When you're speculating in poker you are starting with a foundation (your own cards) and utilizing your instinct in determining whether to take a shot at making a big hand for a big win.

When you're speculating you want to be in more pots. You want to see more flops. You want to make more hands. You're not necessarily beginning with something strong most of the time but you have a draw you can complete and you want to pursue those opportunities if you can.

What you're hoping for is to build your bankroll early on in the tournament, because it gives you plenty of options and plenty of leverage, if you are able to do so. Your opponents have to play differently against you, for example, when they have shorter stacks. They can't take as many liberties against you, and consequently you'll have a better shot at beating them out of pots when you don't have something particularly strong.

Also, just like the aforementioned wildcatter, if successful early in this venture, you can readily afford to speculate a little more down the line, with a chance to build that stack even more.

Remember, in tournament play you can't just walk away from the table with your chips when you're satisfied. The object is to win. Isn't it?

Or is it?

We'll explore that in the next installment.