This article explains the basic poker terms and also some of the basic poker strategies (pot odds, outs). It is assumed that you know the basic rules of Texas Hold'em.
Blind (Small blind/big blind): These are the forced bets that take the place of an ante. The person to the left of the dealer must pay the small blind and the person after him must pay the big blind.
Board Cards: The cards in the middle of the table that are shared by everyone.
Draw: Drawing means hoping to improve your hand with the cards that will come on the board. You are on a draw when you want other cards to come out on the board to complete your hand. If you have 10 9 and the flop is QJ2, you are trying to draw an eight or a king on the turn or river.
Flop: This is when the first three cards come out in Holdem.
Implied odds: The same as pot odds (read below) except it takes into account making bets in the future. Thus, you may call a bet at the flop, but have implied odds of making bigger bets on later rounds if you hit your draw. So, if you have AK of diamonds and the flop comes two diamonds, your implied odds are what you have to call at the flop compared to how large the pot will be at the end of the hand.
Limit Poker: Poker with fixed bets. In a $2-4 limit game, all bets and raises are two dollars in the first two rounds (preflop and flop), and all bets and raises are four dollars in the last two rounds (turn and river).
Longhand: This refers to a poker game with seven or more people.
Outs: Number of cards that can improve your hand. If the flop is 782 and you have 10 9, you want a Jack or an 6 to complete your straight. There are 4 Jacks and 4 sixs in the deck, so you have 8 total outs.
Position: Where you sit at the poker table. The dealer has the best position because he bets last and therefore has a better understanding of what other people have in their hand. The small blind has the worst position because he goes first.
Pot Odds: This is the odds you are getting when you are drawing. For example, say you have Ace and 2 of diamonds and the board is King, seven, six- the six and seven are of diamonds. You are sure that someone else has the king. Nevertheless, there is a total of 9 other diamonds out there (13 minus your two, - two on board), so you have a roughly 18% chance of hitting a flush on the next card. Thus, if the pot is 100, and the bet is 10, even though you are clearly losing, you have odds with your flush draw. However, let's say the pot is 100, you're at the turn (one card left) and your opponent bets 300. The pot is 400 and you must put in 300 to see the river. Your pot odds are 300/700 which is too high, considering your chances of hitting your flush are about 1/5.
Preflop: When you just have two cards in your hand and there are no cards on the board yet.
River: This is the fifth and final card that comes on the board in Holdem, after the turn.
Shorthand: This refers to a poker game with six or fewer people.
Turn: This is the fourth board card that comes out in holdem, the card after the flop.
