The Value of Deception

One approach to poker is to raise when you have a very good hand and fold when you have a very bad hand. But what happens when you follow that approach? Let's say you have three aces rolled up on your first three cards in seven-card stud. That's the best possible hand you could have at that point. You put in a raise, and everybody folds. You have won a very small pot with a hand that potentially could have won a huge pot.