Originally Posted by Muckem
Thank you sir. Very much appreciated. I also have one more question as I was doing a little research I stumbled upon the term. Expected Value. AS I do understand how EV works, it seems to me that the only possible way to actual get EV is through a Calculator, which means only if you are playing Online... How would someone possibly figure out the EV of a play without an EV calculator... Thank you again.


Hey, don't call me SIR, sir.
Dude, Man, Bro, and the many other, all cool. Sir, not cool.
Anyways coming to the point, let me explain what that actually means.
Expected value (EV, mathematical expectation, expectation), by definition, means the longrun average value of repetitions of the experiment. This is calculated by adding the product of each outcome with the probability of that outcome.
Let me explain with an example: The expected value of a random dice (6side fair), is 3.5.
The probability of each outcome = 1/6 (since there are 6 sides)
The outcomes of the event are 1, 2, 3, 4, 5, 6
So EV = 1*1/6+2*1/6+3*1/6+4*1/6+5*1/6+6*1/6=21/6=3.5
Now to understand better where it plays a role in gambling, lets say you and your friend are tossing a coin (a fair coin). You both decide to wager $10 on the gamble, i.e. lets say if heads comes, you friend gives you $10, if tail comes, you give your friend $10.
So in this case, the EV = 0
Since the probability of heads = 1/2
probability of tails = 1/2
So here, EV = (+10)*1/2+(10)*1/2 = 0
Now coming to poker, EV has to be calculated for a lot of different actions (check, call, fold, raise). We do that with the intention of making a comparison between different actions and choose the one which gives us the maximum expectation. The fundamental objective of poker is to maximize your EV.
But as you know, poker is a game of hidden information, i.e. you don't know all the cards the opponent is holding. In which case, you have to make the best estimate of the possible combinations of hands that the opponent might have to get a view of how well you're doing against him. But knowing the possible combinations doesn't do us any good if we cannot rate it against the hand we're holding.
This comparison of two hands is done by calculating the total number of possible board run outs. And the results gives us the chance or percentage, which is also called equity (probability).
Since, this combination calculation are very large (The total number of board combination is around 42 million). And I'm sure you don't want to deal with that many number of calculation, it's way tedious. Which is why we use computer software to do that calculation for us.
Now to calculate the EV, we multiple that equity(that we get from the software), with the amount we're wagering. In simplest terms, EV in poker = Probability of winning * Amount we win  Probability of losing * Amount we lose.
That said, you can use some heuristics shortcut while you're in a pot. When you've a Open ended straight draw, you've 8 outs to make the nuts without considering what the opponent is holding. In this case, you've around 32% chance of winning. You can find the chance of winning (equity) by googling a outs to equity chart, something like Chart (http://www.ohrt.com/odds/charts.php). And using that probability, calculate the EV. Now like I said, we calculate EV for each action, i.e. in poker, check, call, raise, fold. But those are a bit advanced material (Can't be explained in one post, and definitely not without an understanding of all poker fundamentals).
It doesn't matter whether you're playing online or live, the equity calculators are stand alone programs and don't need any poker client to run. You can find a free calculator here: Equilab (https://www.pokerstrategy.com/pokersoftwaretools/equilabholdem/).
Hope this clarifies your doubt. That said, my suggestion to would be to pick up a Poker theory book: The Theory of Poker (https://www.google.co.in/search?q=the+theory+of+poker&oq=the+theory&aqs=chrome.2.69i57j69i60j69i59j69i60l2.3231j0j7&sourceid=chrome&ie=UTF8) is a good book to start. If you find trouble understanding anything you can ask that in this forum and people will surely help.