Join Date: Dec 2014
Posts: 13,256
The so-called minimum defence frequency (MDF) when facing a pot-sized bet is 50%, but in reality you should vary your continuance frequency according to:
* Position (continue more when IP, less when OOP, because you can realize your equity better when IP).
* Board texture. (Continue more on boards where your range has robust equity, less when villain has a significant range advantage), and
* The pot odds you got on a previous street. (e.g. if you called pre in the BB, you got a cheaper price to see the flop than anyone else, so you don't have to win all that often to break even, so you can fold on the flop at a higher frequency than the flop MDF number. If you called pre-flop on the button, then you voluntarily contributed a larger share of the money in the middle than the BB would, so you need to fight for more pots, and can't just play 'fit-or-fold'.)
Don't take the MDF number too literally. On some boards you can/should fold more often because you simply won't have many combos that have a positive expectation. On others, you'll find it easy to continue at a high frequency, because you have lots of hands with good equity.
Facing a pot-sized bet, if you fold 50% of your range, the 50% that you continue with should 'naturally' win a third of the time (matching the pot odds), since a balanced/polarized villain that pots it will be bluffing a third of the time.
Note that if you are playing micros in particular, your opponents might be c-betting "too often" on the flop (and then giving up), so you should probably float (or bluff-raise) them a lot, but they will generally not be bluffing at anywhere near to optimal frequencies on the later streets, so it can be suicidal to try and "defend" at pseudo GTO frequencies on the river.