Let it Ride Strategy can be looked at in a few ways. There are very conservative players that are playing for the pat hand. Then, there are the aggressive players that are going for the gusto whenever it is possible. The best strategy is to combine the two as well as waiver you're betting.
Developing Your Let It Ride Strategy
When you are beginning to develop your Let it Ride Strategy, you should think about how you would like to win. If you want to win fast or lose fast, then you should be aggressive. This means that every hand that reaches for a straight or a flush, don't pull back. If you get any pair, keep all your bets out.
If you want to prolong your game and go for the pat hand off the deal, then you are going to pull back your second two bets every time unless you have a sure winner. Both strategies have their high points as well as their downfalls.
Combining the two is the best way to go. Look at your hand carefully from the beginning and decide what you possible could get. If you get cards that 'might' be able to hit a straight flush, then you should stay in with all bets until that chance is destroyed by the cards being flipped. Imagine how mad you would be if you hit a 1000 to 1 jackpot but pulled out two of your three bets because you play too conservatively.