No limit Texas holdem is one of the most exciting way to play this entertaining and lucrative game. When you hear someone say 'no limit', they mean that you can bet whatever you want. There are no caps on betting, raising or playing. It is up to you and the size of your wallet.
No limit is generally played in the tournament fashion. If you are playing on a normal table, players will tend to buy in at a certain amount and only play what is on the table. While there is no actual limit, the stakes have a ceiling with what chips are present at the time of the deal. Some people will play that anything goes, but that is when gambling gets out of hand.
No Limit Texas Holdem Tournament
No limit Texas holdem is usually played in tournament fashion. This is where you get a group of people (almost unlimited in numbers) and everyone buys in at equal shares and gets the same amount of chips. When you are out of chips, you are out of the tournament.
The no limit comes into play as the best way to knock someone out. Players can go 'all in' and let the cards roll. If you go all in and lose, you are out. It does not matter how many chips you have on the table, you can bet them all. There is no limit to the maximum bet but there is a minimum in the form of blinds.