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20 Mar 05:11 PM

Question about English (US)

What does "when to hold ’em and know when to fold ’em" mean in the text below. It's from a song "Gambler" sung by Kenny Rogers.

Indeed I suspect you already know that the best way to make a good deal is to convey to the other side that you are capable of living without the deal—that you have other options or alternatives. So as the “great negotiator” Kenny Rogers once said in a song lyric, “You got to know when to hold ’em and know when to fold ’em” and walk away.
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