Pokerfreaks - Texas Hold'em Rules

Pay the blinds
Fixed Limit Texas Hold'em is played with one deck of poker cards. All 52 cards are used.
One hand of Texas Hold'em starts with paying the blinds. The amount of the blinds all depends on the limit being played. If you are playing at a $1/$2 table, the person left to the dealer pays the small blind of $0.50 and the player after him pays the big blind of $1.
The following example is at a $1/$2 table.

Deal the hole cards
After the blinds are paid, the dealer deals two cards to every player around the table. These two cards are called hole cards and are hidden to the other players. Only you can see your hole cards.

1st betting round (pre-flop)
Every player now have to decide whether to play with the cards being dealt or not.
The player left to the big blind acts first. He has the option to call, raise or fold.
If he decides to call he puts $1 in the pot.
If he decides to raise he puts $1+ $1 raise. In fixed limit a player can only raise the table limit which in this case is $1. In one betting round there can be only three raises then the pot is capped.
If he decides to fold he just throw the cards away.
All players around the table act after each other with the big blind acting last.

Deal the flop
Now the dealer lays three cards on the table. These three cards are called the flop.
All table cards are visible for all players and with these cards all players tries to get the best poker hand.

2nd betting round (post-flop)
Now the second betting round takes place.
This betting round is similar to the first with the exception that the player to the left of the dealer starts this and the remaining betting rounds.

Deal the turn
The dealer now lays one card on the table. This card is called the turn.

3rd betting round (turn)
The third betting round starts and now every bet is $2.

Deal the river
The last card is dealt on the table. This card is called the river.

4th betting round (river)
The fourth and last betting round takes place.

Showdown
The player with the best hand wins the pot. If two or more players have the best hand the pot is divided between these players.