There are three main components of an effective bluffing strategy in No-Limit Texas Holdem. These three are timing, reason, and price. If your bluff is made keeping all the three in mind, it will very often prove most profitable for you. On the downside, a wrong bluff can absolutely ruin your game permanently.
Correct timing of your bluff is very crucial. You don’t want to be discovered and labelled as a bluffer at the table. If this happens, other players might call you down just when you have a good hand, and you will be at the losing end. It is a good trick on an almost blank board where the action is checked to you. But it can be disastrous if it is a trap set by an opponent known to be a check raiser, and you should be more cautious about your bluffing strategy.
Bluff in No-Limit Texas Holdem only when you are quite sure that your opponents will choose to fold rather than call. Knowing the playing style of your opponents will help you to decide this, so study them carefully before making your bluffing strategy.
You should always stop and see before you bluff the kind of chips that are present on the table. You cannot afford to put too many chips at risk for the sake of your bluff. In a no-limit Texas Holdem cash games, many weaker players with a smaller number of chips are prone to calling out in the hope of getting some returns. And if you have a strong opponent with a very big stack of chips, he might just call merely because he has the resources to do so. So proceed with caution and think about the pros and cons of your bluffing strategy very carefully. Decide what kind of risk you can afford to take and the kind of profit you can make out of your bluff. Most importantly, take care not to be recognised as a bluffer, as that will expose you to your opponents and leave you vulnerable.