On a warm summer's evenin' on a train bound for nowhere,
I met up with the gambler; we were both too tired to sleep.
So we took turns a starin' out the window at the darkness
'Til boredom overtook us, and he began to speak.

He said, "Son, I've made a life out of readin' people's faces,
And knowin' what their cards were by the way they held their eyes.
And if you don't mind my sayin', I can see you're out of aces.
For a taste of your whiskey I'll give you some advice."

So I handed him my bottle and he drank down my last swallow.
Then he bummed a cigarette and asked me for a light.
And the night got deathly quiet, and his face lost all expression.
Said, "If you're gonna play the game, boy, ya gotta learn to play it right.

You got to know when to hold 'em, know when to fold 'em,
Know when to walk away and know when to run.
You never count your money when you're sittin' at the table.
There'll be time enough for countin' when the dealin's done.

Ev'ry gambler knows that the secret to survivin'
Is knowin' what to throw away and knowing what to keep.
'Cause ev'ry hand's a winner and ev'ry hand's a loser,
And the best that you can hope for is to die in your sleep."

And when he'd finished speakin', he turned back towards the window,
Crushed out his cigarette and faded off to sleep.
And somewhere in the darkness the gambler, he broke even.
But in his final words I found an ace that I could keep.

You got to know when to hold 'em, know when to fold 'em,
Know when to walk away and know when to run.
You never count your money when you're sittin' at the table.
There'll be time enough for countin' when the dealin's done.


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Note added at 2002-12-02 13:46:07 (GMT)
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\"When to stay somewhere or when to go\"

in the context you mention it refers to knowing when to stay and when to go.

The metaphor itself refers to playing cards (poker) where the skill of the game is knowing when to keep playing a hand (hold the card) or when to give up on a hand of cards (fold). That way the gambler makes a decision on whether the hand they have is worth continuing playing with, or not worth the bother and so they just fold.

As I said, given the context you mention, its probably a reference to staying or leaving. But it can be applied to any activity in where there is the choice of continuing or not continuing (living or dying if it comes to that!!).

Other examples could be; in a relationship, playing any kind of game, studying ..literally anything where there is an investment (time or money etc.) on the part of the subject (the player etc.) and there comes a time when a breakeven analysis must be performed.