First of all, I’d like to disagree with what constitutes a “playable” hand. Limiting yourself to only “premium” hands such as AA-JJ/AKs-AQs is a very bad idea, because you’ll lose a ton of money to the blinds and people will just fold as soon as you play a hand.
You want to play enough hands so that you don’t stand out as a “rock” (definition below). If you’re in late position and there have been no raises, feel free to play just about anything with any value (anything suited, anything paired, medium connectors such as 98o, any offsuit high cards). If you’re in early position, don’t bother playing good-but-not-great hands (e.g. AQo), as you will end up losing money.
Secondly, sizing up your opponents is as valuable as sizing up your hand. There are two independent ways of categorizing players: tightness and aggressiveness.
Tightness is a measure of how many hands they play. A person who is tight plays only good hands, and a person who is loose plays a lot of hands. Good players are allowed to be looser than bad players, since they can dig themselves out of a bad situtation later. People who are too tight will be involved with too few pots, and when they are, they will not reap a very large reward. People who are too loose will lose too many small pots.
Aggressiveness is a measure of how strongly they play their hand. A person who his aggressive will press an advantage, and a person who is passive will tend to be very cautious and wait for the nuts before moving. People who are too aggressive will typically end up throwing money away pressing bad situations; people who are too passive will win less money when they win.
People who are tight and passive are known as “rocks”. They won’t play anything, they’ll fold to any raise, and if you end up heads-up with one of these guys, push them around a lot and immediately fold if they push back. They’ll almost never bluff.
People who are loose and passive are known as “calling stations”. They’ll play a lot of hands and stay in just to see what the flop/turn/river brings, and if you end up with one of these guys, consider yourself lucky. They’ll end up throwing away significant amounts of money every hand chasing at little glimmers of hope. They’ll rarely bluff.
People who are loose and aggressive are known as “maniacs”. They’ll raise with anything, bluff a lot, and in general, bring wild swings of fortune to the table. In the long run, they’ll probably lose, but it’ll be quite a ride.
What you want to be is tight and aggressive. You want to be fairly selective about the hands you play, but when you play them, try and make the most out of them.
And don’t end up like one of the other three types.
Third, understand how the game evolves as a tournament progresses. The fewer people you have at the tables, the looser you need to play. The higher the blinds, the looser and more aggressive you need to play.
Most people will make the mistake of playing loose when the blinds are small and there are many people at the table, and then tightening up when the stakes start getting higher. In fact, it should be the exact opposite.
There is a particular phenonmenon in poker tourneys known as “the hump”. If the top three places pay out, and there are 4 people left at the table, everyone starts becoming very, very conservative. Nobody wants to be the highest ranking loser. I don’t have enough tournament experience to say definitively what to do – I usually play cash games.
Finally, don’t forget to have fun. I trust you aren’t gambling with your rent money, and that you’re playing poker because you enjoy it – well, be sure to enjoy it. You can always earn more money, but you’ll never get back the 2-3 hours that you spent in the tournament.
I’ve played in a few tournaments, online and in a casino, and I don’t like it very much. So I just don’t do it any more. 