For most of the people 5 card stud is a confusing game and they often mix it up with 7 card stud or Draw Poker. Though this game is considered as the originator of the new age poker games such as Omaha Poker and Texas Hold'Em, these days 5 card stud is hardly played in casinos and people take it more as a social game, so the rules vary according to the player's convenience.
At the opening of a round, two cards are given to each player by the dealer initially. In most cases, the first card is a pocket or a hidden card (hole card) and the second card is an open or a face up card.
Generally, the game is opened by the low card, however, it is also common for the high card to open and it makes no difference at all in the progress of the game. After the completion of this betting round each player gets another face up card and the game moves on to the Third Street. The third street, fourth street and the fifth street in 5 card stud are played by following the rules of 7 stud card's third, fifth, sixth and the seventh street play respectively.
There is a big problem in 5 card stud, i.e., there is only one hidden card and it is not difficult to guess for an experienced player as to what the other player is holding. Unlike Draw Poker where the new cards can be drawn by a player and the hands can be improved, the 5 card stud does not give you that option and you have to play the game with whatever you have got and mostly it is known by the other players.
So moving on to the end result, fast reading of the card is easy for a player even with a little experience. You can either go for the pot for winning the game if you have the highest card hand or you can drop. The game can be dragged to a latter street if you are playing with a beginner, however, with an expert you will not get that opportunity.
In this slow game where you don't have much option people sometimes try to add a little more suspense and excitement by playing with two hidden cards, the two opening cards or the first card and the last card, depending upon the player. These kinds of variations are only seen in the social and friendly games and the story remains the same. 5 card stud is losing its grip and 7 card stud is a much preferred alternative.