What is initiative?

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Head_Hunter

Have you ever been playing a game where the material is equal on both sides, but you feel like you're losing? It's probably because your opponent has the initiative. How about a game where your attack was so strong that you didn't realize that you were actually down in material until after you won the game? You probably had the initiative.

The importance of initiative in chess cannot be overstated. It affects every phase of a chess game. I would like for the higher rated players to answer this important question. Please post some instructive positions and explanations. No need to be super-fancy. Beginners and intermediate player should post questions about initiative here. I think that many will learn that sometimes initiative is worth a pawn, or even sometimes worth a full piece.

Head_Hunter

Alright, here's an old game that really shows the power of initiative. I will add comments later.