First base is the cornerstone of an effective infield.
You're expected to catch everything that comes your way, including those throws into the dirt. This page addresses the specific challenges of knowing when to stretch out for the catch and when to take it on the hop.
What is 'Bounce Range'?
The ability to stretch out and take a throw before it reaches the bag can turn close plays into sure outs. But you need to know when to stretch and when not to stretch. We call the distance you can stretch and reach the ball before it bounces, your bounce range.
In the illustrations and animations here it's shown as a red circle.
However, everyone's bounce range is different - and it's not likely a perfect circle - you could be better on forehand or backhand range.
The only way to know is to stretch yourself out in various angles from the bag and see how far out you are able to take a throw that's only one foot off the ground.
Read the throw first

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Anytime you can stretch out to take the throw... you will shave a few hundredths of a second off the time it takes for the ball to hit the glove. Because the umpire should be watching the bag for the runner's foot while listening for your ball-glove contact, those hundredths could be crucial.
However, if the throw is off line (usually because it is not thrown with an overhand 4-seam grip), it could tail away or hook, or drop and bounce.
If you commit to the stretch too early, not much you can do to recover. So read the throw BEFORE you stretch.
Pounce on the bounce

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Outside your bounce range... you must deal with the hop - no choice. Because any bounce can turn into a bad hop off the dirt, or the lip of the grass, if you fully commit to a stretch, but can't adjust to the deflection, you could be in trouble. If you know your bounce range, you won't over commit, you'll stay back, and be ready to pounce on the bounce.
Get below the ball

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If you allow a bounce - especiialy after committing to a stretch - you must remember the principles of all grounders - no different than if you're playing anywhere else on the field... try to keep your glove below the ball, because the arm flexes quicker than it extends.
(The first baseman in this In-Motion is lucky - the bounce forced a backhand grab and he should have kept his glove lower a little longer.)