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Hands change value
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You're on the button, before the flop. The pot is not raised. You should be playing a
lot of hands here, but what exactly depends on various things -
1) how many people are already in
2) how tight are they
3) what's the chance the blinds will come in
4) what's the chance the blinds will raise
Sklansky says on the button in this position you can play all the way down to "Group 7",
which is
Group 7 :
any pair
43s, 54s ... (all suited connectors but 32s)
Axs, Kxs, Q8s, J8s, ... (suited cards with one high)
Q8s, T7s, J8s, Q9s, ... (suited one-connectors and two-connectors)
98o, T9o, JTo, ... (offsuit connectors down to 98)
But obviously this changes based on the 4 conditions above. Consider some cases
A) Only a few tight players in, blinds somewhat likely to raise
In this case you play much tighter. Likely the tight players have good
cards, and your implied odds are poor with few players. The drawing
hands like low pairs and offsuit connectors become much weaker. Also,
hands like Axs (x low) should be thrown away; there's not enough action
if you do make a 4-flush, and if you pair the ace you're likely to be
dominated.
B) Lots of people in, weak/callers, blinds likely to just limp in
This is the opposite case. You want to play lots of drawing hands. On
the flip side, just high cards like ATo have lost value, since you
probably need to make a big hand to win (and the chance of hitting two
pair is too low). You can consider playing hands like Qxs, looking for
the flush and throwing it away if action implies the K or A is out. Any
pair and any suited connector look good here. If you play very weak
hands you have to consider throwing them away even if you do hit
something. Like if you play ATs and you pair the ace, you're not happy;
you wanted a straight or flush draw, or to pair the ten. Since the
players are weak, you may be able to still play the aces. This is a
tricky situation - it's hard to tell if you are on a draw (for two pair)
or if he is (if he doesn't have aces). Also, weak players may not fold
if they don't have aces, and someone may have come in with rags and hit
two pair!
C) 5 people in, strong/callers, blinds likely to just limp in
This is a slightly tougher game. You want to play before the flop just
like you do in B, but after the flop you need to tighten up a lot more
and throw away a lot more hands. It's much more likely you are dominated
if you get raised on the flop.