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Playing ace-rag was a bad leak in my game, too, so I stopped playing it for a while. But after watching way too many hands won with TP by players holding A20, A3o etc., or watching people catch a flush with the nut, I gave it a rethink (tough to watch the pot go to a worse hand than yours). Now I limp in with it from the blinds, late position and even any position if there's no consistent pre-flop raisers at the table. First sign of a solid raise though and I'm usually gone, depending...(it always depends, doesn't it).
If I hit TP on the flop, then I'll either check it around to see if anybody bets it, or put out a small bet for info if nobody does. If I make someone else for an ace with a (probably) better kicker, then I'm usually outta there. But if not...
Catching a 4-flush on the flop goes without saying, or even a 3 if I can get a free look.
I'll also often bet a junk flop holding the ace if I'm near to last to act and try to make a steal. I think that in itself pays for the flops that don't pan out.
This may very well still be a leak in my game (need Poker Tracker), but I'm fairly sure it isn't, and I won't play this way in tourney or on a tough table . But, IMHO, I think the trade-off of folding it down after paying a little to see the flop as opposed to not playing it all and watching someone else take down the pot with worse is worth it, psychologically if nothing else. At least ya know ya gave it a shot.
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