Whew… you like to pack a lot of questions into a small space. In this case, whole books could be written in response.
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What do you consider when deciding whether to steal with a pre-flop raise or to try the limp-steal? Is it all based on what type of players are in the blinds?
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Mostly yes. There are lots of players, particularly in small tournaments, that are VERY reliable. Check if they miss the flop, bet if they hit it. With a couple of these jockeys in the blinds I like the limp steal. The other consideration is “varying your play.” Occasionally I “limp steal” with A-A etc, although not usually.
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Do your cards have anything to do with it?
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With the limp steal, no. If I deal it is a good spot to deploy the limp steal, I will usually do so with any two cards. With a straight steal, yes. I have various “steal packages” that I put into play depending upon how I feel about my table image and stacks size. This helps to randomize steal attempts. Although, sometimes the “steal package” that is in force is “any two” which randomizes to 100%.
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If so, what kinds of hands are better suited for a limp-steal and what kinds of hands are better suited for a standard pre-flop steal?
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Limp steal, any two. Straight steal, hands that do not suck “that bad” when you are called… suited connectors, one and two gappers, pocket pairs, and suited aces look pretty good to me. Random big cards are OK too.
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Do you only limp-steal from late position?
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Yes. A limp steal is effective if it’s cheap. From an earlier position there is generally too great a chance to find yourself paying too much for a marginal hand out of position.
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Finally, what situations or hands (if any) will make you fold if it is checked to you in late postion?
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Lots. If I think the blinds are “steal proof” or I have truly crappy cars and I do no think this is a good limp steal situation.
As an example (and blowing my own horn) Gus Hanson moved on the blinds EVERY time he was the button at the WSOP at my table. This was a mistake because I was on his left and I (1) understand and (2) have the balls to deploy counter strategies. Gus should have put away some of his aggression and he probably could have clobbered me. But, he kept the foot to the floor. If I am in late position and I think I have a “problem” in the blinds then I will steal A LOT less.