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Re: situation...
Your argument is very valid on more aggressive tables, and people who know how to bet their hands and give you bad odds to draw. These drawing type of hands become massively +EV on those tables.
What you're failing to take into account is that, against loose passive players, your AJ will more often than not make the best hand when you hit top pair on the flop, and hold up when it goes to showdown. It will also sometimes make two pair, or a nut straight.
You'll sometimes flop gutshots and get a minbet from top two or a set which is called by half the table, giving you odds to draw, and when you hit it, the pot is huge, and you stack the better. They are betting small because they WANT calls, and when you make a nut hand and play back at them, they are more than happy to pay you off.
At lower limits (or even higher limits if the conditions are correct), against the incrediby passive players preflop, and people who have no idea how to bet their hands, I think limping a wide range of drawing hands from early position can be very +EV if you are selective and patient.
They are so easy to get away from, that most of the time it will only cost you one bet when you miss. However, when you hit, you'll get paid off nicely. That is why the passive element of the table is so crucial to this style of play. You need to be getting odds to draw at the hand to make it profitable, and if you're getting odds to draw, I dont see how your position matters at all.
I started doing this at really passive tables after reading it in sklansky malmuth and millers low stakes hold em book. They explain in some nice detail what conditions are neccesary to play drawing hands from early position, and how you should play them after the flop.
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