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Everyone who has replied has said to play tighter, which is a good adjustment to make to loose players in general and especially one who is extremely loose. In several of my home games, I often hear live players complain about such players and that play style, but the truth is that these are just about the BEST players to play against and they are who I look to play against both live and online. The reason for that is when I hit a hand, I want to get paid and these players will pay you. If a player is the opposite extreme and very passive, then you're only going to get their money through steals or the occasional cooler hand like AA versus KK. Imagine how much it the game would suck if you got pocket aces, made a 3x raise, and everyone folded. Or, you got pocket 8's, flopped quads, made a 1/3 pot bet and everyone folded. Now imagine those same hands with a complete maniac in the game calling, betting, and raising like it's going out of style. There's much more money to be made from the big pots and big payouts from what could be considered just good or even marginal hands not to mention what you can get from great hands to monsters.
My first thought when someone says that a player is playing EVERY hand is that they are likely exaggerating OR no one has tested the player's limits. He may very well have called every 3x, 4x, or 5x raise, but did anyone bump it up to 6x, 10x, or all-in? If it was all-in, was it a full-stack, half-stack, deeper, or something else? Even complete maniacs usually have limits. Part of the trick is to find out a player's limits and then exploit it. If a player LITERALLY never folded, then all you have to do is wait for TT-AA and push all-in or a hand like AT-AK and push all-in if you spike TPTK. You DO have a read on this player - any two cards. It's just a wide range. Remember, no matter what range you apply to any player, unless you have the nuts, you can lose. If you find the player actually has limits, which I've never met one who didn't, then you play it accordingly. If you have a hand like AA or KK and the player will fold to 15x raises but not 10x, then raise it 10x or 12x.
Yes, it is frustrating when you don't get hands or when you get hands that don't hit boards or when you get hands that hit boards but don't hold up, but that's poker and just because a player plays every hand doesn't mean you are entitled to beat him or get the pots you play with him. But, if played right, over time, you will make much more money from him than he will from you.
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