Suppose you have
and the flop comes lOgf M
You can be almost certain that you have the best hand right now.1 However, you are susceptible to lots of draws. You are essentially even money with somebody who has
Remember also that in low-limit games, the pot has already gotten big. You should do whatever you think will get the most money in the pot on the flop. If you think that a player behind you will raise, bet out immediately and hope you get to re-raise. If you think somebody will bet but not raise, check-raise. Of course, this is a situation where you don't want to give a free card, so if there's any doubt in your mind, bet.
If somebody puts in a third or fourth raise on the flop, you need to consider the possibility that he has a set. Now it might be correct to check and call on the turn and river. If you put in the last raise on the flop, you can bet this hand all the way to the end if the board is not threatening. For instance, suppose the final board is J*-Tv-5 v-84-7*. You should definitely bet when the 8* hits on the turn, but the 7* on the river is a terrifying card, as any nine makes a straight, and a flush is possible. You should check, and call if there is no raise. If there's a raise, you'd have to fold here.
Even if the flop is J*-Tv-7 V (which makes a straight possible), you should play this hand aggressively. If somebody has a straight, he will probably let you know it quickly (he will be afraid of the flush draw as well). Again, in this situation, you can back off and just call bets. The board will have to become very scary before you should drop this hand.
1If you don't, there's not much to do. You will lose some money with this hand if it gets beaten, but far more often you're going to win money with it.
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