Interesting topic, and not to forget pretty essential to be able to crush live low stakes NL.
DGIharris has been a dooropener for me, because he has written several fantastic posts of understanding and thinking like the fish. One of his mantras is that you make a big critical mistake if you credit the fish your own mind and skillset- and when i was able to really grasp that it was a big breakthrough for me.
Key points for me in the part of exploiting fish and learn about what types of fishy players they are:
1)One of the main issues for me is to observe very carefully when a villain showdown hands in certain pots (for example in raised pots or 3 bet pots), to get a realistic impression of their ranges. What you see is what you get, no magic about it. If a guy are willing to call 5 BB preflopraises with hands like K4 suited or Q5 i label him a donkey and i will valuebet him to death with strong top pair hands or better. If a guy 3 bets preflop twice in a 8 hour session, you better be willing to fold your JJ if he 3 bets you. They are turning their hands face up, so take advantage of it.
2)I am watching out for betting patterns, as many fishes have major leaks here or give away big tells by the amount they raise or bet. A common example is that they raise to lets say 3 BB with their mediocre to weak parts of their raising range, and 5 or 6 BB raise when they hold a premium starting hand. When i pick up on such patterns (many villains dont even know that they give away those betting pattern tells), i start to 3 bet them pretty relentless in position preflop when they open for 3 BB raise. And vica versa i can rape them when they raise 5 or 6 BB, because i pretty much know their hand or their strength level.
3)Abuse many fishes lack of ability to put betting/raises into context. What i am thinking about is for example that if a fish see you C-bet bluff 8 BB into a 11 BB pot with air, he can label you a bluffy maniac and apply that completely wrong and station you down light in massive pots later on. He can be capable of calling you down 3 streets with weak top pair or even lighter in a 200 BB pot on A-5-2-10-j board, because he has seen you bluff one time on the flop earlier in the session or the session before. You can have anything here on the river when you fire a 55 BB bet right?
When you learn in wich way your one particular villain/fish lacks the ability to understand situational context of your bets or raises you can literally destroy him on a regular basis. If you play with many of the same fishes on a somewhat regular basis this is especially useful of course.
Last edited by Gilmour; 03-28-2014 at 03:40 PM.