Let's say you're playing No Limit Texas Hold'em and suddenly you look down at your hole cards and see this:
Ace King (aka Big Slick) in No Limit Texas Hold'em is probably one of the more complex hands to play. Why do I say that? Because it is a hand that can essentially make you or break you. There are things about playing AK that may not seem readily apparent against certain opponents and in certain situations that you need to be aware of. Conventional wisdom says that you should raise with AK everytime pre-flop. But is that always the best strategy? For instance, let's say you were in early position and immediately raised with AK. Let's assume that you made this raise while playing in a table full of tight, solid players. Your raise right here will probably be a strong signal to the other players that you have a significant hand and you will probably win the pot right there without a fight a majority of the time. Let's now assume that you're playing in a loose table where the majority of the players behind you call your raise. What do you do now? Is your AK still a favorite to win the hand? Maybe, but then again maybe not. It will depend a lot on the type of game you're in, the size of the blinds, the size of your stack, your opponents, the texture of the board, and of course your position, which in this case is pretty bad. With all these variables that come into play in this situation, you have to be extra careful when playing AK. Against loose calling opponents, you may want to back away from any action unless you hit one of your aces or kings. Even if you try to trap these opponents with just a call before the flop, you're still asking for plenty of other callers who wouldn't have normally called had you raised. Also, even if you do hit an ace or king, you still could be up against someone who just hit a two pair, set or a flush draw. If you do sense a draw from an opponent, you must make the price of drawing fairly high to shove them out of the pot, given their loose play.
Ace King, in general, is a great raising hand, but not such a good calling hand. If you get reraised pre-flop, you may be against someone with a pocket pair. If they happen to have pocket aces, you are about a 10% dog. Against pocket kings, you are about a 30% dog. If your opponent has a pocket pair lower than those, you are at best, a 47% dog to win the pot. Does that mean you should call? It depends. Does that mean you should fold? It depends. I know that may not be the answer that many want to hear, but it's true. You must take into account all the variables in the hand and evaluate your situation on an individual basis. In a no-limit tournament situation where you must decide to call someone's all-in, it is vitally important since your stack can be at serious risk. In side games, you may be able to afford to gamble every now and then with AK against a reraise, but in a tournament situation, you must learn how to win with AK and beat AK at the same time.
I can remember during the 2004 World Series of Poker Scott Fischman was involved in two hands with AK, both with bad results and both with Doyle Brunson. In his first hand with AK, Fischman made a good-sized re-raise to Doyle's initial raise with pocket 7s. Brunson, apparently sensing two overcards from Fischman, moved all-in. After careful consideration, Fischman folded his hand, as he didn't want to risk elimination so early in the tournament. The second instance that Fischman held AK, he called the all-in raise of a short-stacked player from early position. Brunson, however, held a great hand himself with pocket kings. Brunson moved in. Fischman called and was eventually sent to the rail as he was schooled by the lengendary "Texas Dolly".
In general, you must not be afraid to be aggressive with AK. It is still a good hand to play and by no means should you be afraid to use it to take advantage of weaker opponents. But always remember that it is still a drawing hand and not a made hand. If you're one of those players that love to overbet the pot and get comitted with AK, you will probably find yourself in a tough spot every now and then.
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