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Preflop, though, you should raise this against typical 0.5/1 oponents. You probably have the best hand, and it might buy you the button.

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Yes, I contemplated raising preflop, if I were the CO or button I would have, but something about trying to fold out 4 players to isolate the limper seemed like an unlikely result.

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Bolded my earlier comments for emphasis. You're not trying to fold out 4 players. You're raising because
1) You probably have a better hand than the limpers and blinds.
2) You can buy the button.
3) It gives you momentum going in to the flop.