Know when to holdem, know whento foldem

After reading much of Ed Miller's advice on not folding too much in big pots, I've had a hard time knowing when to apply this concept. What do you think I should do in the following situation. The pot is big, I may have the best hand (which can easily be outdrawn), or I'm way behind. Call, fold, raise, call and raise the turn if the turn is a blank? All of this went thru my head in about 5 seconds. I didn't know what to do.

Preflop raiser was LAG. MP3 seemed to be a solid player.

Stage #248095665: Holdem Normal $1/$2 - 2005-12-16 12:15:21 (ET)
Table: DELTA DR. (Real Money) Seat #8 is the dealer
*** POCKET CARDS ***
Dealt to HERO [8 [img]/images/graemlins/club.gif[/img] 8 [img]/images/graemlins/diamond.gif[/img]]
UTG - CALLS $1
UTG +1 - Folds
MP1 - Raises to $2
MP2 - Folds
MP3 - Calls $2
HERO - Calls $2
BUTTON - Folds
SB - Calls $1.50
BB - Folds
UTG - Calls $1
*** FLOP *** [7 [img]/images/graemlins/spade.gif[/img] 4 [img]/images/graemlins/diamond.gif[/img] 10 [img]/images/graemlins/diamond.gif[/img]] (11 SMALL BETS)
SB - Bets $1
UTG - Calls $1
MP1 - Folds
MP3 - Raises $2 to $2 (15 SMALL BETS)
HERO - ???

[Vote4Pedro]

fold

Let me add that the Preflop raiser was so loose that his raises didn't mean much. MP3 could have cold called with much weaker hands than a normal cold call.

[bozlax]

[ QUOTE ]
Let me add that the Preflop raiser was so loose that his raises didn't mean much. MP3 could have cold called with much weaker hands than a normal cold call.

[/ QUOTE ]

Well, then, why didn't you 3-bet preflop?

Fold the flop.

foldizzles

[DCWildcat]

The big pot advice isn't applicable here.
1) It's 2 bets to you, not one. Miller's advice is, roughly, when you're getting huge odds, like 10+ to 1. You're getting 7.5 to 1 here, with risk of a 3-bet.
2) It's the flop. His advice is much more applicable on the river, or in some cases the turn, where it'll only cost a bet or two at most to see showdown. You could be paying a ton here.
3) Your hand blows donkey nuts, and without an 8 or nondiamond 9, it's only getting worse on subsequent streets.

[Fantam]

Fold for all of the reasons already given so far.

With 2 players betting and calling on that flop and a 3rd player raising, you are almost certainly behind to at least a pair of T's.

Your chances of improving to a set of 8's on the next card are about 22 to 1, and the pot is only offering you immediate odds of about 7.5 to 1.

Also there are possible flush and straight draws that could still beat you, even if you caught a miracle 8 on the turn.

[ QUOTE ]
[ QUOTE ]
Let me add that the Preflop raiser was so loose that his raises didn't mean much. MP3 could have cold called with much weaker hands than a normal cold call.

[/ QUOTE ]

Well, then, why didn't you 3-bet preflop?

Fold the flop.

[/ QUOTE ]

If the preflop raiser was the only other player in the pot I would have definately 3-bet preflop. With two other decent players in the pot, I didn't see much value in three betting. UTG may have folded, and I probably have the best hand at this point, but easily beatable. Does anyone else think I should have three bet preflop?

Seems like the consensus is to fold here. I had every intention of calling one bet, but when raised, I did fold. The turn was an 8, and an ace on the river made UTG a winner with a pair of aces. The other 2 had QT, and T9. So, I was way behind. After knowing that I would have won the pot, I was doing some serious 2nd guessing. I'm glad you guys have affirmed that I made the correct play. Thanks. I feel much better.