I've only been playing live poker for about five years, but in that time I've been around enough tables at enough casinos to draw this conclusion:
All loose players have one thing in common... they go home busted.
Last night was a perfect example of what I am talking about.
Before I got a seat at a $100 buy in table at Hollywood Park, I stood around in the poker area listening to bad beat stories. Several players I know as being "self described action players" (loose) were complaining about their bad beats and how they were down $500 or $800 on the day.
Everyone is going to have bad beats -- but if you isolate the bad beats, and don't lose consistently as loose players often do, then the bad beats won't become the final nail in your bankroll coffin.
When I got to the table and took my seat, it only took a couple of hands for me to see that I was at a table with a bunch of fast and loose players. The player in seat #1 I could read like a book because he always made a big bet with AK and would keep throwing in chips whether he made a pair or not. That knowledge helped me win a decent pot from him later when I had pocket fives -- he bet big early (typical of his AK action) and no ace or king appeared on the board so I got his money.
Other players at the table were playing J4, Q5, and the internet famous Q7. Sure they'd win a hand here or there. In one hand, the J4 player beat another player with AA when a J and a 4 flopped. But later that same J4 player busted out playing other weak hands, while the player who lost with AA stayed around all night and added to his stack.
When you play loose, weak hands, you are counting on getting lucky and you probably will lose more hands than you'll win. While the solid player playing good hands will not necessarily win more hands -- but he will certainly lose less and will be around the table longer to see more good hands and possibly win more money.
I think I will continue to stick with playing good hands. If you see me in a pot, I've got something worthwhile, and I'm not bluffing.