Ways to win with rags...

- Your opponent misses you steal postflop
- Your opponent misses you hit a pair and price him out
- Your opponent hits, but he's scared by overs or coordination
- You hit a monster and get payed

Ways to lose with rags...

- You miss your opponent hits
- You both hit and you're too stupid to fold
- You pay too much to draw
- You're against a calling station who draws out

The BIGGEST problem with playing rags is a habitual misenterpretation of fold equity. Either yours or your opponents. By your opponents I mean you should fold but you don't. BAD READS. If you get good reads, you can mix it up more, because you'll never lose a hand to a scared opponent.