diff --git a/telethon/extensions/tcp_client.py b/telethon/extensions/tcp_client.py
index 41cec3e5..23268e26 100644
--- a/telethon/extensions/tcp_client.py
+++ b/telethon/extensions/tcp_client.py
@@ -6,7 +6,6 @@ import logging
 from datetime import timedelta
 from io import BytesIO, BufferedWriter
 
-MAX_TIMEOUT = 15  # in seconds
 CONN_RESET_ERRNOS = {
     errno.EBADF, errno.ENOTSOCK, errno.ENETUNREACH,
     errno.EINVAL, errno.ENOTCONN, errno.EHOSTUNREACH,
@@ -24,6 +23,8 @@ class TcpClient:
         self._socket = None
         self._loop = loop if loop else asyncio.get_event_loop()
         self._logger = logging.getLogger(__name__)
+        self._closed = asyncio.Event(loop=self._loop)
+        self._closed.set()
 
         if isinstance(timeout, timedelta):
             self.timeout = timeout.seconds
@@ -54,32 +55,27 @@ class TcpClient:
         else:
             mode, address = socket.AF_INET, (ip, port)
 
-        timeout = 1
-        while True:
-            try:
-                if not self._socket:
-                    self._recreate_socket(mode)
+        try:
+            if not self._socket:
+                self._recreate_socket(mode)
 
-                await asyncio.wait_for(
-                    self._loop.sock_connect(self._socket, address),
-                    timeout=self.timeout,
-                    loop=self._loop
-                )
-                break  # Successful connection, stop retrying to connect
-            except asyncio.TimeoutError as e:
-                raise TimeoutError() from e
-            except OSError as e:
-                self._logger.debug('Connect exception: %r' % e)
-                # ConnectionError + (errno.EBADF, errno.ENOTSOCK, errno.EINVAL)
-                if e.errno in CONN_RESET_ERRNOS:
-                    self._socket = None
-                    await asyncio.sleep(timeout)
-                    timeout = min(timeout * 2, MAX_TIMEOUT)
-                else:
-                    raise
+            await asyncio.wait_for(
+                self._loop.sock_connect(self._socket, address),
+                timeout=self.timeout,
+                loop=self._loop
+            )
+
+            self._closed.clear()
+        except asyncio.TimeoutError as e:
+            raise TimeoutError() from e
+        except OSError as e:
+            if e.errno in CONN_RESET_ERRNOS:
+                self._raise_connection_reset(e)
+            else:
+                raise
 
     def _get_connected(self):
-        return self._socket is not None and self._socket.fileno() >= 0
+        return not self._closed.is_set()
 
     connected = property(fget=_get_connected)
 
@@ -87,60 +83,59 @@ class TcpClient:
         """Closes the connection"""
         try:
             if self._socket is not None:
-                self._socket.shutdown(socket.SHUT_RDWR)
+                if self.connected:
+                    self._socket.shutdown(socket.SHUT_RDWR)
                 self._socket.close()
         except OSError:
             pass  # Ignore ENOTCONN, EBADF, and any other error when closing
         finally:
             self._socket = None
+            self._closed.set()
+
+    async def _wait_close(self, coro):
+        done, _ = await asyncio.wait(
+            [coro, self._closed.wait()],
+            timeout=self.timeout,
+            return_when=asyncio.FIRST_COMPLETED,
+            loop=self._loop
+        )
+        if not self.connected:
+            raise ConnectionResetError('Socket has closed')
+        if not done:
+            raise TimeoutError()
+        return await done.pop()
 
     async def write(self, data):
         """Writes (sends) the specified bytes to the connected peer"""
-        if self._socket is None:
-            self._raise_connection_reset()
-
+        if not self.connected:
+            raise ConnectionResetError('No connection')
         try:
-            await asyncio.wait_for(
-                self.sock_sendall(data),
-                timeout=self.timeout,
-                loop=self._loop
-            )
-        except asyncio.TimeoutError as e:
-            raise TimeoutError() from e
+            await self._wait_close(self.sock_sendall(data))
         except OSError as e:
-            self._logger.debug('Write exception: %r' % e)
             if e.errno in CONN_RESET_ERRNOS:
-                self._raise_connection_reset()
+                self._raise_connection_reset(e)
             else:
                 raise
 
     async def read(self, size):
-        """Reads (receives) a whole block of 'size bytes
+        """Reads (receives) a whole block of size bytes
            from the connected peer.
         """
-
         with BufferedWriter(BytesIO(), buffer_size=size) as buffer:
             bytes_left = size
             while bytes_left != 0:
+                if not self.connected:
+                    raise ConnectionResetError('No connection')
                 try:
-                    if self._socket is None:
-                        self._raise_connection_reset()
-                    partial = await asyncio.wait_for(
-                        self.sock_recv(bytes_left),
-                        timeout=self.timeout,
-                        loop=self._loop
-                    )
-                except asyncio.TimeoutError as e:
-                    raise TimeoutError() from e
+                    partial = await self._wait_close(self.sock_recv(bytes_left))
                 except OSError as e:
-                    self._logger.debug('Read exception: %r' % e)
                     if e.errno in CONN_RESET_ERRNOS:
-                        self._raise_connection_reset()
+                        self._raise_connection_reset(e)
                     else:
                         raise
 
                 if len(partial) == 0:
-                    self._raise_connection_reset()
+                    self._raise_connection_reset('No data on read')
 
                 buffer.write(partial)
                 bytes_left -= len(partial)
@@ -149,9 +144,12 @@ class TcpClient:
             buffer.flush()
             return buffer.raw.getvalue()
 
-    def _raise_connection_reset(self):
+    def _raise_connection_reset(self, error):
+        description = error if isinstance(error, str) else str(error)
+        if isinstance(error, str):
+            error = Exception(error)
         self.close()  # Connection reset -> flag as socket closed
-        raise ConnectionResetError('The server has closed the connection.')
+        raise ConnectionResetError(description) from error
 
     # due to new https://github.com/python/cpython/pull/4386
     def sock_recv(self, n):