View Full Version : Money management
03-02-2011, 01:39 PM
Would be interested in hearing how folks handle their bankrolls....definitely one of the weaker points of my game.
03-02-2011, 05:53 PM
I don't know if this is exactly what you might call management, but it works for me. I decide what I'm going to bet on each race before I go to the track. I am not one of those players who will sit out a race, because frankly I don't get to go as often as I would like. So when I'm there, I will have something on every race just for fun. But I certainly load up on the races I feel most strongly about and back off the ones that I don't have a good read on.Once I'm at the track, if I am fortunate enough to get ahead, I will definitely put more on the remaining races if I like them. I know there are a lot of horse players who say this is bad money management but I don't care. I like having something on a race when the bell goes off. Plus, having my computer picks in hand, it is relatively easy to just box the top three and then get back to studying the form for a race I have more interest in.
Since I don't get to go that often, I do not bother to track my wins and losses for the year. Back when I lived in Monterey and I played the OTB at the fair grounds three days a week, I was very good about keeping track of my bankroll. I wanted to know how far ahead I was. That actually took more discipline to keep track of because I usually won. I had Bay Meadows figured out. When you are winning consistently it is harder to keep the discipline of tracking of your bankroll than when you are doing more equal amounts of winning and losing. That's me anyhow. When I'm not sure if I'm ahead or behind, I will gladly make the effort to write it down.
03-02-2011, 08:45 PM
Money mangement is important if you are betting for a living. Throw it out the door if you do it for fun.
03-18-2011, 04:21 PM
Hello Rich In Boston,
You might take a look at the Horse Market Investing product at Dave Schwartz's web site:
Read the info page on that and see if that product help you.
The only 2 books you'll ever need on money managment are 1) Money secrets at the racetrack by Barry Meadow and 2) Commonsense Betting by the late, great, Dick Mitchell. They are not light reads but the info is invaluable if you're looking to make a profit.
03-19-2011, 11:23 AM
Take a look at Ten Steps to Winning by Danny Holmes. He's the best on the topic.