áMaking Money at the Races (4)I can't over-emphasise the importance of a plan, a method, a logical approach to Racing Success.In the "olden dayes" there were reckless schemes that sometimes came off. I said "sometimes", but probably "occasionally" or even "rarely" would be a better word. A few people became overnight semi-millionaires because of blind luck. We still read of punters hitting the big one, and, like you, I try for the lucky dip with a small po
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Making Money at the Races (4)
I can't over-emphasise the importance of a plan, a method, a logical approach to Racing Success.
In the "olden dayes" there were reckless schemes that sometimes came off. I said "sometimes", but probably "occasionally" or even "rarely" would be a better word. A few people became overnight semi-millionaires because of blind luck. We still read of punters hitting the big one, and, like you, I try for the lucky dip with a small portion of my annual bank. My turn might be around the corner. But I accept that it probably won't be, and that is why I allocate 1% of my bank to such pursuits.
Yes, just 1%.
There's one exception to this rule, which I'll tell you about shortly.
That 1% my escape valve. No Lotto, no Lottery tickets, but a now-and-then crack at a First Four that looks winable, or at a Quaddie that might pay out of proportion to its chances. There's usually a system somewhere to be found behind these bets..
My "exotics" are based on logic and on my resources. I use the best selectors, including (modestly) myself, and the best methods. Not guesswork or hope. My wild exotics are still mostly wrong, hence the 1% maximum allocation. But I only need one or two moderate successes per year to have a good year, and the bottom line is that getting none at all will not affect my bank significantly. Having only 1% to play with makes me careful and prevents me from lashing out on any one day, with the exception of the Melbourne Cup.
The pools are so full of what's known as "mug money" on that first Tuesday in November that a serious punter just has to have a shot at the big end. I've only hit it once (that should tell you something). Overall, however, that once has still meant I'm in front over all the years. I'll have a shot this year, as I also allocate a full 1% of my annual bank to that one day of the year, to use as I see fit.
Usually, however, much of that 1% is on the exotic pools, as they're so large. I figure that I know more than most of the once-a-year punters, so I should be able to capitalise on "overs". At least that's as I see it. But generally, for the rest of the year, those big results are just pipe dreams for me.
Next we'll have a look at ways of apportioning your bank, and how to allocate the overall funding.
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