Betting On Horse Racing And Managing Your Money – Part Four
So far I have covered the golden rules for betting on horses and what you have to avoid to be a successful punter. This article sort of rounds up what was written about so far, and how you have to manage your money while betting on horse racing.
So this is part four and it is also the final article in the series. So far I have covered what I consider to be the golden rules of betting on horses, as well as some of the mistakes that you need to avoid in order to be a successful punter.
In this article, I will look at something that encapsulates everything that I have spoken about so far, and so it rounds of this series of articles quite nicely.
The Correct Attitude Is Important When Betting On Horses
It’s something that I teach my members because I really do feel that this is important. If you seriously want be successful and make good, consistent money from betting on horse racing, you have treat your betting like a business.
If betting on horse racing for you is just a hobby where you don’t care too much for the end results, then your hobby will almost certainly come at a cost.
I’ve already mentioned in previous articles about losing money through bad habits and this is frustrating for a lot of punters, because they do not actually realize that they are doing what they are doing.
Fortunately, that’s where horse racing tipsters like myself can help, as we are well aware of the bad habits that need to be avoided, and that having discipline is vitally important to succeeding.
Why Is Discipline Important?
Well, let’s go back to the analogy of treating your betting on horses like a business. If you operate your own business, you’d keep records of transactions, expenses and file all your receipts for your accountant each month.
You would also have a business plan for both the short term and the long term, and you’d also allocate funds for particular aspects of your business.
Now whilst betting on horses is not as complicated as running your own business, I hope you can see that by just applying a bit of discipline and structure to your betting, that you will treat it more seriously, and therefore (hopefully) you will be more successful with it.
In the second article in this series I discussed creating a betting bank so that you allocate a certain amount for your betting. This is essential, and it will eliminate the temptation to dip into savings, or the using of your credit card.
How Well Are You Doing?
Would you believe that if you were to ask ten punters this question, and try and get them to tell you specifically how they’re doing, they probably couldn’t tell you. How scary is that?
You need to know how well (or not) you are doing on a weekly basis, otherwise, how else do you know whether your racing tipster or betting system is working?
If you have no idea how you are faring, how can you possibly progress to earning more money by (slowly) increasing your stakes?
And this is of course no more difficult that getting an exercise book and noting down your bets each week, including how much you wagered, what the price of the horse was and where the meeting was – as a bare minimum. The more technical of you could do this using a spreadsheet or other application of course.
Try Before You Buy
Another thing that I suggest to punters is to ‘paper-trade’ a horse racing tipster or betting system, before actually committing any money to it. You may also find services such as mine that offer free trial periods too, and so this way you are not laying out any money at all.
This would be the same as running a feasibility study for your business, as you wouldn’t just launch a business and hope for the best. What this should do is allow you some time to assess whether your given source of horse racing tips is suitable for you, and whether or not it is reliable.
As we’ve discussed, if you do find yourself losing money on your selections, you should never be tempted to chase your losses. You should not increase your stakes to try and cover what you have lost, as you could find yourself with an even bigger hole in your betting bank.
And that concludes this series of articles focused on betting on horse racing and managing your money. I do hope that you have found these articles a useful resource and that you now feel more prepared for improving your chances when betting on horses, as you now know what you should be doing and what you need to avoid.
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ABOUT THE AUTHOR
Cliff Thurston is the owner of Grosvenor Racing Club, which provides horse racing tips to its members. You can also read his renowned horse racing blog for up to date views and news. Cliff has also interviewed several high profile racing experts and these can be accessed via his sites