1. Read every book that's been recommended on this thread.
2. Develop a can't-miss handicapping system.
3. Set aside a chunk of money that will hurt you if you lose it but won't bankrupt you.
4. Bet your can't-miss handicapping system.
After you've lost your chunk of money, do the following:
How to Succeed as a Trader:
1. Purge all of the useless crap from your brain that you've learned from #1 above. You won't be needing
any of it. Success in this business has little, if anything, to do with handicapping horses. Destroy the books so that others aren't contaminated (>=451F).
2. Start building a new bankroll.
3. Read the following:
http://www.amazon.com/Precision-Stat...ision+c+x+wong
It is merely a history lesson. This is how a few successful handicappers operated several years ago but has little, if any, validity today. However, it will serve as the beginning of your epistemological paridigm shift.
4. Read/study/assimilate/make yours every scrap of information that you can find about parimutuel markets, both macrostructure and microstructure.
5. Read/study/assimilate/make yours every scrap of information that you can find about the Kelly Criterion.
6. Read/study/assimilate/make yours every post written on this forum by TrifectaMike.
7. After you've completed #6, don't waste any more of your precious time on this forum. (Apologies to Mssr. P. A.) You'll find little, if anything, of use to you here.
8. By this time you may have built your new bankroll. If you have, begin to optimally bet overlays. Don't waste your time watching races. Once you've made your investment(s) on a race, you've realized your expected value. Whether you win or lose is immaterial. Optimally-sized positive expectation investments will, over time, positively impact your bankroll.
