Making A Living betting Horses (My Opinion Of What It May Involve And Imply)

[PanamaPete]

To continue with this topic. Don't get sidetracked with this tipping question. If you feel better giving away some of your hard earned profit, by all means do so. My personal preference is not to start the habit and then it's not hard to later break. However, I don't have this problem because my play is strictly via computer. There is a major reason for this I will get into later.

I want anyone reading this to understand, this is what works for me. However, YMMV.

The generalized rules I previously discussed were just good business practices. Without a good accounting system you will never know how you stand. If it's not accurate, why bother?

My feelings are that the more automatic whatever procedure you chose the better. Years back I would sit and ponder past performances for hours trying to come up with an edge. Those days are now long past. Choosing handicapping as a profession does require in the beginning long hours. However, sooner or later you come to an understanding of what this all about. Once you find a niche that is reasonable successful you zero in on that single procedure and follow it until it becomes second nature. If that constitutes a robot, then so be it. (I will get into niches later.) Without finding that one niche, you are subject to one of the major downfalls of all handicappers. If you allow your handicapping to become time consuming, strenuous and stressful you are subject to burn out. Once burn out set's in you will get careless, you will eventually lose your desire to be successful and consequently lose your bankroll.

This get's back to my reasoning for not going to a track or an OTB. I have not watched a race in years. Paramutual investing with Thoroughbred horse is nothing more than a vehicle to profits. If I could find a way to be successful using armadillos instead of horses it would be fine with me. Besides, when you watch a race it effects your emotions. The up's and down's of observing winning or losing is murder on your nerves. Why put yourself thorough all that stress? Do not allow yourself to get emotionally involved over any one race. Once your money is down all your emotions will change nothing, you either win or lose. Understand this, the outcome of a single race is meaningless. It's the whole meet that determines where you are. ROI is the name of the game. Checking at the end of the day, or even the next is sufficient. If this is your chosen profession and you are successful it will become fun instead of a job. However, plan on going to work five days a week.

More later, maybe.
pp

[proximity]

Originally Posted by DanG

.... For these types; a Paulie Walnuts massage in the parking lot is too good for them.

i'm gonna assume those don't come with "happy endings!!"

[Hank]

Originally Posted by PanamaPete

To continue with this topic. Don't get sidetracked with this tipping question. If you feel better giving away some of your hard earned profit, by all means do so. My personal preference is not to start the habit and then it's not hard to later break. However, I don't have this problem because my play is strictly via computer. There is a major reason for this I will get into later.

I want anyone reading this to understand, this is what works for me. However, YMMV.

The generalized rules I previously discussed were just good business practices. Without a good accounting system you will never know how you stand. If it's not accurate, why bother?

My feelings are that the more automatic whatever procedure you chose the better. Years back I would sit and ponder past performances for hours trying to come up with an edge. Those days are now long past. Choosing handicapping as a profession does require in the beginning long hours. However, sooner or later you come to an understanding of what this all about. Once you find a niche that is reasonable successful you zero in on that single procedure and follow it until it becomes second nature. If that constitutes a robot, then so be it. (I will get into niches later.) Without finding that one niche, you are subject to one of the major downfalls of all handicappers. If you allow your handicapping to become time consuming, strenuous and stressful you are subject to burn out. Once burn out set's in you will get careless, you will eventually lose your desire to be successful and consequently lose your bankroll.

This get's back to my reasoning for not going to a track or an OTB.

Paramutual investing with Thoroughbred horse is nothing more than a vehicle to profits. If I could find a way to be successful using armadillos instead of horses it would be fine with me. Besides, when you watch a race it effects your emotions. The up's and down's of observing winning or losing is murder on your nerves. Why put yourself thorough all that stress? Do not allow yourself to get emotionally involved over any one race. Once your money is down all your emotions will change nothing, you either win or lose. Understand this, the outcome of a single race is meaningless. It's the whole meet that determines where you are. ROI is the name of the game. Checking at the end of the day, or even the next is sufficient. If this is your chosen profession and you are successful it will become fun instead of a job. However, plan on going to work five days a week.

More later, maybe.
pp

Interesting Pete.Do you watch the races later or never watch?

[TurfRuler]

Originally Posted by markgoldie

(And I realize I am slighting those who handicap purely by astrology, appearance, smell, or whatever else).

I know I'm rich when I can laugh at what someone else has to offer and can smile the rest of the day for their thought. I know I'll keep this little point of view for my bankroll.

[PanamaPete]

I will sometime watch a big stakes races on cable but never races I am working.
pp

[andymays]

Originally Posted by PanamaPete

I will sometime watch a big stakes races on cable but never races I am working.
pp

Do you watch Race replays and do any trip handicapping before you make your final selections?

[Track Collector]

Originally Posted by PanamaPete

My feelings are that the more automatic whatever procedure you chose the better. Years back I would sit and ponder past performances for hours trying to come up with an edge. Those days are now long past. Choosing handicapping as a profession does require in the beginning long hours. However, sooner or later you come to an understanding of what this all about. Once you find a niche that is reasonable successful you zero in on that single procedure and follow it until it becomes second nature. If that constitutes a robot, then so be it. (I will get into niches later.) Without finding that one niche, you are subject to one of the major downfalls of all handicappers. If you allow your handicapping to become time consuming, strenuous and stressful you are subject to burn out. Once burn out set's in you will get careless, you will eventually lose your desire to be successful and consequently lose your bankroll. I agree 100%.

This get's back to my reasoning for not going to a track or an OTB. I have not watched a race in years. Even if your selection is via a database method, one can still learn things about a particular track by visually watching a number of races (including ones you did not wager on) that are not readily discernable by reviewing the data.
pp

Track Collector

[JoeLong]

BUMP! for return study, thanks.

[banacek]

Originally Posted by BMeadow

If you keep winning over an extended period of time, your bankroll will grow accordingly anyway.

For those interested, my website is www.trpublishing.com

Barry, any plans for a new book on racing..always enjoy your writing..and it's been a long time since there has been a solid new handicapping book published.

[PanamaPete]

I want to devote this post to narrowing the scope of handicapping to specific tracks. Again, this is just my opinion.The first piece of data is how well the mutual's are paying at a specific track. Lower level tracks are sometime easier to handicap than the major tracks. This is due to the poor quality of horses. When an outstanding horse comes along everybody is on him. You may think your handicapping is superior at the smaller tracks but bear in mind most other handicappers are good at these tracks also. Consequently, they pay lower mutual's. The nature of paramutual wagering is such that a person does not wager against the house (track). The wagering is among the others wagering. The track is a broker, or simply takes a cut along with the State. When there is not very much money spread around (handle) the mutual's are smaller. This is especially true with the exotics. This is not to say money cannot be made at the smaller tracks. However, for my method of play the class "A" are the most profitable.
pp

[WinterTriangle]

Originally Posted by ryesteve

I think we need to presuppose that the handicapper in question knows what he's doing. Losing your entire bankroll in one month is NOT a "doomsday scenario" for this person; it's evidence that he is a handicapper who does NOT know what he's doing

I agree.

Millions of small businesses go under every year. There is always, when objectively evaluated, a reason.....a skill, asset, or something overlooked, by the entrepreneur that could have been avoided.

One of my friends had a thriving internet business with a niche product, enough to support her family of 4 plus her husband, for many years. Then, one day, the major supplier of her product pulled the plug. The end. Fatal mistake on her part, she over-relied on one supplier. It was inconceivable to all of us, because one could not imagine a good businesswoman DOING that. In other words, all along, while it appeared she was doing so good, there was a fatal error INHERENT in her business plan, lurking and just a matter of time before it sunk her.

Most *doomsday* scenarios are just that. They aren't doomsdays, they are self-created fatal errors.

Because *doomsdays*, in reality, just don't happen often, in nature, or in life.

[speculus]

Originally Posted by PanamaPete

If you allow your handicapping to become time consuming, strenuous and stressful you are subject to burn out. Once burn out set's in you will get careless, you will eventually lose your desire to be successful and consequently lose your bankroll.

pp

Almost the same thoughts I had expressed in a mail that I wrote to one of my students in August last year; and co-incidentally, re-published it on my blog just two days ago in trying to explain why I am opting for a six-minutes a day handicapping method after being a (losing and then mildly successful) speed & pace handicapper for so many years.

I am sure you ARE on the right track.