Punters need to start each day with a strategy and a plan around staking, value and risk management, and have the discipline and commitment to stick with it. The fastest way to lose money is to ignore these critical elements.
This is the holy grail of punting and often seems elusive. Value is punting on a horse when the bookmaker or exchange is offering much better odds compared to your assessed odds. Just like getting a great deal in January sales.
Stick to a constant staking plan and if you have $20 on an even money chance in Race 1 you should still be having $20 on an even money horse in Race 8, no matter what.
A punter who is in this game to be profitable will start with a bank and will risk a maximum of 2% of that bank in each race. Avoid at all costs the tendency to bet more and more in a desperate attempt to chase and win back losses.
“NOT TAKING RISKS ONE DOESN’T UNDERSTAND IS OFTEN THE BEST FORM OF RISK MANAGEMENT.”
Raghuram G. Rajan