Money Management

[shoeless]

:eek:After some excellent posts on that contender topic I thought this is one I could really use some help on.Right now I have no money management plan to speak of.Gary had me starting with a $100 bankroll and betting 2 horses one for $3 and the other for $2 until I could double it.His way of thinking was if you cant double a small bankroll why do you think you can do it with a larger one.It does make sense but I couldnt stick with those type of bets.Any suggestions on this would be helpful.Jeff

[davesnew]

Money Management in mind how does one feel about an across the board bet? Good, bad, so so. Thanks for any replies

[shoeless]

Funny you should mention that,I was just reading in a book by Ray Taulbot a system that he proposes to bet across the board.It's called the Carlton method and you would bet $2 to win,$4 to place and $12 to show.This method is to preserve a players capitol.Jeff

[dugoutgold]

Hi Jeff, Doc had something similar to Taulbots cept it was $2/$4/$6 Heres somethng you might like. Its from an old Larry Vogele book long outoff print. Its called the place parlay and is based somwhat on using leverage from the track. If your top pick runs second alot this is a great remedy. Take the horse that you think is best and bet a flat bet amount on it to place only. Use a seperate backroll for this and you make flat bets only too. Say you have a $100 dollar bankroll. Lets use 5% for each place bet, ie 5 bucks. Foryou place bets be selective, only your best picks of the entire card!! Usually thats only 2 races. K here goes, on you first pick bet $5 to place on it. If the horse wins or runs second get your payoff ( dont bet if the win odds are less than 2/1 pass otherwise) Now sit tight till your second pick of the day goes off and put the entire amount of the first bet on it, ( that means your bet plus the profit) If the second horse wins or runs second you have a completed parlay. If you loss it then go back to the same flat amount that you bet on the first horse to place. Keep records of your 20 race cycle with this and ONLY use your best picks of the card. You might be suprised at the results, Ive made more profit at this than win bets many times.

[shoeless]

Doug,Vogele's book Profeesional Method of Handicapping was the book that started me on horse racing back in 1972.I not too long ago bought a copy on e-bay.Somewhere I also have his course method that I purchased.There was some very good stuff in there.He was one of the first to come up with a class value based on the money the horse had won.I think I will reread his money management and will give that place bet a shot.Jeff

[dugoutgold]

glad to hear you have that book jeff, thats the first book i ever read on horseracing also and I used it for a few years untill Tom Brohnamers book came out. I still have larrys window handicapper even! Give that place parlay section another read with the tools we have today it holds up even better. FYI on Larry, he read books by a writer named Robert Doust who to the best of my knowlage was the first to write something serious on handicapping and wajoring.

[shoeless]

Doug,I have the window handicapper as well.I just checked on Abe's Books and they have copies going for a buck,although dated it's good reading.Jeff

[admin]

Hi Jeff


$2 and $3 till you double your bank roll:)
I have tried this method myself many times
I feel it is a great tool to teach myself about my pros and cons of my
waggercapping ability I never tried the double my bank roll
bit, I always just tried to win more on each 20 race cycle

I strongly recommend this method
I know its very difficult to stay with it because its a slow grind
and those big paying Exactas and Trifectas are right there on the readouts or I'm sure for you -other handicapping factors
can generate nice payoffs

I also have been having some good results using what
Mark Cramer asked Doc to do in follow up 69
That is make flat win bets on any horse in the top 3
Bottom line - Betting line that,at 2 minutes to post
time is going off at double the programs odds line
actually my donation to Richies Fair Grounds
contest prize pool is profits I made the last time I
used this method

I also was betting WPS for a few 20 race cycles

I then bet some money for a lady friend of mine. She is very against
betting She knows what I do and I do my best to
tell her about the methodology's mission of
the cure for losing is winning How ever she was still
doubtful
I told her I would start with $20 I would bet
for her with this $20 1 horse $2 WPS
I got off to a slow start. I lost my first 2 bets and was down to
$8.00 but slowly build it up to $64.00
I stopped only because I am not a one horse better
and doing this WPS bet was costing me many big winners
I was a hero and It showed me again what was best for me

Bill

[shoeless]

Bill,Good insight on this topic which is one that I feel is overlooked by many people.Jeff

[gl45]

Money Management
A lot has been written about the subject and the Kelly Criterion still pops up as a reference. One of the last endeavor on the subject is from Dave Schwartz's "Horse Marketing Investing" and "The Opponent Method". The books were discussed on Pace Advantage forum, under the books topic. It is worth a peek.
lbj

[Houndog]

This has also been an area I need to work on. The one thing about any money management system is you have to have a positive expectancy in your handicapping. I don't think a money management system exists that will turn a profit without this.

I agree with Gary in that if you cannot double your money with a small bankroll, how do you expect to do it with one that is larger. I have not had the discipline to do as Gary has suggested, but it is very good advice. I look at the big exactas and I worry about missing out. I am not at this point much of a trifecta player. Perhaps an idea would be to maintain 2 bankrolls, one for your solid bets and perhaps another one for "action bets".