Calculating Profit

[CheckMark]

ted, I went with your advice and track my selections and see how I do. Well, I don't have time to handicap every race, so I went with doing Pick 4,5, and 6's from different harness and thoroughbred tracks. I started doing this since October 2nd and have hit 5/7 on my bets! But the real reason is to calculate profit, which I think I am doing wrong. Can you check my spreadsheet out and see how to calculate it properly if I did it wrong. Thanks Ted. I think you might need a google account unless the link works than I guess you don't =)

https://docs.google.com/spreadsheets...KuM/edit#gid=0

[Ted Craven]

Will do. You need to grant me permission to access that.


Ted

[CheckMark]

Originally Posted by Ted Craven

Will do. You need to grant me permission to access that.


Ted

Maybe this link would work

https://docs.google.com/spreadsheets...it?usp=sharing
https://docs.google.com/spreadsheets...it?usp=sharing

[Ted Craven]

They work. I'll get back to you.


Ted

[Ted Craven]

Good results so far! Post these PickNs online in Selections if you like, even harness - develop a track record.

Like any wager log, I'd suggest tracking:

- wager identity
- selections
- amount BET
- amount RETURNed (or $0, if a loss)
- profit/loss on the wager
- running bankroll balance

In your sheet, Cols A - F are fine.

Col G should be a numeric column showing $ RETURN (or $0 if a complete loss)

Col H Profit/Loss should be a formula: Col F - Col G ($Bet - $Ret): positive if a Profit or 0 or negative if either a Loss or if the $Return did not cover the $Bet

Col I Running Balance should be a formula: the previous row balance plus Col H (Profit/Loss) from the current wager.

To accommodate Col I (Running Balance), you should insert a new line above the first wager with an amount in Col I representing your opening Bankroll.

You can also add a separate column where you record W or L (Win or Loss) like you have done in your Col G - to track your actual hit versus miss, and thus your number of runouts in a row, though the positive to negative ratio in the Profit/Loss column also gives you that info, more or less (though it mixes in Hits which did not break even, which is not necessarily a Loss).

Of course to be real-world about it, your opening bank should be big enough such that a modest percentage (e.g. 2%) covers your wager, otherwise one loss wipes you out. In reality, the % of Bankroll bet should be in relation to your Strike Rate which so far is pretty high, but with a mix of various Pick-Ns (Pick 4,5,6s) the Strike Rate will vary for each and so a different % of Bank should be used for each.

I say - set your opening Bank at $100,000 (why not! ). That way 2% gives you $2000 for each wager (either multiple tickets on your Pick4s and 5s, and at least a single $1 ticket with the numbers of runners in each leg that you show for that one Pick6 for today). Good luck on tat Pick6 today, BTW.

Of course there are more optimal ways to bet PickNs, such as Steve Crist's ABC system, or even better ones.

Hope that helps! Good luck - and skill.

Ted

[CheckMark]

Originally Posted by Ted Craven

Good results so far! Post these PickNs online in Selections if you like, even harness - develop a track record.

Like any wager log, I'd suggest tracking:

- wager identity
- selections
- amount BET
- amount RETURNed (or $0, if a loss)
- profit/loss on the wager
- running bankroll balance

In your sheet, Cols A - F are fine.

Col G should be a numeric column showing $ RETURN (or $0 if a complete loss)

Col H Profit/Loss should be a formula: Col F - Col G ($Bet - $Ret): positive if a Profit or 0 or negative if either a Loss or if the $Return did not cover the $Bet

Col I Running Balance should be a formula: the previous row balance plus Col H (Profit/Loss) from the current wager.

To accommodate Col I (Running Balance), you should insert a new line above the first wager with an amount in Col I representing your opening Bankroll.

You can also add a separate column where you record W or L (Win or Loss) like you have done in your Col G - to track your actual hit versus miss, and thus your number of runouts in a row, though the positive to negative ratio in the Profit/Loss column also gives you that info, more or less (though it mixes in Hits which did not break even, which is not necessarily a Loss).

Of course to be real-world about it, your opening bank should be big enough such that a modest percentage (e.g. 2%) covers your wager, otherwise one loss wipes you out. In reality, the % of Bankroll bet should be in relation to your Strike Rate which so far is pretty high, but with a mix of various Pick-Ns (Pick 4,5,6s) the Strike Rate will vary for each and so a different % of Bank should be used for each.

I say - set your opening Bank at $100,000 (why not! ). That way 2% gives you $2000 for each wager (either multiple tickets on your Pick4s and 5s, and at least a single $1 ticket with the numbers of runners in each leg that you show for that one Pick6 for today). Good luck on tat Pick6 today, BTW.

Of course there are more optimal ways to bet PickNs, such as Steve Crist's ABC system, or even better ones.

Hope that helps! Good luck - and skill.

Ted

Can you see if I did the correct profit earned after I do them please.

[Ted Craven]

Your Profit - column H (really, your Bankroll Balance) is incorrect. You're forgetting to deduct your losses (and other arithmetic errors)!

This is what it should be, using the formulas I gave you above.




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