Money Management

[dirty moose]

Hey guys, So I'm in need of some money mgnt. advice... I've noticed at time I bet races without fully handicapping them. Usually after work when there's not much going on. This is obviously detrimental to the bankroll and self confidence.
I'm still new to horse handicapping. I generally only cap on the weekends because of work. I work between 10 and 12 hours Monday - Friday. So I get that itch to play during the week with out capping the races.

Any help, tips or advice would be great.
Thanks

Moose

[rmath]

Moose, my suggestion would be to only play the races that you have fully handicapped. Start off slowly and confine your bets to the two best odds horses from your top three final contenders.
As time goes by you will improve rapidly.
From my own experience, I found the hardest thing was not the handicapping but the actual betting. If you follow DR. Sartins advice and guidelines on paceline selections and especially Playable races you will find you will improve at a rapid pace.

Good Luck and GOOD SKILL!!
rmath

[rmath]

Moose, almost forgot, try to read the Follow-up issues from 70 on up.

[Bill V.]

Originally Posted by rmath

Moose, almost forgot, try to read the Follow-up issues from 70 on up.

Hi Dirty Moose
Welcome to Pace and Cap, A big part of the Sartin Methodology deals
with the positive feedback of winning. Rmath gave you great advice.
When you read the later follow ups you will learn about visualization
of where your winners come from. in the form of a decision wagering form.

I filled out the DWF's for many years, My advice to you is right out of the
book Pace Makes The Race From Dick Schmidts money management,
page 354 You Must Write Down Every Bet You Make.
I found this to be the difference for me. I eventually stopped filling out DWF
and only looked at the balance of my voucher or my online betting account.
I found that only looking at a final total led me to waste too much money on
betting on races I did not fully understand, and that I just was not very good
at multiple race bets or vertical type bets, When I went back to writing down
all my bets I improved.

Today I no longer fill out DWF's. I enter all my bets on a spreadsheet.
I could also visualize my bets on my online wager report, but I find my spreadsheet more helpful.
I record some other factors on this spreadsheet but here i only show a few.
Here is a little snip of my work sheet, these factors are from Doc Sartin's ideal spreadsheet in follow up 83.
I record the morning line of the two horses I bet,
then I record the final odds of the horse that won each race I handicap.
then I record the final odds of the two horses that I bet.
Next is the number of the two horses I bet, and then the results.
I enter every race I handicap. I note if I pass, win, or lose the winning mutual.
When I pass a race I make a not of my decision of
what was it that caused me to pass the race.

This all does not take very long, as you can see I also
color code two factors
first I dark shade all the final odds of the winning horse,
next I shade all my winners a lighter color,
This is what I focus on, as Doc suggest, I focus my
eyes on all the light shade wins.

This somewhat silly exercise helps me, Of course the bottom line is winning.
My voucher or online account balance total says if i'm winning or not,
But writing down every bet and even the passed races helps my winning attitude.
I dont want to see a dark shade loss so I work harder on any race I look at.
My goal is that I can see more light shaded areas on my worksheet.

[dirty moose]

Hey fellas, thank you for the great advice. I must say the thing I love the most about these forums is; how nice, respectful and positive everyone has been thus far. It really makes a difference. I'm going to try out the spread sheet idea and get to some reading.

Thanks for the response's fellas.
Matt

[rmath]

Matt, glad I could help a little.
If you have any questions feel free to post them and I am sure there are many members willing to help.
All you have to do is ask or pm any of us.
Good Luck and welcome to paceandcap.
rmath

[Lt1]

Welcome aboard Matt.

[dirty moose]

The man with the plan LT1! I owe everything I've learned thus far about horse races to that man. Tim is a great teacher with a lot of knowledge and experience.

Thanks again buddy!

[Lt1]

Don't be so modest Matt. You are doing the work and doing what's required. You have accomplished more in a month then most players do in a lifetime. Getting the winner in your top 4 85% of the time is excellent for a person new to handicapping. Keep up the good work and keep asking questions as needed.

[Lt1]

Nice job at Finger Lakes today Matt. 6 out of 9 top 2 and another 3rd that's 77.7% top 3. Keep up the good work.