Money Management

[racer100]

In reading the posts on this board I see that there are not a lot of discussions about good money management which is crucial in successful wagering. Even if you consistently pick your win horse in the first two selections 60% or better, you could end up losing money by not applying good money management. In reading some of the articles posted on the private board, I see that Doc Sartin has had some great ideas like the "Presumptive" Kelly Criterion wagering plan where he dutches the top 2 selections (60% low odd horse and 40% high odd horse) with a custom version of the Kelly Criterion. I find this to be a very successful way to wager, but it takes a while to calculate and you have to keep written records of your bets (ouch!). Can the experts on this board recommend a program that does dutching and recommends the amount to be bet in every race according to a target profit? A program that saves your bets and keeps track if you win or lose after each to slightly increase your size after a loss would be really great. The only one I was able to find that comes close to this concept is by http://www.adpa.com/mm.htm but I really don't know if it is any good. Please post your recommendations and hopefully we all can share some good money management ideas. Really appreciate your help.

[ray lopez]

I have tried several betting plans,and have settled on flat betting.I
increase my bet after a certain profit point.This has been less stressful
for me,and since I live in Nevada,I'll just make my bets in the morning and
record everything at night.I used to watched online but i have found that
if i just make my bets and check it out later,i don't get too involve emotionally
and mentally.From my records,i don't bet on heavy morning line favorites.I
can also enjoy my day,doing other things without getting tied down at the
races.I was also able to deal with long losing streaks because i know that
i'll pull out of it eventually.This approach works very well with me.

[Ted Craven]

I would highly recommend Dave Schwartz' HMI Horse Market Investing and the 'Session' concept. Many discussion topics on it on PaceAdvantage.com and you can get it plus a several hour desktop video and Excel spreadsheet to manage and size your wagers from Dave at Horsestreet.com. It goes into fairly good theory about why it should outperform either Flat Betting, full or partial Kelly.

It doesn't track your wagers or do bookkeeping for you, but it will help you size your wagers in realtime or semi-realtime.

Ted