It's one thing having the best racing tips that money can buy, but using them effectively and correctly is another matter entirely. Unfortunately, there are numerous examples that I can give you of punters who achieve relative success with winners, yet they still do not make a profit.
Why is this? Well, from my many years of experience there is one factor above all others that seems to be the root cause of this, and I'm about to reveal it in the following article.
Do Not Fall Into This Trap:
I surf the web as many people do every day in search of the best racing tips sites around, but of course I am probably searching for a different reason to the majority of people. I'm interested, even intrigued by how some sites appear to offer instant, overnight, millionaire status to potential punters.
These sites of course pray on the phenomenon that instant wealth is achievable, but as most of us know this is just a myth. If you're looking for instant wealth then I suggest you buy a lottery ticket and keep your fingers crossed. Becoming successful does not occur overnight and with betting on the horses it is no different.
Of course, a long term strategy money making plan is perhaps not as attractive as a get rich quick one, as we all want to see near instant results, and this is where the attraction is. But think of all the successful people that you see in the media, do you think they made it big overnight, of course they did not.
Starting Correctly Is Very Important:
Starting with the correct disciplines is therefore key to becoming successful in the horse racing game. I always advise my members to use a betting bank as I feel this enables you to protect your private finances and avoiding emotional betting.
By using a betting bank, you will soon appreciate that your pool of resources is not unlimited. It simply involves putting aside a sum of money that you know you could afford to lose (in the worst case scenario), and much the same as you would do if you had your own business.
Betting, just like other forms of investment or business, has its own associated risks. We all experience losing runs from time to time, however utilizing the betting bank correctly will limit the damage appreciably.
Protecting Your Money:
Another way to ensure that you are staking correctly and therefore limiting your exposure to losing money, is to use what is called a "points system".
This was one of the best racing tips ever given to me and has helped me and my members enormously in the past. Different horse racing tipster services use this system in different ways, however I feel the way that I was taught really simplifies the whole process.
The way I teach it, you simply assess and allocate what your lowest stake on a horse would be, based upon the amount of your betting bank. If this was ten pounds for example, then this would represent your one point bet. A five point bet on the other hand would be five times your minimum stake amount, therefore this would be fifty pounds.
For simplicity, I only advise that you bet from one to five points. So two points in this example would be twenty pounds, and so on.
Using The Points System:
Based upon the strength of quality of the horse that you're backing, plus other associated factors such as the jockey, the going, the course, recent track record and the quality of the other horses for example, you would then make a decision on how confident you are that this horse will win, on a scale of one to five.
Even the best racing tips from the television pundits come with provisos, so if you feel that the horse you're looking at only has a slight chance of winning, you may decide to give it a one point rating, and wager your one point bet on it, namely ten pounds.
Why The Points System Works:
The reason that the points system works is that it gives you the punter, a framework and a structure to apply to your bets. This is vitally important in maintaining consistency, so it gives you a sound basis when you're winning, yet providing you with a safety net if you're losing.
This is beneficial on two levels, as it eliminates the temptation to lump all of your money on a hot favorite, whilst ensuring that you do not chase your losses by trying to keep winning back what you've lost and backing horses based upon emotions.
In my opinion, the points system epitomizes what success from betting on horses is all about. For me its all about achieving consistent, incremental gains and successes rather than getting a big win every now and again.
Do not fall for the attraction of the overnight success as in this equation there is only one winner, and I'm afraid that it isn't you.
About the Author: Cliff Thurston is the CEO of Grosvenor Racing Club, a successful horse racing tipster service. For more information or for hot horse racing tips, please visit: http://www.grosvenor-racing-club.co.uk