"Never bet more than you can afford to lose!",.....
A tried and tested phrase you've no doubt heard before.
Rightly so, many people think they can earn a living from betting....some do, but for most, a regular 'flutter' should be seen as an extra income / spending money etc.
It is exactly for this reason that you need to set yourself a spending limit in the form of a 'Betting Bank'. You will then always know what your limit is!
As your 'betting bank' grows, your limit may also grow over time but during any initial phase, decide what you are comfortable gambling with...... Remember, there is no such thing as 'A Sure Thing!'
Your 'Betting Bank' is an amount of money that is to be used for betting purposes. It should be an amount of money, that if you lost the lot, it is not going to significantly affect your current lifestyle.
Once you have set your 'Betting Bank', decide what percentage of your betting bank you will be prepared to place on each bet. A good starting point is to stake 5% of your betting bank on each bet.
Subsequently, as your bank moves up and down, you are always betting 5% of whatever level your bank is at. This offers a degree of protection and ensures that you have a limit set that allows you to feel comfortable (ie. £200 bank = £10 1st bet. Wins at 2/1 (£230 bank) & next stake = £11.50 (5%)).
This method has the additional benefit that it trains your mind to think in terms of 'percentages' when staking, rather than thinking too much about the actual amount of money you are staking.
Don't think of each profitable bet as your earnings - it's not - that money belongs to 'Betting Bank'. Set yourself a target date (ie. 6 months) and review your account accordingly. You may want to start off with your original bank again.... this is a decision for you to make.
Which bookmaker do I use?
Many people subscribe to the theory that they should have several accounts with online bookmakers so they can check the 'best price'. However, many have guaranteed prices on certain, or all races. That is if you take a price and the Starting Price is bigger, you'll be paid out at the bigger odds!
I've found that both Paddy Power and Bet365 both have the 'Guaranteed Price' offers, but Bet365 have a massive £200 bonus sign-up offer. Open an account and deposit £200, they will match it!.......
As for selections, well there are many paid tipsters out there, but daily papers, the Racing Post, At The Races (Sky 415) etc are a great starting point. Remember, they get paid to do this job on a national basis, so they can't be too bad!
Furthermore, there are many social network sites that offer group forum and discussion opportunities. Having looked and contributed to many, I have found 'Winners Enclosure' to have several members who have excellent knowledge and advice.
Facebook - http/www.facebook.com/WinnersEnclosure
I use the above advice and my own studying to update 'DailyRacingTips' via Twitter:
Finally, don't chase losses.......
One of the worst thing amateurs tend to do is chase after lost money! It's so easy to do, and let's face it, we've all been there!
Decide early in the day what your selection(s) are and stick to them... if they loose, tomorrow is another day!
This sounds easy, but discipline is the key to ensuring regular profits!