How to Survive Losing Streaks at the Horse Races With Proper Money Management

After 5 decades at the races I have come to the conclusion that winning is a lot more fun than losing, but more work, too

. I have also come to the conclusion that no matter how good you may be at horse racing handicapping, you will experience losing streaks and winning streaks. There are several things you can do to preserve enough of your bankroll so when the down times are over and your fortunes are on the upswing, you'll have the necessary capital to wager and win.

A lot of people spend far too much time on handicapping and too little time on the subject of money management. In all honesty, if you are a mediocre handicapper, you have a better chance of succeeding than a person who is an ace handicapper but cannot manage his or her finances. Think about that a moment and you will see I am right.

We often hear stories of lottery winners, rock stars, and movie stars who failed to manage their money well and wound up broke. On the other hand, we also hear of people who worked at a menial job and retired well off because he or she knew how to invest a little and managed it well. Those are two extremes that illustrate my point. Therefore, ask yourself this one simple question, What do I really know about money management?

There is no shame in admitting that you know little about the subject, as long as you now determine to learn all you can. Don't worry, the subject of money management isn't as difficult as many people believe that it to be. Money management is just a way of rationing money and planning for ups and downs. As simple as it may sound, Kelly Betting is an excellent example of this. While Kelly Betting is a good method of money management, progressive betting is a terrible method.

The difference is that one system of wagering is based on how you are really doing while the other is based on a mythical law of averages. The key word is really, as in 'reality'. Reality, what is happening at the moment is the most important part of planning. If you have a plan that has you prepared for any contingency and automatically adjusts to the situation, then you have a good financial system.

Apportioning amounts to bet each day and basing it on what you have to work with and keeping enough ahead to make a set number of wagers based on that amount is a sound strategy. The way to get started with any system of managing your bankroll is to write down the amount you have, how many wagers or units you feel comfortable with and then apportion it accordingly. That is simple math and only relies on your ability to know how long your streaks usually last. Looking at a worst case scenario will have you ready for anything that comes your way and you will have mastered the most important part of the game.

How to Survive Losing Streaks at the Horse Races With Proper Money Management

By: Bill Peterson

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