Hi all....as we know and it has been said before you need a bank if you intend to invest on the races.....a lot of people will say "but i will never have that sort of money so i will just use what ever i have this week and see if i win" if you stop and think you will relise that that is your bank....i guess i am not makeing much sense so i will explain it this way.


How much money do you invest on each bet...depending on your answer we know that it is best to invest between 1% and 5% of your bank on each bet
EXAMPLE: say you bet $20 on each bet and we will say you bet 2% of your bank so your "bank" is $1000 then every week access your results and if you have a profit put a portion of that profit in to your real bank.
The next time you have a wager you will be betting a % of your real bank plus your theoretical bank....hope this made sense.

[ This Message was edited by: Shaun on 2003-04-02 15:48 ]

[ This Message was edited by: Shaun on 2003-04-02 15:57 ]

[ This Message was edited by: Shaun on 2003-04-02 15:58 ]

Shaun,

Betting to a bank helps you adhere to one of the most important gambling principles: Only bet what you can afford.

If you set a hypothetical bank, then you obviously haven't got sufficient funds to work to an actual bank and this is fraught with danger.

I could easily say I'm going to work to a hypothetical bank of 100K and sure, I might have 10 grand to cover my first 5 bets (at 2%) but if I have a run of 5 outs, I'm stuffed. I can't afford a 100K bank so I don't set a hypothetical figure.

The reality is, if all I've got is 10 grand, then a $2000 bet is 20% of my real bank, not 2% of a hypothetical bank.

I keep my actual bank parked on my mortgage. It's real, it's working for me while it's not being used and it's accessible for when I have to pay my bookmaker.

A hypothetical bank can easily become what it is in reality: a whole heap of nothing.

The Point to this post is if a punter can afford to bet $100 a week...this is a way of getting a bank....i don't suggest any one create a bank above the level that they are betting at now.

The way this could be usefull to a small punter with no bank is like this

say we have worked out that we have a hypothetical bank of $1000 and over the cause of a month we have won $300 on our next bet we would bet say 2% of $1300 that is $26

the $20 we would bet anyway cause thats what we always have bet
the $6 comes from the $300 that we have won

[ This Message was edited by: Shaun on 2003-04-02 18:04 ]

Very interesting post Shaun and an issue that is not often discussed in any real depth, so kudos to you for getting the ball rolling.

My opinion is that everyone needs a bank a limit and a percentage of bank betting style.

Also my opinion is that one needs to keep accurate records of bets made and profit and loss like any business.

There is nothing wrong with a guy who can only afford to punt $50.00 per week as long as he sticks to it. After all that's his bank when you think about it.

In stark contrast to what many believe, I think you should start off with a small bank and if your method is sound, it would build up quite quickly.

I know of people who start with $10,000 or much more, only to go through a rough patch and their confidence is shattered, so they start making desperate and not well thought out investments.
Guess it comes down to psychology.

Of course if $10,000 is only say 1% of your floating cash then it's a different story.

My point is that there is nothing wrong with starting off with $500 or $1000 bank.

If you can't afford that then even $200 is fine if it's within your means.

It's all relative to what you could afford to lose (given worse case scenario).

The way I operate my bank is as follows:

I started with a conservative figure and bet 1% of my bank on any selections.
As the bank rose, I bet the same 1% but calculated how much 1% was at the end of each week.

Each month I take out 50% of the profits for myself - spending money,reinvest the remainder and restart the scenario.

This may not suit some punters, but I thought I'd offer how I do it and what suits me.




[ This Message was edited by: Chrome Prince on 2003-04-02 18:58 ]

shaun.the best bit of advice ever given to me was(and given to me by a top class reality based pro )have 400 times the amount you want to win weekly.i.e if you want to win 1000 a week have a bank of 400000.are you incredulous yet.consider.
every fulltime proffessional even people like the late don scott (and he was the best in the business)go through horrendous runs of outs many times(a run of 30 is not uncommon).it is mathematically impossible not to.
always cover yourself for the worst case scenario.it will give you piece of mind if nothing else.

I am not trying to sound like i know it all...this is just an idea of how a person with out a bank can obtain a bank with out going in to debt if you ask 100 people at the local tab or even track how maney use a bank you would be lucky to find 10 people

Exactly Shaun,

If you asked 1,000 people in various TABS exactly how much they had won or lost in the last month, I reckon unless they had a credit card bill showing it, not even 1% would have any idea.

The reply would probably be "I won a couple of hundred two weeks ago."