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Part 1

Finding winners is only the first step in making your betting pay, and in many ways it's the easiest part of the job.  Why, because emotion doesn't get in the way of your analysis.  When it comes to putting down the money, all sorts of conflicting thoughts can cloud your judgement from making the right moves.  I used to be just as vulnerable as anyone in making mistakes, like:

* Increasing stakes after a winner
* Staking what was left in my wallet
* Trying to re-coup the days losses on the last event / race
* Large stakes on favourites, small stakes on longshots
* Not keeping records

That last category is perhaps the most common and only allows a losing bettor the opportunity to deceive themselves that they aren't losing at all.  To overcome this, have a plan.  When you go to place a bet, your stake is already decided by your long-term strategy.

My suggested approach to the finances of betting are;

MAKE A PLAN
SET REALISTIC TARGETS
BET WITHIN YOUR MEANS
KEEP RECORDS
BE CONSISTANT
KEEP YOUR BETTING BANK SEPARATE FROM YOUR EVERYDAY FINANCES

Popular impression that the public holds of a professional backer is that he/she is a carefree person with generous reserves of capital who wins large sums of money with little effort on their part.  In reality nothing could be further from the truth.
It is a fact, that betting on the outcome of a match is one of the very few ways that a bettor can hope to win from.  It boils down to the forming of opinions.  Trying to win everyday is an impossible task and the long term profit objective must be borne in mind at all times.  Lack of confidence and indecisions which is fostered by a losing run is the most damaging and soul-destroying any backer must be equipped to cope with when such eventuality arises.
Take it from me, as a backer you must be prepared in the best possible way, both financially and mentally.
Putting aside a sum of money or bank to use solely for betting is the first step.  Keeping a record of bets, win or lose, is the second step.  This will not only enable you to see your current profit/loss situation but also show you which types of bets are profitable and which are not.  Successful backers have losing runs, but accept them as hazards of the job.  The difference between winning and losing lies in your capability to preserve equanimity when results are not going your way.
By putting your betting on a sound financial footing you will be acting in your best interest with the best chance of success.  All it takes is a little resolve, discipline and selecting winners.
Anyone prepared to apply further skilled judgement and bet selectively, with the best lines and prices, and as many other positive factors in their favour has a powerful weapon to play on the bookmaker.
Bettors who win consistently in the long term manage to get a living or an extra income because they are dedicated.  There are endless pursuits that would benefit society from the effort that's required to beat the bookmaker.  Betting for a living benefits no one other than the backer or the bookmaker if you lose.  It is a selfish pursuit in proving your expertise.
People refer to me as a gambler, yet gambling is precisely what the serious backer seeks to avoid.  I dislike the term "professional gambler", I much prefer to say I am a "professional investor"

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