Yes mate. Had 10 for a win 20 for a place. That is my betting...

Yes mate. Had 10 for a win 20 for a place. That is my betting strategy for the horses I fancy when they come up at 8-1 or at better odds, because i know i can cover my outlay with the place money and if it manages to get up, can bank the winning money as well. As I have mentioned before, hasn't bothered to do the form for today, as weekday races can be tricky (I know all the races looks tricky, when your pick doesn't salute due to whatever may be the reason :-)). While I was at the tab, I noticed Charles in Charge was running. I was at Morphetville when it won last time. So chucked 20 on it for a win. It was a good collect, though it only paid, 3.70. Then in the next one, I saw Marilago starting at 9.50-1, so backed it with the old formula and managed to get the stake money back. In between I also backed 2 dogs, 2 in wyong, 2 in Colundra, 1 in Adelaide and 1 in Perth, all losing bets (these were losing bets, because I put the money in, in the 'hope' of getting a return, which is not an ideal way to punt). Now I'm back home, exactly with the same money, which I took to the tab. But todays punt paid for 2 pints and $5 donation to a charity bloke who was asking for money. So today turned out to be a decent day.
Coming to the rules on punting, I follow some generic rules. If the field starts at $5 + in a group/good race, back the favourite (best eg last yrs Melbourne Cup). Also back the favourite if it starts at $3+. 1st I look at the gear changes, then the field, without looking at the odds, to see who has got a best chance to win the race. In the field, a quick look at anyone coming down/going up in distance, anyone with a quick back up, anyone going up/coming down in grade (for e.g. Monton in its last 2 starts)if it is more than 1200m race, I look at the weights, barrier and track condition (to see whether it will suit the front runners or back markers). If the track is biased, does the field have anyone good as a front runner or a back marker. Also who is riding it, along with the past rider (for e.g. a senior jockey taking over from an apprentice will be a good indication, depending upon how the previous race was run). More importantly, if one horse runs to my expectation, happy to miss it on the first time, however will back it from its next start. Backed boban on its last 2 starts, where it paid only 4$+ in group races, but if I could have managed to do all up from its 2nd run, on a $50 outlay, I could have easily made 2k in 6week-2 month period, tac free. The only thing that will stop me or anyone to do it, will be the lack of self discipline.
For a race meeting like today, I also would like to look at a bit of breeding (don't know much about it, but its a learning process).
I hope the above information doesn't confuse you or anyone. I do all this study, so that I can back a horse with my own judgement. But I would like to get a starting point from somewhere. I don't like to back someone elses tip for one good reason. That reason is, I have this amazing luck of 'if nothing can make it go pear shaped, I only needs to touch it. The next minute it will go wayward. It could be raging favourite in a race or a stock in an uptrend. Soon I put my hard earned on it, it will be downhill from then on, until I get out LOL). On the other hand, once I do my bit of study as well or my own contribution, it sort of nullifies that curse). Occasionally I do go for a big punt, but that is when things go pear shaped. I didn't have anything good for last 6 weeks or so (after the spring carnival), but had a bit of a turn around in luck on this saturday. That is the another factor made me to go to the tab today. I think that is the critical part in punting (how and what do you feel, if you feel good about your chances, you can jump in. On the other hand you know that its not going to be your day. One should sit it out such days without any punts, regardless how tempting the field can be)

These are all some general outlines, couldn't go through in full. But hope it helps in getting an understanding of how I go on with my punting.

Good luck and thanks for asking.

Regards
PMT