Some of the things you must have when getting involved in horse race betting are having the discipline to place your bets and the budget to fund your betting activities. Always have a specific calculated budget. Stick to that budget and do not emotionally bet money, especially when you have a string of losses. When you keep on losing, it is time to cool off for a while and just come back after a few days or weeks have gone by. Always remember that you should only bet the amount you can afford to lose, so do not go over the top. The more you hold on to your money, the more races you can bet on and the more chances you will have of winning. At the end, you will see that you would have made a profit.
Another trick which smart bettors use to cut down the risk in horse betting is these people do a small series of bets rather than a onetime bigtime betting session. It is better to opt for small multiple bets like show or even place bets. These types of bets permit you to make a small profit that when totaled, results in a big amount. Also, better be a safe bettor and avoid those longshot types of odds. This should especially be avoided if you are still new to handicapping. It takes time to familiarize yourself with betting that involves handicapping.
So, remember to always do a thorough research on the horse. Do not go to the track without your notes. Also, do not insist on trusting your gut feeling. People who lose money mostly just rely on gut feeling for horse betting instead of working on their research in order to effectively make a profit on their bets.