Originally Posted by johnm is...
To expand a little more, another approach is just to set yourself a flat win amount, say, $50.
-200 favorite. Bet $100, win $50.
+200 dog. Bet $25, win $50.
This is a popular method among bettors. It's also really hard to stick with. But you can be the greatest bettor that has ever lived, without money management, you're just another losing bettor that tried to make it work.
I could go on (obviously), but you get the gist...
Winning it is easy, not giving it back is the hard part~ that is always the toughest lesson to learn. On the plus side once you learn that lesson it is impossible to forget.