First I think you've got to get your head around what it is you want from the punt. If you're not looking to get serious with it , then I believe it really truely honestly completely doesn't matter. Have a go with long shots, PPM's, Odds on favs, staking plans,......whatever you want to explore.

BUT

If you're looking to make squillions of profit year in, year out, I believe any staking plan will send you to the wall. Your 1 2 4 8 16 32 plan sounds fine at knee level. However, if you imagine the first bet is say $100 then it's 3.2K for the 32 bet. It all gets a bit out of hand too easily for my liking.

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"Not winning on a horse that came first is one thing.....Losing on a horse that didn't come first is something else entirely!!!"