Hermes,

Definitely a good idea to get win/place betting sorted out before you even consider exotics. I wouldn't necessarily go for place betting before win though - have a go at both (on paper first!) and see which works for you best - like Chief I have found win betting more profitable than place betting so I generally bet win only at the moment.

I don't necessarily agree that you HAVE to have multiple systems/banks going at once fron day 1. It is hard enough to come up with one winning system when starting out without trying to do 3 or 4 at once. What is important is that you have rules in place to protect your bank - I use one that says if I lose more than 25% of my starting bank in a week (or month if you are only betting a few times a week) then STOP BETTING and review your system. I also never bet more than 2% of my current bank in any bet.