Well done Maverik,
But as usual, it's got more holes than my nanna's stockings!
Most pieces of advice will lead you to doing exactly the same as everyone else and you'll wind up backing the favourite.
(1) SIMPLICITY
By backing horses that have only done what they've done before, you miss the very best overlays available - horses stepping up in grade and distance.
Remember we are looking to make a profit, not pick winners.
Horses that have not won first up before also are lucrative pickings.
(2) THE STATISTICAL EDGE
Only if your prices are accurate, on many occasions the market is more correct, so getting $6.00 on a $5.00 shot could be a flag that you've missed something. Not every bet is an overlay.
If you really do know something, whether from a tip from an inside source, or just some key statistical detail, keep it to yourself. or sell it? 
(4) DON’T BET ODDS-ON
This doesn’t apply to place betting, of course, because with that you have three chances to collect.
Place betting is far worse value in general than win betting, I do not know of any place betting system that outperforms win betting over 1,000 bets.
There is nothing wrong with odds on betting providing you can make a profit from it.
That'll do for now.