I thought I would give an outline of my method so others may gleam some insight into what I am doing. I won't give away the exact details but enough so that you can see what I am trying to do and whether or not it might work longer term.

1. I gather price information for each race at specified intervals from a variety of sources (betfair, bookmakers, totes).
2. I use the above information and information gleeamed from the prices to determine the correct price for each selection. When I say correct I mean the price I think the market thinks the horse should be.
3. I then set a back and lay price for each horse and check the price with 5 secs to jump.
4. I have a few filters on which horses to select for lay and which to select for backing based on the price information.
5. If the horse is below my lay price I lay it. If the horse is above my back price I back it.

I currently have 1 lay signal and 2 back signals. This seems to be working and I do not really want to tinker with the process.

I started with $100 and my account is now at $117.51. The inital bet size was 19c . The current bet size is now 22c. I know this is crazy small but I am cautious. I would prefer to make small amounts and never have to fund my account again and just use my inital $100.

I'll record my results for previous day (to allow for overseas results to update) each day.

For 29th September I got the following :
Betfair Aus Wallet : 6 Races for 0.18 Profit
Betfair Main Wallet : 11 Races for 0.25 Profit
Profit for Day : 0.43

For 30th September I got the following :
Betfair Aus Wallet : 37 Races for 0.96 Profit
Betfair Main Wallet : 16 Races for 1.29 Profit
Profit for Day : 2.25