J.F.Burgess

Escaping captivity is correct.
Never lay anything at odds as high as 16.00 (its financial suicide). Two winners could wipe out 30+ successful lays, just not worth it.
Here's the plan I use. Lay at no more than 5.00 before SP or in-play, lower odds if you can get them of course!  Then back the same horse for double the odds in-play and halve the stake to reduce your liability to about one point. I have been laying for 14 years and use racing stats/my betting guides to make selections. I make a profit most days.
Here's and example (stakes can be reduced or increased)
Lay first at 5.00 @ £10 either at SP time or in-play (Selecting KEEP bets in play radio button on the Betfair bet slip) if you don't the bet will be cancelled in play!
Once they lay is matched fire the back bet in for double the odds e.g.
Back bet at odds of 10.00 with a stake of £4. 
 
The 4 outcomes...
If the horse loses you win £5.70 and protect your bank If it wins you lose £4.00 (less than one point) If you'd laid it at a straight 5.00 for £10 and it won you'd lose - £40 Increase the back stake to £5 and you have a risk free bet/trade which will net you £4.75 profit win or lose and protect your bank If the lay is backed and the horse runs very well and leads all the way, you may not get the back matched and still loose £40. But you have set up a contingency to protect your bank. I see horses matched  late on (for the back bets some days)  
The reason 90% all layers fail is they ignore this....
LAYING, unlike backing, is all about BANK PROTECTION. That's the golden rule! I have worked with pro gamblers/layers and the only guys who make a long term profit are those who PROTECT their bank on EVERY SINGLE BET THEY MAKE.
Its pure maths. However, for all of this to work you need a rock solid selections method that identifies horse with little chance of winning.
Jon Burgess
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