Zip,
These are all good answers.. A fairly new player needs to be able to identify reasonable contenders. Using speed figs -- whatever they are -- is a great starting point, especially in races for older horses with established form. Among the simplest ways to do this is to take each horse's last 3 figs from races run at similar distances/class. If a horse's worst figure isn't good enough to beat the average of the middle figures for the top 3-4 other horses in the field, he's probably not fast enough to win.
There's tons of ways to use speed figures. I don't advocate you betting based solely on what I described, but it's a decent sort of exercise for a fairly new bettor. The key is to get used to using figures in a somewhat disciplined manner and to try and see what happens when you vary your approach. You'll find your way.
Good luck.
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