But what's the best formula?

Do you go for a lucky colour? The old analogy that red goes faster doesn't always prove to be true at Flemington.

Maybe a lucky number or quirky name? If that's the case, then it's impossible to go past Who Shot Thebarman ($21) or Max Dynamite ($14).

Or maybe, just maybe, you follow the traditional path and cast your eye over the all-important form guide.

Everything there is listed. Past results, personal best times, form on fast tracks, slow tracks, dead tracks etc etc etc.

Matthew Dale is considered one of the up and coming trainers in the country and has had great success with Fell Swoop, which has won eight of its first 10 starts.

The Canberra trainer has been scouring the form guide since he was "three or four years old" with his grandparents.

He suggests using the Caulfield Cup as the starting point to determine success in the Melbourne Cup.

"The Caulfield Cup is the best lead in to picking the Melbourne Cup winner, but also keeping an eye on the weather because that could definitely influence a lot of their chances," Dale said.

"There are horses that like the wet and horses that don't, if the rain comes it's a different platform to if it races firm.

"They're the variables going into Tuesday, but any of the top players out of the Caulfield Cup will be any of your best chances."

Japanese stayer Fame Game ($4) is hard to go past after running home strong to finish sixth in the Caulfield Cup.

Fame Game will be one of the shortest priced favourites in the recent history of the Melbourne Cup after the scratching of Caulfield Cup winner Mongolian Khan.

Dale said Trip to Paris ($9) was another contender after looking good in the Caulfield Cup.

Dale said a wide barrier didn't necessarily rule out a horse's chances, but that it would need to get in good position during the race.

"Horses need to get a bit of cover and switch off to win a Melbourne Cup," he said.

"Barriers are still important.

"If you get exposed without cover you generally can't win a Melbourne Cup."

Fame Game will start from the middle of the track in barrier 12, while Trip to Paris will jump from barrier 14.

Excess Knowledge ($26), ridden by Kieran McEvoy, will have plenty of work to do coming from barrier 24.

There is always the debate about whether having an international jockey compared to an Australian jockey helps a horse's chances in the Melbourne Cup.

Dale says international jockeys have been a bit "hit and miss" in the past few years.

"You can't go wrong following your really top Australian jockeys, like Hugh Bowman, Tommy Berry and Blake Shinn and Damien Oliver," Dale said.

"Those top line Australian jockeys you can't go wrong.

"They are consistently riding in these conditions."

Bowman is aboard Preferment ($10), Berry is riding Trip to Paris ($9), Shinn will be on Who Shot Thebarman ($21) and Oliver will saddle up The Offer ($41).

As for trainers, Dale said Chris Waller was renowned for his stayers, and it was only a matter of time before he won his first Melbourne Cup.

Waller has three runners in the Cup - Preferment, Who Shot Thebarman and Grand Marshal ($34).

When the three minutes of magic is run and won and punters are either cheering or tearing up their betting slips, one piece of advice is certain.

"Luck plays a massive part."

Flemington, Tuesday 3pm

Group 1 (3200m)

1 SNOW SKY (GB) Sir M Stoute R Moore (16) 58kg

2 CRITERION (NZ) D Hayes & T Dabernig M Walker (4) 57.5kg

3 FAME GAME (JPN) Y Munakata Z Purton (12) 57kg

4 OUR IVANHOWE (GER) L & A Freedman B Melham (22) 56kg

5 BIG ORANGE (GB) M Bell J Spencer (23) 55.5kg

6 HARTNELL (GB) J O'Shea J McDonald (17) 55.5kg

7 HOKKO BRAVE (JPN) Y Matsunaga C Williams (20) 55.5kg

8 MAX DYNAMITE (FR) W Mullins F Dettori (2) 55kg

9 RED CADEAUX (GB) E Dunlop G Mosse (8) 55kg

10 TRIP TO PARIS (IRE) E Dunlop T Berry (14) 55kg

11 WHO SHOT THEBARMAN (NZ) C Waller B Shinn (6) 54.5kg

12 SKY HUNTER (GB) S Bin Suroor W Buick (7) 54kg

13 THE OFFER (IRE) G Waterhouse D Oliver (13) 54kg

14 GRAND MARSHAL (GB) C Waller J Cassidy (15) 53.5kg

15 PREFERMENT (NZ) C Waller H Bowman (11) 53.5kg

16 QUEST FOR MORE (IRE) R Charlton D Lane (21) 53.5kg

17 ALMOONQITH (USA) D Hayes & T Dabernig D Dunn (10) 53kg

18 KINGFISHER (IRE) A O'Brien C O'Donoghue (9) 53kg

19 PRINCE OF PENZANCE (NZ) D Weir Ms M Payne (1) 53kg

20 BONDI BEACH (IRE) A O'Brien B Prebble (18) 52.5kg

21 SERTORIUS J Edwards C Newitt (5) 52.5kg

22 THE UNITED STATES (IRE) R Hickmott J Moreira (3) 52.5kg

23 EXCESS KNOWLEDGE (GB) G Waterhouse K McEvoy (24) 51kg

24 GUST OF WIND (NZ) J Sargent C Schofield (19) 51kg