Chicado V was sent out for race training as a two-year-old, at first to her owner's trainer, Farrell Jones, who liked neither her calf-knees nor her habit of running poorly in training. She consistently hung behind the other horses in group training runs, and Jones sent her back to Vessels, who then sent her to trainer Eddie Moreno. Moreno finished her training and sent her to the track for her first race, a 350-yard (320 m) contest that she won while setting a new track record for a two-year-old of 18.1 seconds. Her performance persuaded Jones to relent, and he took her back to his training barn. Her knees would not allow her to be raced often, and she only started once more as a two-year-old, a 220-yard (200 m) race at Bay Meadows Racetrack that she won while equaling the track record of 17.2 seconds for the distance.
After an 11-month break, Chicado V returned to the track as a three-year-old, but her legs continued to create problems. She started four times during her three-year-old year, winning once, with one second and one third place. In her win at Pomona, the site of her first win, she lowered the track record for the 350-yard (320 m) distance from 18.1 to 17.9 seconds. Her knees continued to be a problem, and although she never broke down, or became unable to run, she was retired in December 1953.
As a racehorse, Chicado V ran up a record of three wins, one second, and one third, in six starts over two years. She earned a Race Register of Merit in 1952 from the AQHA, the lowest level racing award given by the AQHA, as well as the highest possible speed rating of AAAT, a measure of how fast she was able to run. She was a stakes race winner, or winner of a race run by the higher quality horses, and was given the title of co-Champion Quarter Running Two-Year-Old Filly by the AQHA in 1952. Her race earnings were $5,215 (approximately $45,300 as of 2013), although the official race record from the AQHA does not list any stakes wins. Many of the early racing records did not make it into the AQHA's computers, so the lack of stakes wins on the record does not mean that other records recording them are incorrect.
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