The fairytale is not over for rookie trainer Grant Kluske and his $9000 cast-off Go Dreaming.

There was no dream upset by the outsider in Saturday's $3 million Caulfield Cup.

Finishing last in one of Australia's biggest races has not killed the dream for a real estate agent who has only been training for two years.

"It's been an emotional rollercoaster, it really has," Kluske told AAP.

Kluske said Go Dreaming needs to be up forward if he is to be any good and couldn't keep up when the Caulfield Cup field went hard early.

"He had the right gate and everything but (is) not the quality horse that you need for a Caulfield Cup," he said.

Kluske's family has a long history in racing although the 55-year-old only decided on a semi-career change after his 50th birthday.

The Strathalbyn-based Kluske learned the horse training craft from the late Mick Whittle, adopting his practice of working horses from a car around the paddocks of his property.

He bought Go Dreaming as a tried horse in 2014 with ambitions of a Strathalbyn or Port Lincoln Cup.

He has managed bigger prizes including the Onkaparinga Cup at Oakbank and the Listed Japan Trophy at Morphettville last year.

Kluske is now eyeing the Bendigo Cup on October 26.

Katelyn Mallyon, who had her first Caulfield Cup ride aboard Go Dreaming, may miss out on the Bendigo gig because of a promise Kluske made to Strathalbyn jockey Justin Potter.

"Katelyn may ride him. I might bring the local one over there because I promised him a ride over here."

Kluske promises there are more chapters to be written in this fairytale.

"It's not over yet."