Having a limit into betting is sometimes effective. You must set a limit of your losses otherwise it will get bigger everytime you bet into something you always failed. Strategies are like trial and error. Lossing once is enough. Twice is too much. Then, you must change strategy. Though its a game of luck but still it needs common sense to revise or stop a certain method you follow.
Greed will never go from people especially form those who do not have a control on the money. I know a friend's friend who is actually keep gambling inspite of several loses considering that in the next bet he will win. You had said rightly losing one is enough but twice is too much. But how many people will understand this so that they do not lose more in gambling?
It would have made more sense if you have used the word ‘emotions’ rather than the word ‘money’ because greed is the wish of making more money than you have but not to control money. Controlling money is a good thing and this shows that how much saving person you are rather to show greed. This is the main reason for which the gambling is still alive in the market.
Most of the times people do gamble just to recover their losses that is the reason they do face lengthy losing streaks more often than any winning streaks. A gambler's aggressiveness and greediness will cause many problems as these are major reasons for a gambler to deviate from their initial plans of gambling for a day.