Upper and lower limits

[Qartada]

Often on gambling threads, especially related to gambling addiction, I see the phrase: "know when to stop".

But this doesn't always mean the same thing.  When talking about probability-based games like dice, I often see people talking about lower limits - for example, people stop if they've lost more than say, BTC0.01 in a week.  But then what's the point of a house edge if you're intent on losing?  If you have a set amount which you are willing to lose, in most cases you will continue to play until you lose that much, and since you have less money than the house, the house actually will always win.

But there's a solution to that.  You set an upper limit as well as a lower limit.

Say the house edge was 1%.  You bet with a lower limit (potential loss) of BTC0.01 and an equal upper limit.

Then when you bet, your chance of losing is not near 100%, because you actually know when to stop, and you can actually stop in winning positions. 

Do you set an upper limit in probability games?  Why or why not, and how do you lose the least when you know that in the long term the house will most likely win?

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[ImHash]

I'm so confused to understand what you are trying to prove here? it is mathematically impossible for the house to lose in the long run, you realize that math doesn't lie? you can't really manage your loss or gain especially in dice gambling, you put a bet then roll the dice and you either win or you lose.
If you win there is absolutely no guarantee that your next bet is going to win. when you lose it is though more probable to lose the next bet.

You can argue years after years about gambling and luck but what is luck truly? how do you define luck? do you really believe that luck is something random? if it's not random then who or what force derives your luck? and if it's completely random then you should know that house edge is there to make sure the end results are in their favor and not your's.

How can it be random though? in a world where the smallest particles can change their behavior to defeat human mind nothing is random.

Do you know anything about quantum physics? an experiment where scientists throw one particle and place 2 slots opened in front of it and a board behind the slots and they see that 2 particles appear on the board, but how can 1 single particle becomes 2 and hit the board? as if it duplicated itself right before passing through the slots, so every time when that particle had to chose between those 2 slots it chose both of them.

It gets interesting when they decide to take screen shot from the particle right before it turns into 2 particles but every time they took screen shots they could only see 1 particle going from slot A or slot B, every time they watched the process only 1 particle hit the board not 2.

Then they decided to take screen shot after it passed the 2 slots trying to trick matter but guess what happened? again they only saw 1 particle as if it went back in time and passed from only 1 slot like it knew that they will try to take a picture from it just mind blowing, how's that for randomness?

[uneng]

Are you saying gamblers usually set only lower limits and not upper limits?
I think we should have limits for the wins and losses. However it's most probable to have losses on long run as we can't make more profit than dice sites. Maybe in some weeks you will have profit, but on the next weeks the dice site will get their profit and you will lose money.

[Ayers]

Are you saying gamblers usually set only lower limits and not upper limits?
I think we should have limits for the wins and losses. However it's most probable to have losses on long run as we can't make more profit than dice sites. Maybe in some weeks you will have profit, but on the next weeks the dice site will get their profit and you will lose money.

this what i get form his post too, but i have an upper limit, and it's when i win a lot for example, i know in this case that i need to stop or my chance of losing everything are very high, because you can't always win, some dude can not always but occasionally, have more win than the house, if they are very lucky

[mindrust]

Why are wasting your precious time and brain cells over this shitty stuff? Don't you realize that you are trying to make sense from gambling? You are gambling, and gambling doesn't make any sense unless you hacked the game somehow. Stop thinking over useless crap. Think about useful stuff and you'll be making money.

[Mike Mayor]

I don't really have an upper or lower limit. I gamble small amount first but it easily can grow and I chase my loses and hope I catch them. It's probably a bad idea but I still do it I desperately want to recover. When people still to limits gambling is no problem . Chasing like I do can lead to problems.

[emberbekas]

I apply the upper and lower limit too, but I can't consistently hold such limits firmly. I play with some money and will stop when I lost a half of my starting balance. And my upper limit is when I doubled my initial balance. But, frankly, when I lost a half of my balance, I still gamble in the hope I can recover my previous lost. Sometimes it work but most of the time it gave me very bad result.

[erpbridge]

When I consider the lower limit for my betting, I just set an intuitive number which I feel won't hurt me much if I happen to lose it. I ahree with the fact that its somewhat stupid to set lower limit.

However, upper limit is a whole different story. You can set one, and stop after you get there. But again, doesn't mean you keep betting till you lose everything.

[Patatas]

Fancy way of putting it.It only makes you psychologically feel correct,in reality your winning chances are as slime as that of playing with only lower limits.Have you ever heard of Survivorship bias ?

[SyGambler]

upper or lower , left or right you will end up betting the farm on high if you believe these fake believes 
in probability game no matter you do you should be expecting to lose 1% or whatever the HE is for every bet you make
so setting upper or lower limits won't change anything

[Qartada]

I'm so confused to understand what you are trying to prove here? it is mathematically impossible for the house to lose in the long run, you realize that math doesn't lie? you can't really manage your loss or gain especially in dice gambling, you put a bet then roll the dice and you either win or you lose.

My point is that people who play games that are only based on chance e.g. dice continuously bet until they lose.  Since they have less money than the house, their chance of winning from that isn't 1% below the house, it's 100% below the house.  If you have an upper limit, it means that during a specific session you can actually win against the house, and then the edge actually applies.

If you win there is absolutely no guarantee that your next bet is going to win. when you lose it is though more probable to lose the next bet.

I didn't say anyone could guarantee it, but this is how you minimise loss.

Some stuff about quantum physics which doesn't relate to the topic

Yeah.

[maydna]

in my opinion, its not about setting how much upper and lower limits, but for me personally i am use a limit on how much money i want to use in gambling games. for example, i only have 0.01 but i want to playing gambling, so what i am to do is i only use from 0.003 btc - 0.05 btc for playing gambling. from 0.005 btc, i am place bets for 10 satoshi - 5000 satoshi, because i don't want to loss all in one day, from this amount, i can playing gambling at least 30 minutes or one hour and its enough for me. this is what i am already done so far and so far i know when i have to stop playing gambling.

[mrcash02]

in my opinion, its not about setting how much upper and lower limits, but for me personally i am use a limit on how much money i want to use in gambling games. for example, i only have 0.01 but i want to playing gambling, so what i am to do is i only use from 0.003 btc - 0.05 btc for playing gambling. from 0.005 btc, i am place bets for 10 satoshi - 5000 satoshi, because i don't want to loss all in one day, from this amount, i can playing gambling at least 30 minutes or one hour and its enough for me. this is what i am already done so far and so far i know when i have to stop playing gambling.

This way you are playing for fun only, with a low bankroll playing 10 satoshis per bet you won't have much profit and after some time playing a long loss streak comes and you lose everything without the opportunity to make a good profit fast some time before. When we play for fun we don't mind about strategy very much, because you are focused in playing and not in winning.

[piloder]

Do you set an upper limit in probability games?  Why or why not, and how do you lose the least when you know that in the long term the house will most likely win?

Yes most of the time i set upper limit as half of lower limit. That mean if i set upper limit at 0.02BTC daily, i set lower limit on 0.04BTC and this have helped me many times to exit with profit. But profit is not always guaranteed in gambling specially in provably fair dice sites you will loss at end due to house edge.

[thebatletbet]

lower limit this mean about stop lost, upper limit this mean about take profit
i think is good because if you use stop lost you can control you lost, so you can't lost all youre money
about take profit, you can stop playing is good profit and withdraw youre profit, because if you still playing if ready win can lost all money if not control playing

[LuanX3]

I didn't understand what you wanted to convey OP. The point here is that you always do put a target win and a target losses. If you don't then for sure you'll just end up losing everything in the end. Also, the best way I think to gamble is when you win something from a bet, just use those winnings and not really use your own funds anymore,

[Caladonian]

lower limit this mean about stop lost, upper limit this mean about take profit
i think is good because if you use stop lost you can control you lost, so you can't lost all youre money
about take profit, you can stop playing is good profit and withdraw youre profit, because if you still playing if ready win can lost all money if not control playing

which is right withdrawing your profits to enjoy your winnings instead of being greedy and continue playing then loses everything in the long
run, having those attitude will also allowed you to lessen your risk, taking control in such situation needed a strong will to achieve.

[ralle14]

Do you set an upper limit in probability games?  Why or why not, and how do you lose the least when you know that in the long term the house will most likely win?

I don't put limits when I gamble on dice, I just deposit how much I can afford to lose then hope for the best. I lose the least when I set a high multiplier but that's just my luck kicking in.

But there's a solution to that.  You set an upper limit as well as a lower limit.

Say the house edge was 1%.  You bet with a lower limit (potential loss) of BTC0.01 and an equal upper limit.

Then when you bet, your chance of losing is not near 100%, because you actually know when to stop, and you can actually stop in winning positions. 

Even if you're chance of losing is not 100% there's always a good chance that you could lose on your first few bets right away.

[LuanX3]

Do you set an upper limit in probability games?  Why or why not, and how do you lose the least when you know that in the long term the house will most likely win?

I don't put limits when I gamble on dice, I just deposit how much I can afford to lose then hope for the best. I lose the least when I set a high multiplier but that's just my luck kicking in.

But there's a solution to that.  You set an upper limit as well as a lower limit.

Say the house edge was 1%.  You bet with a lower limit (potential loss) of BTC0.01 and an equal upper limit.

Then when you bet, your chance of losing is not near 100%, because you actually know when to stop, and you can actually stop in winning positions. 

Even if you're chance of losing is not 100% there's always a good chance that you could lose on your first few bets right away.

Basically what you did was to set a lower limit by depositing a value you can afford to lose. That is your lower limit even if you don't know it. Because in your mind, if you lost that money you will not put in some more into the casino, so that means you have reached your lower limit.

[gabmen]

Well for me its not just about lower limits or higher limits when it comes to your betting. You have to have a specific amount and a specific time that you have to play with it. Its the same if you have a lose or win limit but it would be kind of confusing to implement biyh rspecially if you rrally enjoy gambling. For example just set aside like .05btc to play for 30mins or an hour and then do whatever the result is for that amount of time and money