Lessons learned while gambling

[HelliumZ]

I would add one more thing to your point that you should never participate in gambling by borrowing money from any source or by taking out a loan. In this case, if you lose money instead of profiting in gambling, then you will be in a more difficult situation and be in a state of bankruptcy due to the loss added to your past borrowed money. The second option is that you should not lend money to any gambler in your friend circle because in that case if your friend loses in gambling, he will not give you your money back. I have been in such an embarrassing situation several times by lending money to my friend circle. So I have learned from that never borrow money in gambling and never lend money to anyone in gambling.

[nara1892]

The root of the problem lies in greed and intense curiosity. Gamblers who have managed to win often feel that they are great, believing that their wins are due to their skill rather than luck. In the second scenario, they cannot resist their curiosity. In my opinion, this is what drives them to keep playing even after they’ve actually exhausted their set budget.

There’s only one solution, understand how gambling works in producing results. I’m confident that once you realize the outcomes are random and that continuing to play doesn’t guarantee a win, it won’t be too hard for you to stop.

[Itz-prisigold]

Your turn....

The lessons that I've actually learnt from gambling is that...

.Always know when to walk away, take a break.  You don't have to spend hours in gambling just because you believe or hoping that the next game might be good.
. Never you gamble with money you can't afford to lose. Most especially if that money is needed to pay bills. Gambling does not worth the risk.
. Don't ever try to win back what you have lost. Chasing losses have not always ended well for many gamblers.
. Make sure to avoid gambling when you are in a bad mood.  Don't gamble when you are angry, stressed, or trying to escape family problems.
. You're winning steady does not mean you have figured out a special strategy.
.Last but not the least: Always treat gambling as entertainment, not as a way to make a living or to solve financial problems.

[AYOBA]

It is very difficult for a gambler to take a break while winning because there is a psychological game going on at that time of expecting more wins. More wins and recovering previous losses. It is even more difficult for gamblers to stop playing when they win twice in a row and they consider themselves lucky for that day.

I can said that all the gamblers we really find it difficult when their winning whereby that’s the right movement for them to have control over themselves, because if the gamblers seeing that their winning every of their bets it will be encourage them to increase the money their betting coming before. Which is very wrong idea, because the gambling won’t tell them when they can lose.

One way to stop gambling is to withdraw the winnings and buy or enjoy some asset. Setting a budget and practicing the discipline of not going beyond that budget can help you take a break from gambling.

Those that has go deeply in gambling I don’t think they can withdraw from gambling in that way, since they will be thinking that if they use all this money they win from gambling buy something or enjoy it will finish, and that’s they won’t like to take break.

[Royal Cap]

My two are pretty simple but hard to practice and that is quit while youre ahead. Cash out and slow down once you have won. Take a break and relish the win.

This sounds easy but honestly it is one of the hardest habits to practice. Most people don't get into trouble because of a big loss, but rather because they get into trouble one more time after a good win.

The second lesson is to make sure you have established with yourself a budget for the night week month etc etc. And stick to that budget or else you may lose immensely.

It is important to set a budget, but even more important is to never mix that budget with the money you can recover. Because most people set a budget but can't stick to it, because our subconscious mind always thinks that If I win today, everything will come out.  And this thought is usually the beginning of big losses.

Your turn....

Speaking of me, gambling should never be considered a reliable way to earn money. The day you start thinking about gambling as a means of earning money, your decisions start to change. If you can maintain this distinction between entertainment and income, you can avoid a lot of unnecessary risks.

[Powerjumboo]

Seeking out the very seasoned and experienced gamblers in this forum to use this space as an opportunity to educate the masses and share your two satoshis on the subject of gambling lessons learned.

My two are pretty simple but hard to practice and that is quit while youre ahead. Cash out and slow down once you have won. Take a break and relish the win. The second lesson is to make sure you have established with yourself a budget for the night week month etc etc. And stick to that budget or else you may lose immensely.  Have a plan and keep it!
Your turn....

No matter what you have planned, first of all you have to remember that gambling is for entertainment and not for earning money. When gambling is used for earning money, it will be seen that gambling will gradually turn into an addiction, then the plan will no longer work. Of course, a specific budget should be set for gambling, money cannot be used above that specific budget and gambling cannot be done. When gambling is limited to a specific budget, gambling can be used as entertainment and whenever excess money is used outside that specific budget, gambling cannot be used as entertainment, then gambling will gradually become reckless and take the form of addiction.

[Grace333]

Seeking out the very seasoned and experienced gamblers in this forum to use this space as an opportunity to educate the masses and share your two satoshis on the subject of gambling lessons learned.

My two are pretty simple but hard to practice and that is quit while youre ahead. Cash out and slow down once you have won. Take a break and relish the win. The second lesson is to make sure you have established with yourself a budget for the night week month etc etc. And stick to that budget or else you may lose immensely.  Have a plan and keep it!

Your turn....

Sticking to your budget is the first and most important habit every gambler must cultivate because you definitely cannot undo your actions after you've executed them. If there is something I've learnt so far in all my years of gambling that would be sticking to budget is better than hitting a jackpot. Alot of persons might argue this but it's just the basic truth, if you have sticking to a budget problem, you could easily wipe out an entire jackpot win within few days, and that's why it's important we discipline ourselves even while dealing with small amount or bankroll, because habit built over time will likely reflect in your life irrespective of the situation you find yourself.

[bhadz]

Don't be too emotional to chase the losses. Give yourself a day when you're having a bad day because pursuing those losses is going to do you more harm than good. It's not the end of the world if we let the day pass when we're in a losing streak. It's hard to accept and hard to sleep when we're in that.

Believe me, I know this to be bad, I almost never do it but if I say that, I would be lying. There a times I still test myself if I’ll catch up on some of the losses and the moment it hits me that this isn’t helping in that moment, I give it a quit.

It's hard to quit on that moment when you're trying to chase losses. It's a practice of many gamblers that's why it's hard in beginning yet, when you have realized that there's no other solution to it but to stop wholly, you'd see the difference why it needed immediate action.

But stopping on that exact day will save you and your money.

This is the most difficult thing to do or archive, quoting immediately you discover. I doubt anyone is able to stop the exact day they discover it. It’s a gradual process when it comes to withdrawal or stopping a supposedly bad gambling habit such as chasing your losses. You might be able to withdraw for a time but, sooner than later, you would find yourself doing it again, even though you’re not as aggressive as you did previously.

Yes, it won't be on an instant quitting. There's a process for that and I think that every gambler understands that it needs practice until you're able to quit completely. Start with small amounts until that little amount becomes no more until quitting is done.

[Johnlomape]

I would add one more thing to your point that you should never participate in gambling by borrowing money from any source or by taking out a loan. In this case, if you lose money instead of profiting in gambling, then you will be in a more difficult situation and be in a state of bankruptcy due to the loss added to your past borrowed money. The second option is that you should not lend money to any gambler in your friend circle because in that case if your friend loses in gambling, he will not give you your money back. I have been in such an embarrassing situation several times by lending money to my friend circle. So I have learned from that never borrow money in gambling and never lend money to anyone in gambling.

Gambling with funds from loan can be a disaster when you were not able to use the fund to make profits. It is better to gamble with your own money and lose it than for you to borrow money from friends or bank to gamble and also lose it.
People that are taking gambling too seriously, seeing it as a major means of survival are going to be making mistakes when they focus all their attention on how to make profits from gambling. Borrowed fund can be hard to retrieved when we lose them to gambling.

[boyptc]

Mine is simple, don't be too greedy.

You're lucky in a moment but not for a long time.

Cherish that luck and never let the bookies or casinos get that back from us. With a couple of bucks won in a day is better than losing entirely the bankroll you're trying to play with.

We have to choose what's painful for us, the pain that we might win but we're contented with how much we've won or the pain that you have lost everything and hurt your feelings more.

I understand gambling as a game of luck, a gambler is likely to win or loses, it is an unpredictable game so we most accept the fate it present to us in the process of gaming, and we should never feel bad if we encounter any negative outcome because positive outcome is never guaranteed in the first place, so it is advisable to celebrate anytime we win any game in gambling regardless of how little the win is, it is worth celebrating because winning in gambling is not something that present itself generously, it is almost difficult to make a win. And a little break after a win is good, setting limits for gambling is advisable too, to prevent unnecessary losses.

It can't be helped when we have negative outcomes or losses.

All of us will feel disappointed, bad and frustrated when we're having that because we not just lost money. But, we feel that we've lost emotionally which is hard to accept.

And it's a good initiative if you are celebrating for every win you do. It doesn't have to think about spending the profit you've made.

What it takes to do it is just to be happy and have that positive thought you have by the fact that you've won. Just feel good and amazing it's free when you've won some.

[Versatile_choice]

never expect to win anything from gambling. You may wish to win, which is fine and okay, but expecting to win is a totally different thing, and it can easily lead to disappointment. Yes, every gambler expects to win when they gamble, but we know that this rarely happens for most people, and since this isn’t something you can control, it’s better to hope for the best but expect the worst, so even if you eventually win, it’ll come as a good surprise for you.

As for those profit gamblers, there is no way they would gamble without having this expectation that they would win, it is one of the things that motivates them to gamble. Because the reason as to why they decide to gamble is for them to make profit so whenever such gambler make a bet, the first thing that comes out from their mind is that "I'm going to win this one" and sometimes they win while sometimes they loss and still come back again to make a bet and still make that same comment. However, my lesson learned from gambling is just the same as yours, don't get tied with profit because it comes unexpected.

[Sonia_123]

Gamble at the right time not at the wrong time, some gamblers abuse the privilege of gambling while at work, remember gambling is an entertainment not a job and you go to work in other to get paid which you use In taking care of your needs also gambling, if being sacked because of lack of concentration and not being able to carry out your duties officially how then do you gamble, therefore your work comes first before gambling, even if you are that busy at work at least there must be free periods or even weekends of 5he days you are off which you can now fix those days for your gambling activities.

Avoid gambling during office time or when at work because you will be emotional and unstable in carrying out your duties which might lead to losing job and bring frustration upon you.

[DiMarxist]

The root of the problem lies in greed and intense curiosity. Gamblers who have managed to win often feel that they are great, believing that their wins are due to their skill rather than luck. In the second scenario, they cannot resist their curiosity. In my opinion, this is what drives them to keep playing even after they’ve actually exhausted their set budget.

There’s only one solution, understand how gambling works in producing results. I’m confident that once you realize the outcomes are random and that continuing to play doesn’t guarantee a win, it won’t be too hard for you to stop.

When a gambler records wining which doesn't come often it kind of hype his sychologically state, and stimulate the emotions of the person to wanting to gamble more often. This is one thing that we should learn and take correction because before we realize it we have lost more money than the wining that we have recorded.

Emotional intelligence is what we should practice if we are to avoid regrets. Gambler's should avoid greed which is the main reason why most of them are wanting to gambling often even when they have won. It important that we take a break and relax before ever thinking of gambling again.

The most important lesson we should learn when it comes to gambling that we should stop chasing losses that we have recorded. The more you try to get back what you have lost the more you open up yourself and become more vulnerable to losing more money.

[Churchillvv]

Make it a point of aggressive agreement never to borrow a gambler money, is not going to end well, because when they lose, they won't consider paying back.

And I they win, they still won't consider paying back since they will have that sense of entitlement, borrowing people money should be the last thing not just borrowing a gambler but anyone at all unless you have some concrete agreements or contract.

Even with the concrete agreement I don’t even believe they can pay back bed I have an experience that changed my believe, I borrowed someone he is a gambler some money and before I could get it back, it was crazy, he had it but didn’t pay even when he didn’t have it, it was still a problem to both of us because he didn’t have it at the moment which I am aware of but then it breaches the agreement. So this is my sole reason not to borrow money to anyone especially a gambler because they will always blow the money.

[Yorubek]

I would add one more thing to your point that you should never participate in gambling by borrowing money from any source or by taking out a loan. In this case, if you lose money instead of profiting in gambling, then you will be in a more difficult situation and be in a state of bankruptcy due to the loss added to your past borrowed money. The second option is that you should not lend money to any gambler in your friend circle because in that case if your friend loses in gambling, he will not give you your money back. I have been in such an embarrassing situation several times by lending money to my friend circle. So I have learned from that never borrow money in gambling and never lend money to anyone in gambling.

Gambling with funds from loan can be a disaster when you were not able to use the fund to make profits. It is better to gamble with your own money and lose it than for you to borrow money from friends or bank to gamble and also lose it.
People that are taking gambling too seriously, seeing it as a major means of survival are going to be making mistakes when they focus all their attention on how to make profits from gambling. Borrowed fund can be hard to retrieved when we lose them to gambling.

You cannot be confirm of winning money through gambling because the results of gambling are completely unpredictable, where there is no guarantee of winning money, so why would you gamble with loan money is a matter of deep thought. Gambling is only for entertainment, you can only gamble with that money for entertainment, it is not right to expect anything more than that. You will gain money by gambling with loan money and then pay all the loan, then you are still dreaming, it is very important to come back from the dream to reality. If you are lucky, you can win, but the chances are limited, most of the time the chances of losing money are high, so gambling with loan money is absolutely not right.

[Achalugo BTC]

Sticking to your budget is the first and most important habit every gambler must cultivate because you definitely cannot undo your actions after you've executed them. If there is something I've learnt so far in all my years of gambling that would be sticking to budget is better than hitting a jackpot. Alot of persons might argue this but it's just the basic truth, if you have sticking to a budget problem, you could easily wipe out an entire jackpot win within few days, and that's why it's important we discipline ourselves even while dealing with small amount or bankroll, because habit built over time will likely reflect in your life irrespective of the situation you find yourself.

Of course, if any gambler cultivates the habit of budgeting, it will be easy for them to avoid reckless gambling, as they will be disciplined and that will keep them in control, and  help them to gamble responsibly without being a victim of addiction in any way but, if they decides to play the game without adhering to the right rules, it will turn from being a fun game to something disaster that will surely ruin their lives, as they might live in that memory for a long time, which will affect their mental health negatively.

[lionheart78]

Your turn....

In addition, a gambler should establish a lower winning target.  Make the target realistic and it will all go well. 

Don't get triggered and always check and control emotions.  This is one of the devastating mistakes a gambler can make, being controlled by emotion, and it is even harder to get out of the loop once the gambler is trapped.

Gambling responsibly is always advised, and knowing the actions on how to gamble responsibly is a good start.

[Floxynice]

I would add one more thing to your point that you should never participate in gambling by borrowing money from any source or by taking out a loan. In this case, if you lose money instead of profiting in gambling, then you will be in a more difficult situation and be in a state of bankruptcy due to the loss added to your past borrowed money. The second option is that you should not lend money to any gambler in your friend circle because in that case if your friend loses in gambling, he will not give you your money back. I have been in such an embarrassing situation several times by lending money to my friend circle. So I have learned from that never borrow money in gambling and never lend money to anyone in gambling.

About lending money to a gambler, I want to correct something there. It is not all gamblers that are bad, the correct thing you would have said is that we should never lend money to an addict. Addicts have been known to always look for money to feed their addiction, they will always lie in order to get what they want. If you know that your friend or family member is an addict and he asks you to lend him some money, it will not be nice to ignore him just like that. You can ask him what he intends to use the money for and try to solve the problem without giving him cash.  

For instance, if he says he wants to buy food with the money, buy the food for him. If the money is for any other bill, pay the bills yourself than handing over money to him. Don't forget to constantly persuade him to see a therapist.

[DYOR+BTC]

Still confused how people misplaced the reasons for gambling over other things,  from the origin of gambling it was established for capital generation and not for entertainment.
Many I know believes gambling is not a money making scheme but a game established for entertainment which i disagree with that long time ago.
Many invest in business not because they don't know the risk associated to it but because of its possibility of success,  same also it is to gambling so I think this idea of seeing gambling as an entertainment scheme needs to be changed.

[alastantiger]

The lesson to be learned in gambling is never rely on gambling as a mean or route to become successful because it’s never going to come true except you want to enjoy losing your hard earned money in a casino irresponsibly.I would tell people the best way to learn a lesson is when you experience it yourself but in most cases most people act fast and learm from other people’s mistakes.

So many lessons can be learnt from the experiences of others as that helps you to avoid making the mistakes yourself but If you decide that you want the experience for yourself then be wise enough not to stake big amounts so it does not discourage you from wanting to gamble more in the future because if it is to lose then you are definitely going to do that. It is best you learn from your lessons in a way that it does not hurt you that much and I think learning from others pains is the best way to do this especially for the lessons on chasing after profits or trying to recover your losses from a bet that you lost. Your experience can teach you more but it comes at a cost while others experience does not cost you any money.