Lessons learned while gambling

[Mr Reporter]

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!

OP you have really said well, the points of yours are what most gamblers are facing and it's just hard for them to stay out of that trap…you made mention of Quit while you're ahead for most gamblers I have been with this issue is so hard to fight because of greed…

And the fact is that the house would never be angry with the countless times of winning because it has already made up for, it very best to cash out and chill spend some quality time around, take a break spoil yourself and have fun, well from my own experience I think that what’s it’s for…

Having a budget and keep it, this should be continuously running through their minds that my budget is my wall, and once it is game over no loans no borrowing from friends or family members…and am telling you if 90% of gambling could follow such method the problem could be way half disappear…

[Fortify]

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....

Learning to read the rules and making sure you understand them before diving in is an important one. Whether talking about using promotions - which usually have quite strict qualifying criteria - or just regular casino game play. It can help you squeeze out extra profits that might otherwise be missed. I have thrown away (by accident) a few decent welcome bonuses with different sites by not paying attention to the detail like minimum odds or time limitations on a sports bet. It's actually very translatable into the rest of life, because companies will be quite strict on giveaways and disqualify you from any bonus if you don't follow the rules exactly. You have to learn to be a perfectionist with a keen eye on details in some areas.

[uchegod-21]

Gambling teaches lots of lessons, both good and bad lessons. I have come to realise the level of patience and perseverance gamblers have. Some of them don't realise that in many aspects of their life they can actually wait for things to unfold naturally. For the sake of winning, gamblers will gamble consistently for years even when they are losing, because they hope to win one day.

Although that kind of patience may be channeled to a wrong purpose, but it is still a lesson learnt. They can put that energy into Bitcoin long term investments and other positive areas.

Many gamblers also learnt risks management and control from their gambling experiences which were either favourable to them or unfavourable to them. It is just that lack of discipline has made many gamblers not to learn earlier from all of their gambling experiences.

[danherbias07]

Truly, it's difficult to quit when you are ahead. Just thinking about the spare money that you have, which you can gamble, will urge you to play again.

The lesson I learned from gambling for a long time is that you cannot defeat the house, no matter what you do. The house edge will always stop you from making progress, and you might as well just stop and rest if nothing is going right.
That means moving on from all the losses. No revenge game. No chasing losses. Just accepting defeat and taking a walk. If most gamblers can learn this, there will probably be less news about gambling addiction and the numbers will probably go down.

[Betwrong]

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.

I absolutely agree with this. Enjoy your winnings. Don’t try to win even more on the same day if you don’t want to risk ending up just losing again and again. It’s really frustrating. No one wants that.

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!

Agreed again. Just want to add that if you lost more than planned, just don’t gamble for a few days or weeks, depending on how much you’ve lost.

Your turn....

In my turn, I’d suggest betting on highly improbable outcomes. That way you won’t be too stressed about losing, and you’ll be super happy if you win.

[Cointxz]

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....

I hope that you can list here all the useful suggestions so that this thread will not be repetitive or at least someone commenting on the other page will skip already the suggestions that already mentioned without reading everything from page 1 since this is a general opinion thread.

As a long time gambler. I learned that I should stop gambling immediately when confidence is already building up to me due to consecutive winning streak or experiencing big win since I can easily lose back everything that I gain once losing streak comes again.

It’s easy to become tilted on the game if you already experience winning then slowly losing it back.

[Somegory]

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....

You don't need to slow down if you aren't already a gambler who likes rushing things up, if you win some good amount of money you should take the reward out, and keep using what you are used to normally.

You can start gambling with $20 every week, and win like $2000, take your $2000 out of the casino and come back days later with your same $20, this is what many gamblers can't do, as they feel like increasing the money.

If your budget don't come up, I mean your normal $20 it's not a must that you must gamble in that week, wait till the next week to gamble again, that money must first present itself before you decide to gamble.

[coinrifft]

One lessons I've learned is that you don't need to push everything out. So let's say I have deposited and play my favorite slot games and I'm not getting any, then I read that sign that it's not for me that night.

So once I lost everything, then I do not deposit anymore as I will likely lost more money. As what my grand father will say, "live another day". So I will just let it pass and then maybe go back the following day and see how my luck is.

[Merit.s]

Don't believe that your little gambling knowledge is better than luck because depending on skills is a big road to losses. Such people would continue gambling after a near miss and lose all their bankroll. Depend more on luck to enable you allow your losses slide.

Go on a break when you feel you can no longer do without gambling to avoid addiction and only bet with the amount of money that you can afford to lose.

[TedMosby]

I've been gambling online since 2009. I'm not saying I'm a good or experienced gambler, I just want to say I've been in online gambling for a long time. Same as @Oasisman, "only spend what you can afford to lose" has become my principle in gambling. This phrase also applies more broadly to my life, not just in gambling, but also in investing and other financial matters, for example, when someone I know wants to borrow money from me

Another principle I live by is, "gamble for fun, not for a living." I believe we are just a cash cow if we only chase money in gambling. And lastly, my ultimate and favorite phrase in life, "everything happens for a reason." This has become my coping mechanism whenever I lose or in a situation where I should have won more than I actually did.

[eisen33]

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....

What if, right after you top up your deposit, you start losing? And the rest of the game plays out in roughly the same way. You win a little, you lose a little, but overall, your deposit gradually dwindles. What should you do in this case, when should you stop? Or if you completely lose one deposit, then another, is it better to stop altogether? Because, I think most players do the opposite, they keep playing in the hope of winning back their losses.

[TopTort777]

Lesson that I have learned while gambling: know how to spend your money. It does not matter if person gamble for fun or try to earn with gambling, as long as this person understand how to spend money. A person who knows how to spend will spend them money wise, knows when to spot and knows how to calculate cost of time spend gambling. A person who does not know how to spend money, will use them unwise, whether it be overspending or underspending and later regretting.

[Tetu100]

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.

Wishing to win is very normal for every gambler, and by this even if you lose you won't be forced or eger to chase back your lost. But when you are the type that is always expecting to win then that's where the problem start. This can cause a gambler a whole lot of harm overtime by subjecting the player to constant chasing of lost till he finally have nothing to fall back at. However,  @Tungbulu was smart enough to point out this fact, and it's now left for every gambler to identify his stand and to ensure he fall at the safe side (wishing), because those that are always expecting in gamble are gratually heading towards destruction and I must be very sincere on this, let's not be found wanted on this else you will learn new things.

[Jostern]

Firstly before you gamble, you’re always advised to gamble with what you can afford to loose, so when you encounter losses you will not be putting yourself into pressure, when I started gambling, I don’t know how to stop most especially when I’m on a winning streak, Since I was struggling to control myself I have to start gambling with what I can afford to lose then I can have control over myself, I must say it was just a perfect idea for me and it actually did work for me, to be addicted to gambling wouldn’t be a very good thing, which is why having control over yourself should be an absolute necessity not get into a mess,

[sompitonov]

Lesson that I have learned while gambling: know how to spend your money. It does not matter if person gamble for fun or try to earn with gambling, as long as this person understand how to spend money. A person who knows how to spend will spend them money wise, knows when to spot and knows how to calculate cost of time spend gambling. A person who does not know how to spend money, will use them unwise, whether it be overspending or underspending and later regretting.

This is a great lesson, and it can also be applied to risk management, even in many life situations. I'm used to taking risks in gambling and controlling them, the same way I think through the risks when buying a car, planning my family budget, and other things. Of course, not all gamblers do this; some simply rely on luck and don't want to think about anything else, only their winnings and imagining how to spend them in the near future. I still try to learn something, even from gambling, and maybe I'll learn something useful later.

[Shinpako09]

Patience, discipline, it's one of the hardest things to practice. Before you start, it seems easy to do, but in the face of either a green or red streak, that's when the real challenge begins. Coz it's either you are overwhelmed by too much confidence or consumed by rage. But if you have it, you can quit while you are still in profit, and you can quit as well before things get even worse and make another deposit. As a gambler for years, I could say it is easier said than done. It takes a lot of time before you can control yourself, and still there are times that you trip.

Also, it's much better if you only deposit a small amount, maybe even less than what you can afford to lose, so it won't trigger your rage.

[cryptoaddictchie]

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!

I applied my crypto/trading strategy to gambling as well. When in profit learn to cash out too. Yes compared to airdrop earning and even doing some trading the aspect of gambling is quite different cause it can involved addiction in the process.

I always make sure to cash out or withdraw those earning to avoid a potential loss trap. When you win casino your tendency is to win another money cause you got extra. This is where your loss could come. Greediness!

[hedgeh0g]

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....

Cashing out money is always a very correct step from a psychological point of view, because the gambler, holding physical dollars in his hands, immediately understands the value of his winnings. He knows how hard every dollar in his full-time job is, and therefore his brain immediately equates the dollars earned in gambling to the dollars he receives as a salary. The depreciation of money, which online casinos always strive for, will completely disappear, and this is an extremely important point. Personally, I know this method described above very well, because I always do it myself. And if you don't do this, then the money in the online casino will remain soulless figures that have no psychological connection to real money.

[Free Market Capitalist]

Your turn....

I would make these lessons mandatory before people could gamble. Something like a driver’s license for gambling. They’d learn math, odds, the house edge, why the Martingale is a flawed strategy, and so on. At least most of the disastrous outcomes would be avoided.

But being realistic and knowing that’s not going to happen, the most important lesson would be knowing when to walk away—if you’ve won, stop, cash out, and come back another day.

[Jubilee58]

If you are new to gambling, you will likely make many mistakes, but as you gamble on, with time, your experience will make you to do some adjustments, and also enable you learn from your personal experiences.
What we are talking about here is responsible gambling, a responsible gambler is always very conscious of how he or she gambles. It is very important you take some precautions as you go into gambling, at first gambling everytime is very wrong irrespective of weather you are on profit or not.

Budgeting is very necessary as a gambler, some gamblers don't have control, and have no good bankroll management. Some gamblers uses money meant for more useful things to gamble, they also borrow, and get indepted, and these things are against responsible gambling.