Lessons learned while gambling

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Another lesson that I have learnt in the last years is not only focus in the money you use for gambling, but even more important, in your time and attention while gambling. Because you can be winning and still dedicating too much time and efforts to gambling you should be using somewhere else. The more you gamble, the more prone you’ll be to continue gambling, so set your limits in that sense too.

You're very correct, the amount of time dedicated to your gambling site determines how fast you can get too obsessed with gambling and if you are not able to control your time, you will be exposed. Another very important outcome of regulating the time you spend on gambling sites is that there's a way that a gambler will be loosing and he will be reluctant to quit for the day and will continue trying to win or cover up some of his losses. In this situation, the more you try to cover your losses, the more vulnerable you are to lose more money. So the best approach is to stick to the time limit you have set to quit at that moment.

[Marvelockg]

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!

The basic thing about gambling is to treat it as what it is and not to try going about it as though it is a job. if you have made it clear to yourself that you are just gambling for the sake of fun and nothing more, you will be a responsible gambler. another thing is to note that if a single person has ever gotten addicted by being irresponsible in his gambling, it means just one thing and that is that if you do the same thing, you are also capable of becoming an addict. that lesson gives you this mentality of gambling not as though your life depends on it but as something you do once in a while.

[Hazink]

I think the most important lesson you can learn from gambling is that it is something people do for entertainment purposes and not a form of employment. Once you’ve learned that, you can enjoy the time and money you spend gambling instead of being constantly disappointed that you didn’t get life changing money.

If one's mind have already accepted this, then self-control in gambling won't be much of a big deal again, since the money being spent will already be calculated as money which will not be coming back and the mind will make peace with it. The only place where the person will have to control himself is knowing when to stop and don't allow the excitement and fun the games offer to get over their head to the point of spending more than what has ever been budgeted.

[crwth]

I am not that much of a gambler ^{(consistently gambling all day, every day)}, but I do trade. So in my trading journey, I usually track my trades and see what is effective and what I have profited from. I think this could be applied to gambling as well because you will never know that it might affect the results.

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.

Another thing I noticed is that there should be time limits for yourself. I think it can be effective compared to limiting yourself to the amount of money. Maybe it's the thing that you could control completely.

[Tungbulu]

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.

I’m happy you quite understood what I’ve just said. I normally say that too much expectation births disappointment. Although I understood this quite late, after I may have experienced several disappointments before I learned this lesson, so I guess I can say I learned it the hard way, but learning this has really helped avoid making more mistakes as a gambler.

[ChocolateBitcoinK]

You have to keep the purpose of gambling right, gamble with the right purpose, what does the right purpose mean here? That is, gamble only for entertainment. When gambling goes beyond entertainment, gambling becomes very harmful for everyone.

I am giving some points that I know.

• Gamble only for entertainment.
• Do not gamble beyond your means, you have to play with the money that you can afford to lose.
• Never try to recover losses.
• Never be greedy and emotional.
• Do not try to get rich overnight from gambling, because it is only a form of entertainment, not a means of getting rich.
• Do not make gambling a source of income.
• Limit the amount of gambling, gamble as little as possible.
• Maintain good self-control all time to get out of gambling at the right time.

Gambling, when done in moderation, it will not cause any additional harm to a person, but when the motives change, when self-control is lost, gambling becomes a destructive affair.

[YellowSwap]

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....

Study and train the mind, it's the most important thing you can to yourself as a gambler, a weak mind will win money but still throw every penny back into the den only to end up with later.

A responsible gambler understands that whatever gambling gives it will probably want it back, so if you manage to win it's all because you are lucky at the moment, and one good moment can turn sour if you let it..

Don't be drunked in the dopamine that you won, it might take a very long time to win like that again, take money off once you won something and keep enjoying, have sets of rules like once you lost your money the gambling activities is over for that day.

[Livingleged]

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....

My greatest Lesson and advice to gamblers will be not to chase loses. This is the greatest enemy in gambling, the urge to get what is already lost back quickly. Sometimes staying off for a while and binge patients to saying No to the next bet after a big loss will just be what save your from another bigger lost. And spending from the won bet is also important, but I’ve noticed that gamblers find it difficult to make good use of their won bet even after winning because they are not yet okay with the amount and want to have more, that way they go on losing everything they had previously won.

Having a budget for gambling and keeping to the budget is another difficult task. for a chronic gambler, they can make a budget and end up spending more than their set budget because of lack of discipline. So I think financial discipline is important.

Acknowledging the real value for money is what most gamblers struggle with, because they have gamble to the extent that they no longer see money with the value again. They just look at it like it’s just numbers. that’s why a gambler can lose millions without bothering so much about it. Gamblers should remember the value for money and make good use of it.

Finally I’ll advise they engage in other activities that could take their time, because staying idle sometimes is what push some of them into gambling, but trust me if you’re busy you will not even have time to gamble away your fund.

[Alex077]

It's always been "gamble what you can afford to lose". This has always been the most valuable lesson to learn when gambling. This applies to both experienced and new to gambling, and this will keep you from keeping gambling at the entertainment level, rather than treating it as money making machine.

Learning how to find a good value in your bets is one of the best lesson as well. This is for you to sustain long term betting without incurring more losses. The more losses you have means the more often you need to refill your balance, and that's not a good bankroll management.

Yes, I think you’ve highlighted the main lessons here.
I agree with the first principle - you should only gamble with money you can afford to lose without it affecting your everyday life. But I think there’s a small contradiction in the post: this approach should actually help you treat gambling as entertainment rather than as a way to make money, because in that case losing money is inevitable.

When it comes to finding good value bets, things are a little more complicated. In sports betting, you can definitely look for overpriced odds and value bets, and if you actually have an edge, that can improve your results in the long run.

As for me , the key to good bankroll management is knowing exactly how much you’re willing to lose before you start playing and not adding more money once that amount is gone.

[Dr.Bitcoin_Strange]

I learnt all my had lessons in gambling when I was still not done with school and so at that time, I had little to no responsibilities and was still dependent on my guidance but by the time I actually started working and earning plus running my business, I had people depending on me too and so I realized how important it is to first attend to the important things or needs before attending to the less important ones.

I can't win some reasonable amount in gambling without withdrawing most of that money out and just leave a small amount that I will use to gamble later. If I allocate a small amount of money for gambling and I agreed to use that money for a week, even if I spend all of them in one day due to adrenaline, I won't make any deposit until the time I gave myself. If I win, I don't let the money go back just immediately without doing something good with the money.

[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. But stopping on that exact day will save you and your money. Learn the technique of not pursuing the losses and controlling emotions. If you're calm in those distress times, I think that you're better than the other gamblers who win big and yet, losing it all back to the casino.

[Showlove01]

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 think everyone is already aware of this but the issue here is maintaining it,  I have come across so many gamblers that are Informed about this but they still overdo whenever they are on profit and I have also observed what always triggers this... Is been too emotional. Emotion is a common thing but as a gambler you ought to learn how to control yours so it doesn't affect you negatively. Some gamblers do set budget to use yet emotion still makes them go beyond their budget because of loss therefore I think what every gambler needs now is discipline.

[angrybirdy]

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....

Just like everyone always says, *Only gamble what you can afford to lose.* If you don't follow that one rule, one bad decision and moment will lose everything you've placed on your bets. You might be thinking that it's easier to be said than done & that is true... Following that simple rule during an actual gambling session can be very difficult as it really depends on how committed we are in sticking to our own principles when we gamble... It takes a lot of self control and discipline to follow that simple rule, but if you can do it, then you can honestly say that you're staying true to your own limitations. About the cash out/ withdraw after a win, it also depends on the type of gambling you're playing. If you're gambling with a group of friends or other players in a traditional setting like here in our country, it can be difficult to leave after winning because other players may encourage you to keep playing and playing until they recover their losses from your winnings and that's what really happening when you play the traditional card gambling. On the other hand, if you're playing at a casual casino houses, the challenge is different than the traditional gambling because your patience and discipline will be tested really hard, and you'll need to stay committed to your decision to walk away while you're ahead.

[TheUltraElite]

That gambling is a profit for the casino and not the player. Long term gambling eventually leads to loss in terms of the player's wager and the casino will always win in the long term. The correct lesson to be learnt from this not to get disheartened but the method to make money from the casino is to become a casino, its investor or its affiliate, and stop being the player.

Another lesson you can learn is the nature of our ego, how controlling it can become unless you take over yourself. It can drive you mad trying to hunt that jackpot, trying to "defeat" the casino, something that gamblers do not understand in their initial days.

[SamReomo]

Lesson no #1 Never gamble a lot because in the end you'll urge to spend a lot of money on it to make more money or to recover the losses that you had.

Lesson no #2 Never consider gambling as a source of income if you do so you'll end up losing a lot of money with such mindset.

Lesson no #3 Only gamble for fun and for entertainment purpose, don't gamble to make money, enjoy the wins and losses as both are parts of the game.

Lesson no #4 Learn about gambling responsibility, take frequent breaks to protect yourself from getting addicted to it.

Lesson no #5 Withdraw the money the you win because if you keep playing for long hours you'll end up losing the won money plus your initial deposit.

I follow those things when I gamble and that's why I enjoy gambling!

[MArsland]

Your turn....

It's simple 2 satoshi from me to anyone, do not play under pressure that requires you to always win. I know in the end people gamble aiming to win, but not every session you bet has to match what you want. We are all aware that losing is inevitable, it's just that the difference is the way a person responds to the defeat.

[Dunamisx]

Gambling has taught me to be more patient when playing, this is also what I made applicable even right before starting to enable me set out my games and plan accordingly, gambling is not what we can do in a rush if you want to truly avoid making mistakes, I have also discovered that we are gambling to have fun and not earn, careful it must be seen as an entertainment to us except on rare occasions whereby we jam our luck and win.

[Rgram]

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.

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.

[Porfirii]

Your turn....

It's simple 2 satoshi from me to anyone, do not play under pressure that requires you to always win. I know in the end people gamble aiming to win, but not every session you bet has to match what you want. We are all aware that losing is inevitable, it's just that the difference is the way a person responds to the defeat.

This is linked to the advice I was going to give based on my own experience too: if you don't have fun, you're doing it wrong.

The moment gambling supposes more suffering that joy to you, you should quit at least for some time, and I would say that the pressure to win is the main cause for that pain. So, when confronting with defeat, those who are enough self-aware and capable of temporarily separating from gambling are much better equipped than those who lose control of their emotions and their own actions due to frustration.

[Junii]

Your turn....

First of all luck factor works in gambling and if your strategy only works when u are lucky then it is not a strategy. Secondly after a loss sit calmly for few minutes and walk away is very necessary if u want to take revenge from a casino u will lose more. Also do not break your own rules and limits most people does not become bankrupt because of casinos but because they never follow there own rules and limits. Because sometimes few consistent winning make a person overconfident also a few consistent loses increase the urge of a person to win and those both emotions leads to poor decisions that is why for a gambler he has to keep in mind his limits before any decision.