In my honest opinion, the smartest way on being a gambler is not to be so greedy on betting. I always believe that if you win some you will definitely loose some,... So better, set some goals on your side. If you think you have already loosed enough, Better stop and say for yourself. I am off for today, Better luck next time.
Your suggestion is very smart but we cannot put spirit on this one if we don't implement it while in gambling, it need a lot of discipline to be successful in a risky game like gambling.