As we know, before gambling everybody has a limit, that how much we can afford. Gambling is a addictive activity,
It will provoke us to move further and we will continue to bet without thinking about it, and can become bankrupt in no time.
so we must limit our loss in a day, we have to stop when we reach our lost limit on that particular day.
Putting limit whenever we play gambling is good because it will help us to stop playing when we reach the loss. I always do it especially if i lose all in gambling i stop on my target loss. Sometimes if i win too i put my target win so i can stop immediately when i reach that. This is my basis when to stop.
I also do that when I was still doing gambling way back then, and just like what you have said, it helps you to minimize your loses because you will know when to stop gambling after you lose the amount that you have set as a limit, but we have different attitude when it comes to gambling, some of us don't want to quit gambling until they win the jackpot or until they are satisfied on their profits.
Those who don't set limit with their bets will most likely fail and will have a big financial problem in the end, it's just our emotion that are really dictating us to continue and we should not be a victim of our own weaknesses. Prior to gambling we should already condition our mine and emotion to be strong and always stick with the game plan, that way we are safe and we will continue to have fun.