The first advice that you must bet with a reasonable amount -not too high and not too low- because you should manage your risk.
Plus you have to avoid gambling everyday in every sport, you should only bet in sport or games that you are passioned about.
You are right mate, we should be smartly like that and avoid any kind of risk, so the best option is to limit yourself with an amount of money and don't achieve it, Furthermore, we should collect a lot of informations about any events before we bet on it.