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yeah, I agree with the both of you, Limit setting comes in different forms, and the two type or ways a gambler can limit themselves is what you have already mentioned, setting gambling limits either way will always seem appealing in the mind of a gambler, but in reality, just like Klidex said, is something that is really hard to adhere, the only Saviour would be if the gambler is a very disciplined person.
Imagine setting a limit that you would not lose more $50 to gambling in a week, and in just one or two days, you have lost that amount of money already, and there is a sports game coming up by the weekend which also involves your favorite team playing, you fight so hard to resist the urge to want to risk some extra funds to put up some bets, and to even make it more tempting, you are very sure the you would win because the team your favorite team is playing against is a weak team.
So yeah, it is actually very easy to set limits, but it's pretty hard to follow it, as following the limits will require a great deal of discipline, without it, it is absolutely impossible.
While setting limits may sound easy in theory, it can be very hard to do in real life, especially when you're gaming. People often romanticize the idea of self-discipline, but when real pressures come up, these lines become less clear. Not only is making a limit important, but sticking to that limit is even more important.
What did you say about the sports game and the favorite team? That really hurts. Its almost like the world plans to test our resolve when we least expect it. For many, the thought of a "sure-win" is the best bait there is. You say its pretty tough to stick to the limit, but I think thats not quite true. Its a Herculean job, especially when people are angry or upset. Yes, discipline is important, but how many people really have it? The answer to this real-life problem looks simple, but its actually very hard to find.