I agree with your opinion but along with these, there are a few more factors to know when to stop. Eg: we should not make any bets when we are in sleepy mode or when we are too tired. We should not continue betting when we are busy and we do have not enough free time and so on.
Making bets when we are sleepy and are not in the best position to think in the right mind to make better picks to enable us have a better chance of winning the bet except we are Gambling just for fun then you can place your bets as you like even if it's in your sleepy State or even not in ur stable state of mind because you can be able manage such as you are doing it for the purpose of fun only.
When you are too tired, it's not the right time to gamble because most likely you will be making impulsive moves which may not really be to your good but to your detriment as a gambler but then if you had made sure to be in the best state of mind you can increase your chances of winning.