Limitations are absolutely important whether you are betting on a friendly poker game or the stock market. You run risk of money, sanity, and peace of mind without restrictions. That is greater worth than winning streaks. I have traded and invested multiple times, thus discipline is quite important. Recognise and respect your limitations. Let not feelings rule. In terms of money and life, you lose great amounts.
It takes self-control to know your shortcomings and stop them from dictating you. Your money and yourself merit respect. You know, what? Fun is also really vital. Gamble for enjoyment rather than fear and regret.
This is the right state of mind, but there are not many gamblers that think like this, since they see those limitations as a way to restrict their fun and they do not know how to function within those limits, so instead they prefer to gamble as freely as possible thinking that it is not possible for them to lose that much money anyway, and those are the people that are the most susceptible to losing huge amounts of cash, as they will not realize this happened until it is too late to do anything about it.