you are correct, a gambler who's afraid to take risks already lost because he won't play at all
the key is learning to manage risk and not spending it all, avoiding ruin is also necessary all times and really important to be able to stay in the game
it's easier said than done and most will fail, but some will be able to succeed
It's easy to say that they should control and stop when they can but applying it is hard.
We all know that it is what happens when gamblers have bad ratio of their bets.
Staying quite lil longer makes us think that we'll have the wins that are necessary but, it's not going to happen for most.
The results becomes different and at some point if we win, we only win few bets and not enough to cover what was lost.