Some people intend to have fun at first, but then find themselves unable to implement their prepared budget plan due to a lack of discipline stemming from the emotions of defeat.
I'm not talking about other people, because I've been there, and I suspect many others have. But the difference is when we quickly realize what we've done wrong, and at the same time, we strive to correct it and avoid repeating the same mistake.
You touched on a point that goes far beyond gambling... the difference between knowing how to take conscious risks or simply acting on impulse.
Being committed and managing the risks of gambling are attitudes that will protect not only your wallet, but also your mental health... and this includes accepting the real possibility of loss.
But for most gamblers, everything "falls apart" when emotions enter the picture... whether it's not just about losing, but also about the euphoria of winning. I think the most important thing of all is to create a plan before you start betting and never deviate from it, regardless of what happens along the way... letting discipline overcome impulse.
And this applies not only to betting, but also to investing or anything else where risk and emotion are involved.
Now, this is also dangerous, because based on what I've seen, some of my friends return to gambling after they win their first time. Subconsciously, this creates a mental pattern that gambling can yield wins. This isn't wrong, but it's important to remember that this only happens when we're extremely lucky.
Even when we win, it's not enough for those who are addicted, because they want to win even more. Sometimes it feels strange because if that's the case, what are they really seeking? Wealth? I think that's a very slim possibility.