Gambling, like any other activity, can enrich your life and be a valuable source of entertainment. It is important, however, to learn how to budget your money, so that you can be moderate in your gambling. Responsible gambling practices will protect you from over spending and keep you from incurring debt.
Responsible gambling further entails not running after current losses. If you try to recover them by more gambling then you might end up losing more. It is recommended that you gamble with the money that you can surely afford to lose. In other words you should indulge in it only with disposable income. It is not too difficult to stick to your set limits. They will give you considerable scope to enjoy yourself at the casino and even online.
You can also follow the following steps that will enable you to gamble responsibly:
# Keep your moneybag or wallet at your home: While visiting a casino, it is always sensible not to carry too much money. In this way, you will be able to check the amount of money that you can put at stake.
# Quit gambling at the correct time: If you are on a winning streak and it seems to you that you will definitely win more, you should discontinue at that point. There is no assurance that you will go on winning. Once you suffer a defeat, it will be too late to backtrack.
# Set a specific and strict budget: It is safer to prepare a budget for gambling well in advance. If you do not do so, you will face a lot of difficulty at the casino on deciding how much to put at stake. You might even gamble more than you can afford to and it will lead to a severe crisis.
# Be accompanied with a sensible friend or relative: This will enable you to keep your gambling in check. He/she will also be able to prevent and dissuade you from betting when you are under pressure.
Thus, gambling can be controlled and utilized if carried out sensibly and responsibly.
If you enjoy gambling, it is a good idea to make a budget for your household expenses and document how much money you will allocate to your hobby and stick with that amount. It is very easy these days to withdraw a little more money from the ATM machine for gambling. This creates a problem, because a person can repeatedly withdraw small amounts and not really think about the total amount they have risked or lost. Once you have made a budget and set aside an amount, only take that much with you, and only use that much each month. Avoid using additional funds, and avoid going over that amount until you have reached the next budget pay period.
For responsible gambling, you might place a cap on the percentage of your income that you can afford to lose. A visit to the doctor or new shoes for a child should never be put off because of gambling. Be sure to keep a little extra money aside to cover these types of expenses and never use it for gambling.
Gambling can be fun and exciting, and if you practice responsible gambling, you can get a lot of enjoyment from it without going into debt, suffering the loss of assets, or doing without needed items for you and your family. Another family member should never have to do without necessities because of your gambling losses. Responsible gambling can enhance your life and give you a lot of enjoyment, without the risk of losing more than you can reasonably afford to lose.
When you adopt the “no excuses” mindset and take complete responsibility for each of your trades you make the transition from gambler to strategist. No longer is a trade that loses money or makes less than what should have been expected is a failure. Instead, it’s an opportunity to learn and to take steps to never repeat the mistakes in analysis or timing that led to the loss again.
Accept that you’re going to make mistakes and that you’re going to fail but vow to treat each mistake and failure as a learning experience. This is an absolute must have outlook for any successful trader and what separates those who lose money investing from those who make money. The former treat each trade as a learning experience and the latter treat each trade as a gamble that, if unsuccessful, is always someone else’s fault.
Think about the trading gurus out there. Do you think any of them blame the market or their broker or anything beyond their ability to control for their mistakes? Absolutely not. They’re professionals and, when they make a mistake, they examine the underlying assumptions they made that resulted in the mistake and examine their assumptions and trading rules to test their continued validity given the new information they’ve just received.
If their rules are valid but they simply didn’t follow them then it’s an opportunity for reflection and a reinforcement that they need to take their emotions out of their trading decisions. If their rules are no longer valid for the given situation they revise them and use the experience of the mistake to make better decisions in the future.
In either case the professionals take responsibility and that’s what separates them from and makes them more successful than the amateurs.