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One of the most important tips when gambling is knowing when to stop. Whether you are winning or losing, knowing when to stop and walk away is important to avoid losing more money. Some players use the win-lose-limit strategy, where they set a limit on how much they are willing to win or lose in a day. Once they reach that limit, they stop playing. This helps you control your emotions and avoid making impulsive decisions when you are excited or frustrated.

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A gambler’s psychology can change at different stages in the gambling process. Below are some basic psychological factors that can influence a gambler’s decisions and behavior.