As any gambling news site should inform you, responsible gambling is very important for many reasons. It means being cautious and not gambling more than you can afford. But its even more than that. There are other aspects to life than gambling. Your personal life, friends and family should come before gambling. That’s why a stop loss is a good idea. In this post I’m going to briefly explain what a stop loss limit and why it’s important to have one in place.
What is a Stop Loss?
First of all, let’s explain what it is. A stop loss limit is an amount you choose that if you lose X amount, you will quit for the day. This is something a trusted online casino Malaysia will offer you and so will other casinos. It’s a great way to safeguard your bankroll and ensure you’re keeping enough money behind. Preventing potential losses is a very important in the long run.
It Prevents Addiction
One of the best things about a stop loss limit is it prevents you gambling too much. Addiction is a big problem for some people that gamble online. They play too much and before they know it, they can’t stop and it’s a problem. We want gambling to be enjoyable and a fun outlet, not some big life problem. By having a stop loss limit in place, you will be protected from addiction, providing your limit is low enough.
It Ensures You Do Other Things
A stop loss limit will force you to do other things. There are hundreds of fun activities that don’t involve gambling and by being unable to gamble, you will be forced to try other things to fill your time. This should be seen as an opportunity to do other pleasurable activities.
I recommend taking up a sport or reading a book on your favourite genre. It keeps your mind away from gambling which can be a good thing too.
How Much to Set as a Stop Loss Limit?
This depends on the player. In poker, players often set a limit of 3 to 5 buy-ins. This helps ensure they do not tilt off their stack. In casino games like roulette or blackjack it will be a fixed amount of money. Give it some thought, it’s best to pick an amount that won’t anger you if you lose. So, if you get very angry losing $100 in a day, make the limit $75 or something? This will mean you’re not in a bad mood for the rest of the day if you only lose an amount, you’re comfortable with.