The Advantages of Setting up a Stop Loss
Whilst we love online gambling and people who enjoy it, there are pitfalls to avoid. Some people fall victim to chasing losses or risking money that should be ringfenced for more important things in life. That’s why in this article we’re going to detail the primary advantages of setting a stop loss.
First things first, a stop loss is a number of buy-ins or a fixed amount of money that when it is lost, you quit. Its that simple.
Prevents Further Losses
The biggest perk of setting a stop loss is the prevention of further losses. If you have a rule that says you quit when you lose $50, you can’t possibly lose $100 that day from online gambling. This safeguards you from losing more money that day. By preserving the money, you can always play another day in the future. The games are not going anywhere.
Maintains a Bankroll
Keeping and sustaining a bankroll is important if you want to play regularly at an online casino Singapore. It’s hard to do that if you have no boundaries or rules in place. Why? Well, if you don’t have a stop loss set up, there is no limit to how much you can lose in a session. You may foolishly move up stakes or play a different casino game. These are silly endeavours when you’re already losing which is why a stop loss is vital to all gamblers.
Improves State of Mind to Stop
We’ve found that setting a stop loss improves your mental wellbeing too. By having a number or amount set that means you’ll quit, you can move on to new task for the day. It’s well established that playing long hours of online gambling is not good for you. Also, if you don’t have a stop loss and lose loads, you will likely suffer from anxiety or stress. These are mitigated when you have a stop loss as you know you can only lose a specific amount.
There you have it, the main advantages of setting a stop loss when gambling online. Now you know, will you set one up for yourself?
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