This is an excerpt of my reply in an old discussion about Roulette stop loss and other nonsense:
“If you understood the concept of Personal Permanence you’ll understand that:”Limit Your betting time in the casino” “Limit your losses” etc. have no meaning, and make no difference in the long run. They are purely psychological illusions. Every session is interconnected with the previous and the next session. Leaving the casino and coming back another day does not make any difference. Mathematically all your short sessions together are equal to one long session.
Even if stop loss had any meaning (which has not), this is unreasonable: “Limit Your losses. Have a Stop Loss Goal ( 20 % of Your betting wallet per day would be good )” Why take all this bankroll with you in the first place if you plan to lose only 20% of it? Bring with you the money that is equal to your stop loss and lose it 100%.”