1. Research
The world’s largest and fastest research library is at your fingertips … use it. If a book stinks, there are hundreds of folks out there telling you how bad it smells. If it’s a standup shop, you’ll read about it on one of the legitimate review sites or forums. (If you voluntarily give your money to a thief, is it really stealing?)
2. Plan
Determine your bankroll in advance and exercise smart money management. Stick to your game plan, regardless how juicy any given number might appear. (And, like the other fellas said, don’t let your beer do your betting.)
3. Pace Yourself
Rome wasn’t built in a day, but it burned fairly quickly. Don’t try for the big kill … pace yourself. Play smart … avoid parlays, teasers and other low-value gimmicks. You won’t get rich overnight, but you can sure as hell go broke before the next sunrise.
4. Have Fun
If it stops being fun, quit.