There is no strategy that can protect a gambler from loss. If a gambler is afraid of losing or wants to avoid losing too much, he or she should stop playing. However, a gambler can control his losses by limiting the amount and duration of his gambling sessions. I believe that is the only strategy that can help a gambler minimize losses.
A gambler's ability to manage his time and finances is determined by his level of control. Thus, a gambler should strive to maintain control over his gambling. If there is control, it is easier to set and stick to a budget, which allows a gambler to control his losses. Self-control can also help a gambler quit if he believes it is causing harm in his life.