In short, you should never bet more money than you have and there is always a chance of loss even with the best research. If you bet over your limit, it can cause problems in your personal life.
How much you bet relies on your own judgement and the potential losses should not be serious enough to challenge your day to day life. Set a betting limit and stick to it no matter what happens.
Another potential problem for many players is knowing when to stop. If you think you can afford the loss then stop and if you are really worried that you can't stop then find someone that can remind you. A bad streak should be waited out until a more positive bet comes and the chance of winning is very high.
This can take days or even weeks. Some players believe that an unlucky streak must be broken eventually but that is not necessarily true. Bad streaks can continue for much longer than people anticipate.
Another thing to remember is that following your favourite team doesn't necessarily mean they are the best in the competition. They may only be the team that YOU think is the best and may not win. Put your emotions aside and stake money on well-researched bets without your personal bias.
Some bets are very difficult to predict and should be avoided if you are not completely sure of risks from correct scores and other bets. Some bets are almost impossible to pick for beginners and are best left to those with more knowledge. This is the smart way to avoid losses and to build skills slowly.
Another important part of betting strategy is to set time aside for research and to be very thorough. Get tips from various sources and consider the potential risks. Don't get distracted by time, emotions or be swayed by others.
The longer you research and see the positive results, the more chance that your wins can continue without large losses in the future. Also, if you find that you are having minimal success with one type of betting it is best to find another type of bet and to do something different.
You should not try to chase your losses and to draw even again. This is a recipe for disaster and often results in more betting than you can afford. Players do this often and are an emotional response that must be reeled quickly to be successful in the long term.
Many times players spend too much money getting back to where they were financially and it usually doesn't work, so don't do it. Remember no bet is 100 % certain of being won by even the best punter.