Quitting while losing is important. You don't have to set an exact $ amount, but whether you realize it or not, unless you have incredible discipline, you'll start playing differently after a really bad run. It's time to get up and take break. If I could follow this advice myself, I'd be far better off than I am now.
As for quitting when you are winning, this is NOT a good idea. If you are at a good table and you are on a roll, you should play until you get tired or the table changes. You need to take advantage of these profitable situations for as long as you can.
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