So how should we gamble in a smart way so that we do not get more frustrations due to continuous losses?
I think you must be knowledgeable in the games in which you are going to play with, then you must be willing what you can afford to loose in the games. then if you know that you are winning in the games several times then that's the for you to exit in the round of the game.
Yes. It's a luck game, if you started making profit, it's time to think about stop playing as the luck can change anytime. I prefer low risk, low profit than try gambling for a ling time risking a big bankroll. The progress takes you hours to be built, and in few minutes or seconds everything can be lost...
Have low profit, but at least have some profit.