That is a great strategy to use rowmare. You should always start out with a dollar limit you are prepared to lose and a 'stop limit' as well. For instance, if I deposit $100 and quickly lose $50 of that. Its time to stop or change games.
Also, set an upper limit that you'll be happy to walk away with. For instance, deposit $100 and play till you reach $200 then take the money & run. If you happen to hit something good that puts you over that limit, make $200 your bottom and keep playing and moving up the limit by say $50 each time. Get close to $300, then fall back to $250, then its time to bail out.
I prefer Video Poker and tend to stick to Aces & Faces, Jacks or Better, Joker Poker, and Deuces Wild. On occassion, I'll stray over to double jokers or maybe deuces & jokers just for fun. Last time I did that, I hit a royal on double jokers (natural). I tend to stick to the 4 line variety as well and always bet full so when you do hit the royal, you get the extra bucks (4000 coins as opposed to only 1000 coins for a 5 coin bet as opposed to a 4 coin bet). Also, get yourself Bob Dancer's Winpoker and practice, practice, practice. You gotta know the strategy in your sleep (or use Viper's expert mode).
Learn to recognize and exploit your lucky streaks. I'm getting better at this one. There was about a 2 week stretch where I was hitting royals left & right on A&F 4 line at playtech casinos. Then about a month later, I was hitting like crazy on MG power poker. Played at nearly every one that I had an account at, and cleaned up.
Probably more importantly is to recognize when you're in a losing streak and limit your losses. Don't try to chase the lost money when you're in this stage, you'll just get deeper in debt. Instead, look for a different game to try. If you're not winning at VP, try slots or vice versa. If MG isn't hitting, try Playtech for a while. Look for slots with good paytables (wild symbols, multipliers, bonus rounds, etc). I also look at the 2nd highest payout on a slot to see what kind of game I'm dealing with. If top prize is 10,000 coins and second highest is only 500 or 1000, pass on it. Find something that's more like 10,000 and 5000 or 2000 at least. Then use the same strategy as VP. Recognize and exploit streaks, one game isn't hitting, try another.
Recently I'd been doing real well on MG's Reel Thunder. Seemed like I could always make a hundred or so on it. Then more recently, it went cold so I hunted around for something else. Seemed that 5 Reel Drive was now running hot for me. I cranked up $100 to $400 the other nite in very little time on that one. Tried it at a different casino last nite and made another $100.
There will be some casinos that you just won't be able to win at. If you have 5 or more losing session at one place, leave and don't go back. Find another casino. I did this with Spin Palace, Roxy Palace, and Capt Cooks. Can't win crap at any of them, so I delete them. I like the Fortune Lounge group for MG casinos and pretty much stick there now. If I'm not doing well at one of their 6 casinos, I try a different one. But the nice thing is, my comps and wagering all go into the same pool there, no matter which casino I play at. This is great for VIP status and redeeming comps, etc.
It'll take some time and diligence to recognize and exploit the trends, but it will be worth it in the end I think. Hope this helps!