All gamblers should know...

grind29

Active member
Messages
87
Reaction score
78
Points
18

1: Gambler's Fallacy

The gambler's fallacy is incorrectly believing that a certain random event is less likely or more likely to happen based on the outcome of a previous events. Past events do not change the probability that certain events will occur in the future.

For example, it does not matter if you flipped heads 10 times in a row, it does not make it more likely that the next flip will be tails. It is still 50/50.

https://thedecisionlab.com/biases/gamblers-fallacy | https://en.wikipedia.org/wiki/Gambler%27s_fallacy

2: Sunk Cost

This is the sunk cost fallacy is "throwing good money after bad", while refusing to give in to "cutting one's losses".

For example, some people remain in failing relationships because they “have already invested too much to leave.” Or a gambler might continue to chase their losses in a fit of rage-betting, spending more based on what they lost. Don't let yourself believe you are supposed to have what you had before, it is gone. Assess your current situation for what it is and do what's best for you now.

https://thedecisionlab.com/biases/the-sunk-cost-fallacy | https://en.wikipedia.org/wiki/Sunk_cost

3: Hot Hand

Similar to the gambler's fallacy, it is the belief that one's winning streak is likely to continue. Some studies have shown there is some evidence for it but only with skill based tasks, like basketball, not for randomized tasks like casino games.

https://en.wikipedia.org/wiki/Hot_hand
 

meyzee

Known
Messages
471
Reaction score
337
Points
63
Yeah I have heard of this, sunk cost fallacy. Thinking you'd recover but you actually won't if you don't stop right there, right now.

Ita a common belief that keeps you from sinking to the thought that its gonna go green this time. Haha ;But the truth is, you just need to stop to cut loss. Hehe.

I always fall into it btw. Despite knowing this.
 

grind29

Active member
Messages
87
Reaction score
78
Points
18
Yeah I have heard of this, sunk cost fallacy. Thinking you'd recover but you actually won't if you don't stop right there, right now.

Ita a common belief that keeps you from sinking to the thought that its gonna go green this time. Haha ;But the truth is, you just need to stop to cut loss. Hehe.

I always fall into it btw. Despite knowing this.
Tell me about it. 🤣 😅 😫 I let it happen to myself too and I'm muttering to myself about these trying to live by them. Just imagine those who never heard of them even in this internet-age. I hope this post reaches some of them and at least reminds those who already know :)
 

Kaleemmalik071

Active member
Messages
93
Reaction score
52
Points
18
well i got a heavy a loss whenever i try to recover loss on recent patteren . :( so i think we should not go for chase
 

domdom

Newbie
Messages
15
Reaction score
14
Points
3
sun cost often happens to me when I use a 50% chance, my mind keep telling me "1 more bet you'll recover all" and betting becomes bigger and bigger until there is no more balance to play lol
 
Top