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Gamblers Fallacy Defined By Andy Graham

Negotiating is a human need, but knowing when something is random, and accepting the conditions of random, is wisdom.

Mon, 8 Apr 2013 00:39:59

Gamblers Fallacy Defined by Andy Graham
The gambler's fallacy is the belief that one can predict random events. As if coins and dice have memory, and care what happened in the past.

random gamblers

If you flip a coin, the odds are 50 / 50, the odds never change. When dealing with random chance, dice, and flipping coins, to say to yourself,
"I have been losing all night, the odds are with me, and I will win on toss of the dice."

This is wrong, the dice, the coin have no memory, they have no stake, they are random, past history has no influence on the one next flip of the coin, or throw of the dice.

Personally, I believe that gamblers fallacy, or superstitions makes Casinos rich, people remember the one time they won big, and forget the five times they lost, somehow they believe they are lucky and can beat the odd, and a random toss of the dice.

This is good fun, but do not trust my definitions, you may wish to read more, somewhere down the line, we will need to accept we are not a God.
Wiki on Gambler's_fallacy 

Gamblers Fallacy Defined By Andy Graham, do you understand what random means?

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