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.

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 

Bill99

Oh how well I remember how much money it cost me in my wayward youth to learn this lesson.
My 1st wife, who was/is a brilliant scholar and mathmatician came up with a "sure fire system?"
for the track.
One of our best friends was a bookie so of course who can you trust more than a best friend to
place your bets with. He finally told us to stop and we did.
After a summer of some fantastic wins, more than doubling our investment, we finally learned
that horses also, may not be as random as a coin flip or roll of the die, will not beat the odds or
any great mathmatical system forever more.
Now today I actually have money in the bank and only pretend bet on various sports, and as I
sometimes when in a casino, for entertainment observance only, mentally bet on what's going on.
I have discovered the absolute perfect "system" and now never lose.
But it was exciting and fun.


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