What is it?
The gamblers fallacy involves the belief that after a series of losses, you are due for a win.
Why is it a problem?
The gamblers fallacy keeps us gambling in the face of loss after loss. This means that, as you continue to lose, it becomes more attractive to play just one more time, and one more time again, until you have lost all of your money.
What’s the real story?
All gambling activities, even those that you think have some skill involved, are games of chance. The hard facts are that the number of bets and the history of losing in no way influences your chances of winning.
Let's look at the following 3 minute video - it explains a bit more about the gamblers fallacy in terms of randomness:
What are some alternative thoughts?
So now we need to identify some alternative thoughts. Choose the one that works best for you…