What is Gambler's Fallacy | Explained in 2 min

Join My FREE Coaching Program – ? PRODUCTIVITY MASTERMIND ?
Link – ?

Inside the Program:
? WEEKLY LIVE COACHING
? LIVE Q&A’s
? 5 STEP Productivity Framework
*********************
In this video, we will explore What is Gambler’s Fallacy
Our mind is constantly looking for patterns and correlations between events and that can often trick our mind in making the wrong decisions.

Gambler’s Fallacy is the false belief that if a particular event occurs more frequently than normal during the past it is less likely to happen in the future (or vice versa)
In 1913 in Monte Carlo Norwegian Casino for the last 10 spins of the roulette wheel, the ball had landed on black.
Because the gamblers thought a cherry was long overdue, they started betting against black. But the ball kept on landing on black.
It was only after 26 consecutive blacks that the ball finally landed on cherry and the streak came to an end. By this time, the losses were staggering and The Norwegian Casino had made a fortune.
Gambler’s Fallacy is not only applicable to gambling, but also to our everyday life when we are making decisions.
In fact, decisionmaking to a certain extent is gambling as we are trying to make the best decisions based on the limited information that we have.
If you are trading in a stock market then you mightiness sell the sock that has gone up and hold onto the stock that has reduced in price.
Or if you have made 3 sales by the afternoon, but usually you have only made one by this time, then you mightiness call it a day as you think that you have exhausted your potential.
Needless to say that there is a lot of randomness involved in every individual situation and hence it’s hard to predict the outcome.

I hope that you enjoyed this video and I was able to give you a quick summary of what Gambler’s Fallacy is and why it’s important to avoid it. _________________

Hi, My name is Janis and I’m Content Creator and Entrepreneur.

One thing that I’m really passionate about is Time Management. Time is the resource that we all need to manage in order to achieve our goals.

So on this channel, you will find content about Time Management, Productivity, How to build your daily structure, etc.

Become part of our community by Subscribing –

If you are looking for 1to1 accountability coaching then feel free to drop me an email to [email protected]?

I would also like to say huge thanks to following sites for providing us with royalty free cartoons and icons to make the videos come alive: