How to avoid fallacies in gambling?
Finally, some tips will serve as a general safeguard against traps, fallacies and biases in gambling. If you follow these, you’ll be safe.
The general idea is to accept the fact that outcomes are random. Also, assume that your profit/loss will go up and down periodically, and understand that quitting at the right moment is the one thing that will affect your gambling the most.
Have the self-control to quit while you’re ahead. Knowing when to stop, and being able to do so, is your most important weapon against the casino. Set a win limit, and when you reach it, no matter what, walk away.
Have the self-control not to chase losses. Many people who have lost their homes and families could have prevented it if they could only come to terms with the £1k loss. But they didn’t. They kept going and lost so much more. Set a loss limit for yourself, and when you reach it, no matter what, accept the loss and walk away.
Know the mathematics of the game you’re playing. Your expectations won’t be unrealistic if you know how likely you are to win or lose at a particular game and what the house edge is. Whatever game you’re playing, look it up on LiveCasinoComparer.com and educate yourself about the appropriate strategy.
Please focus on the nature of the game and its risk/reward ratio. For example, if you’re betting on roulette Red and Black, you will always only win 1 unit. The same goes for Blackjack. Usually, it’s better to place wagers that can get you a mega win if you’re lucky than to take the pedestrian route and win 1 unit.
Don’t look at recent results. They mean absolutely nothing. What you can find out in the current results, however, is that the game’s mathematical probability can produce long streaks one way or another. So, recent results can only show you how wildly unpredictable a game is. If you think it has to even out, It doesn’t.
Forget about any hot-hand fallacies. It’s impossible to enter a winning streak that means something or a losing streak – it’s just a consequence of random events. Gambling is random. Utterly random. You’re not magically unlucky if you’ve lost five times. It just so happened that five independent events didn’t end up the way you wanted them to.
Don’t expect anything. Finally, the best possible advice is don’t expect a win. You don’t have any control over the outcome, and no outcome is ever due, so make sure you’re never expecting to win. Your job as a gambler is to participate in the game by placing a wager, hoping- but not expecting – a win. You can’t win if you don’t place a wager, and that’s as far as your control over gambling goes. You control when and how you place bets, and that’s it. The game takes care of its outcomes. You don’t.