wizard of odds

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#1 Mon, Jul 18, 2011 - 3:45pm
Chico, CA
Joined: Jun 14, 2011

wizard of odds

I found this site and wanted to share in the hope that it might be helpful to others. Of course it is not focused on trading in the paper casino most of us here indulge in, but it was interesting to me how many correlations can be found to the more traditional types of gambling and the psychological issues we all face when making a buy/sell decision, the "gamblers fallacy" for example where you are playing roulette or craps and you wait for it to hit red ten times in a row and then bet on black thinking the odds favor black hitting when in reality and in no uncertain mathematical terms such is not the case.

Makes for great perspective and helped me put aside a lot of emotional and non logical "urges" when I am considering a "bet" in these markets. Obviously speculating is not really the same as gambling but still the correlations are many in terms of the ways the human brain tries to interpret data.

I'm interested in any other thoughts on the subject of course, here is the link:


Edited by: silverbleve on Nov 8, 2014 - 5:27am