Gambler's Fallacy

If you find yourself saying, "I can't quit now, I'm on a winning streak," Gambler's Fallacy. If you find yourself saying, "I can't quit now, my luck's about to change," Gambler's Fallacy (the second version). "Gambler's Fallacy" is another way of saying "stupid."

The Gambler's Fallacy states that if each event is independent, then
the probability of future events is unaffected by past events or
trends. (Gamblers frequently assume that if an event has not occurred
in a long time, it is "due," and has a higher probability of occurring
on the next attempt.) For example, if a fair coin is tossed repeatedly
and comes up heads five times in a row, the probability is still .5
(50%) that tails will come up on the next toss. A gambler might assume
that since in six tosses of the coin, it should come up tails three
times on average (and it has not come up even once yet), it must be
more likely to come up tails on the next toss. In other words, the
gambler falsely assumes that the event probability changes to reach
the long-term average instead of the other way around.

After a bad run and several bad beats, I found myself thinking that my luck was due to change. When I raised with pocket Kings, and flopped a king in last night's hold'em game, I thought "At last, my turn has finally come!" Wrong. Bill a poker opponent, rivered the nut flush, and I was crushed again. I was stuck in the game and started reaching for my wallet. I was also on tilt and wanted revenge. Surely this bad streak couldn't continue.! Suddenly, this all-day sucker image popped into my little brain, and I put my wallet back in my pocket, gathered up my remaining chips, cashed out, and went outside and howled at the moon like a wounded coyote! (Didn't cost me more money). The Gambler's Fallacy is indeed another way of saying "Stupid"!

Link