The Odds on That

the odds on that:

correctly flipping and predicting coin throw at rest is very difficult. the odds are against but it happens. what does that mean? psychic for a few seconds?

first throw predicted correct is easy but to 10 throws? that's hard. but has happened with me several times. the odds are like a thousand against.

the odds of predicting 2 throws is like 1 out of four. not bad, but probably not good enough for realizing what the immediate future will be.

let's think about odds in theory. 1:3 what does that mean? 1 right versus 3 wrong? or 1 out of three? in gambling terms 1/3 that's a payout of one third of the bet or stake. like a payout of 3/1 pays three times your stake but a winning bet also returns your original bet size. so five pounds on a horse or dog payout would be a win of 15 pounds plus five the original. three pounds at 1/3 is a win of a quid. not too bad really, but that's like backing a favourite. it doesn't impress anybody, a shame really!

what are the odds on that? that it will succeed? betting, yes please!? the surprising thing about gambling given that you could win, is that the sequence of a winning streak actually is calm throughout.

but what is the point of gambling? is it to prove that you are psychic or to win a huge sum you could spend? i think originally it was to gain knowledge of all things mathematical and to be able to predict!

of course, spending a win always feels good!

CLEARCHARGE

Being Able to Accept the Small Loss

being able to accept the small loss:

in gambling, you are always going to suffer losses sometimes. and actually, if you gamble long enough, you will have a huge losing streak at some point. this is inevitable.

i don't think i fully understood this before i began. they don't advertise this. they don't say, according to mathematical probability, a run of up to ten losses in a row is not even that uncommon after playing long enough. i suppose i was born optimistic, thinking i could win, and i can see now how this could be dangerous, always assuming everything's going to work out.

how you react to a losing streak determines quite a bit, actually. twice, i couldn't stop. i just bet larger and larger chasing my losses. this is not what you should do! you should accept the small loss, stop and walk away.

a win may not make much of a difference but a huge loss, all the money you have and even more if you've borrowed, could ruin your life.

CLEARCHARGE