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The Gambler's Fallacy (also called the Monte Carlo Fallacy and, less frequently, the Fallacy of Statistics) is basically a logical fallacy that makes people believe that past performance matters when it comes to statistically independent events. Hint: it doesn't. However, as this explanation of the Gambler's Fallacy will hopefully make clear, not all events are statistically independent. In other words, if one scenarios involves rolling a dice and another one involves drawing cards from a deck, the Gambler's Fallacy only applies to one. After watching this video, you'll know what the Gambler's Fallacy is, which scenarios the Gambler's Fallacy applies to and, most importantly, which mistakes a simple explanation of the Gambler's Fallacy can help you avoid. To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message. Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated! Oh and I've also started playing around with Patreon, my link is: / oneminuteeconomics Interested in reading a good book? My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below: Amazon - https://www.amazon.com/Wealth-Managem... Barnes & Noble - http://www.barnesandnoble.com/w/wealt... iBooks (Apple) - https://itun.es/us/wYSveb.l Kobo - https://store.kobobooks.com/en-us/ebo... My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below. Amazon - https://www.amazon.com/Age-Anomaly-Sp... Barnes & Noble - https://www.barnesandnoble.com/w/the-... iBooks (Apple) - https://itunes.apple.com/us/book/age-... Kobo - https://www.kobo.com/ww/en/ebook/the-... Last but not least, if you'd like to follow me on social media, use one of the links below: / oneminuteeconomics / andreipolgar / andrei-polgar-9a11a561