The human mind has a tendency to observe unsystematic events and assign a pattern to the results. A habitual risk-taker reorganizes the stream of random events and retrospectively attributes the outcome of indiscriminate trials to their own gambling “strategies.” We often hear people say that they are lucky or unlucky, when in actuality they can claim no ownership in the occurrence of chaotic outcomes. A false sense of the existence of luck can cause people to discount the value of their actual effort, skill, and training.
