Sunk cost – when an investment was already made and then an additional amount of money is required, one usually do not see the addition money as a new investment, that should be examine regularly, however as a continuous payment of the first investment. That perspective leads to misjudgments. This theory fits perfectly with a common round of Texas hold’em, when one is paying an additional payment just because he feels that he is just adding more money to the first payment, however without the “sunk cost” syndrome he would not agree to pay the same amount of money for the same statistics situation .

In order to avoid this when you play just ask yourself whenever you are required to make an additional payment if the next investment is worth, with out considering the amount of money that was already “sunk”.

Large series syndrome – the coin has a 50:50 chance for each of his sides, that is true however in order to get this kind of statistics one should throw countless times. we often likely to think that if the coin landed on one side, on the next throw it will “remember” and land on the other side and why ?because each side has a 50/50 chance .

If one play the roulette and for the last 4 times the ball landed on black number, one might think that the odds for the next round is under 3% (0.5*0.5*0.5*0.5*0.5*0.5) but this is wrong the next round has also 50% chance to black or red. This 3% is true only if we were playing a series of 5 in a row and the goal was to get 5 times in a row from any of the colors.

In order to avoid this syndrome you should always remember to make a difference between a large series chance to a specific play.

Casino money – this syndrome deals with handling of the winning money, one usually is tending to treat this money with lack of responsibility because he feels like it is not his money. For example if I won a large sum in the last round (poker), it is more likely that I will “pay” the blind next game because it feels like I am not risking my money but the casinos money.

To avoid this one should not make a difference between his money and the money that he won and never to put labels on amounts of money.

Good Luck