Good morning and welcome to the Increase Room Impact Podcast. I'm Justin's episode 2020.

Today I want to introduce you to a concept called the gambler's fallacy. This happens all the time

where we put too much stock in past performances and makes us think or increase our certainty or decrease our certainty in how we're going to do today.

Here's what I mean by that.

Sometimes we'll have a winning streak and because we perform so well in the past,

we think that's going to guarantee that we're going to perform well today.

Now, the problem with that is it may in some cases cause us to

let our guard down, cause us to overlook our opponents or the competition, cause us to not prepare

as much as we need to because we are overconfident that we're just going to show up and win today. Contrary to that, maybe you've been

performing poorly in the past. And that makes you think with certainty that you're going to

perform poorly today, which is going to cause you to doubt yourself. It's in a cause that

here we go again mindset. It's going to cause you to think

what's the use? Why even prepare or practice? Because all my practice and preparation in the past

has not led to good results. So why would it lead to good results today? It'll cause you to let

your guard down and you walk into your competition already losing in your mind

and therefore you lose in in real life which leads to the basically your belief will lead to how

your performance is there's a concept I'm blanking it right now so that's the gambler's fallacy essentially it's

you gamble on something and you win and you think okay that's going to happen the next time

or you're playing that slot machine and you lose you think okay i'm never going to touch that again

because i'm going to lose all the time. Now, obviously, it's not

apples the apples. I understand that in gambling and casino games, there's a lot of uncontrollable

factors. Don't want to get into it, but it's called the gambler's fallacy, thinking that the future

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