It's easy to see where most people get their ideas about probability, and why most of them are wrong. The Gambler's Fallacy is the belief that a random event can have an effect on another random and totally independent event. It can't!
For Charles Wells, working a normal job was a mugs game. He set out and defrauded a huge number of investors and took the money to Monte Carlo. There he had the good fortune to win so big, that he broke the bank twice. But it was all downhill from then.
You've probably heard of this gambling system. It surmises that you should double your bets for every bet lost. It's a simple and effective system. As you probably know, it's not something we would ever recommend. That's because it's an extremely risky venture and you'll quickly run out of funds. Having said that, there's always the exception that proves the rule. here are some folks who played with the Martingale and came out on top.