Quote:
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Originally Posted by thaskalos
The more often we play this game, the faster we get to really "know ourselves" as players...and the easier it becomes to realize if we are really "made" for this game.
The truth is that, although this game provides thrills and entertainment for many...it can provide consistent profits for only the tiny few who can effectively deal with its many "traps". Play the game infrequently...and you may never really get to know what these "traps" are.
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As usual, Thaskalos is on the money.
The Public and the Individual Player, are able to receive '
input(
s)' from
reality, and
interpret it into a '
perception'.
Some of that perception is '
pre-conscious', and some of that interpretation is conscious and
calculated.
Once we (the individual) have a perception, we attempt to
act in a
rational manner by making an optimal decision ('pass' or specific 'wager' strategy).
1 receive inputs
2 interpret pre-consciously
3 interpret consciously or calculate
4 act rationally (perform optimally)
Reciprocity (Loses or Wins),
Commitment (we took a stand about a horse or wager type),
Social Proof (we like Arrogate in the Travers, but he's 11-1 and all the experts are talking about American Freedom being Baffert's top gun and the biggest threat to Exaggerator. Crowd is safer and probably correct),
Authority (although I don't like Silver Ride, The Track Handicapper just eloquently explained why Unbridled Juan is a 'money burner'),
Liking (California Chrome is my favorite horse in the world. Lava Man is gonna win one more),
Scarcity (There's one more race on the card, or this is the Derby i gotta make a bet, or I'm down to my last $20 in the account...)
just some examples of
"traps" that can trigger cognitive bias
Once you start falling into
"traps" that pre-conscious interpreting and that post conscious calculation lead to
illusion, and that post perception rational behavior goes haywire.
