New link about setting "quit points" and "targets"

[Preston]

I know I can keep playing it's just that's the point where I start thinking it isn't my day. Last night I hit that $1000 point. I lost $900 and I had a double down with a max bet ($100) out. What happens? I get dealt 11 against a 3. Pulled out the wallet and I doubled down.. won, and got back on my game. I ended up breaking even after another hour plus $25 and that was good enough for me.

I do have a past history of compulsive gambling and I know I have to watch it. I play BJ as a hobby that makes me a lot of money but I do have a regular job. I overcame my problem and learned to discipline myself enough to come out on top. I wouldn't recommend it.

 

[Mr. T]

By streak (in the positive sense) I assume you mean a longer than usual series of wins, or at least a longer than usual series of "more wins than losses." WWWWWWWWWW would be an example of the former, and WWWWLWWLWWWW would be an example of the latter. I think what Sonny is talking about is that these occurrences, or "streaks," are all contained in variance.

I don't know what you are talking about.
Anybody looking at these would call both of these winning streaks

 

[Sonny]

I don't know what you are talking about.
Anybody looking at these would call both of these winning streaks

Anybody looking at those would call them both positive variance as well. I still don't understand the difference.

-Sonny-

 

[aslan]

I don't know what you are talking about.
Anybody looking at these would call both of these winning streaks

In probability theory and statistics, the variance of a random variable (or somewhat more precisely, of a probability distribution) is a measure of its statistical dispersion, indicating how its possible values are spread around the expected value. ...
en.wikipedia.org/wiki/Variance

Substitute "house advantage" for expected value and look at the possible values on either side as good luck and bad luck, e.g., your lucky streaks would mathematically be described as "good luck." Counters are also subject to good luck and bad luck, however, "player advantage" is their "expected value," a fact that can be mathematically demonstrated. Any system that cannot be mathematically demonstrated to overcome the house advantage is subject to the house advantage, and therefore, its winning streaks can properly be characterized as luck.