Chasing losses is a regular occurrence that happened with most gamblers, I also experienced it when I was a binary option trader it's a gambler nightmare and indeed a very bad habit at that point most gamblers can't control their emotions, however now personally I funded my account with the amount of money I can afford to lose out of my monthly income and once that fund has been expended that is the end for that month, though later I was able to control that habit unfortunately it has dealt a big blow to me on several occasions, now once I pick my accumulated bets and stake with a small amount of money I wouldn't bother again whether lose or gain.
It can take a person a few tries before they get it right and they may chase their losses a few times before they learn their lesson, but this is a lesson that most gamblers eventually learn as it is such a common mistake, however there are a few gamblers out there that never learn their lesson and despite losing several times in a row they decide to keep gambling hoping for one day to recover the money they have lost, and unfortunately for them that day most likely will never come.
Yes, I don't think that gamblers didn't know this, however, it's the risk that we take though, it's like go big or go home attitude, YOLO. So maybe there are some gamblers here who will go and chase their losses in hoping that they can still make it break even at the end of their session or even won some money. But in any case, they chase and lost then it's going to be a problem. You might be affected mentally and physically, I mean there will be times that you are thinking that you should have quit when you still have some money or you chase and then get it back. But then again, it's really hard to control our emotions if we are in that kind of situation, your mind is thinking possible things that might happen and then you give in to the desire of wanting to make a comeback win.