I have heard about it, and especially in case 1:
1. Ideas from the book “Fooled by Randomness.” There are many ideas that boil down to the fact that we often mistake randomness for a pattern.
This is something I keep repeating. Patterns are human constructs that we plot to understand random series of events, and they are patterns that get shattered as we get more data from the series.
I know some of his words, but number 1 certainly resonates with me on a personal level.
I often get fooled by certain events that happened in succession with the same outcome thinking that all of it was forming a pattern of some sort. This is what I thought of in dice games but little did I know that these are nothing but random events forming similar outcomes. I thought for a second that I could make some money off it, and when it happened for 3 times, I was certain that the next roll would be in my favor (high). I went all in and bam, I just lost all my bankroll because it rolled low.
In order for this not to happen to you, apart from understanding about patterns you should understand about mathematical expectation. If there is any “pattern” there it is that you were having too much luck, to put it in colloquial terms, not that you were on a streak that could continue.