By not quitting, you are missing out on the opportunity to switch to something that will create more progress toward your goals. Anytime you stay mir… - Annie Duke

Experience can be an effective teacher. But, clearly, only some students listen to their teachers.

Our traditional view of betting is very narrow: casinos, sporting events, lottery tickets, wagering against someone else on the chance of a favorable outcome of some event. The definition of "bet" is much broader. Merriam-Webster's Online Dictionary defines "bet" as "a choice made by thinking about what will probably happen," "to risk losing (something) when you try to do or achieve something" and "to make decisions that are based on the belief that something will happen or is true." I have emphasized the broader, often overlooked, aspects of betting: choice, probability, risk, decision, belief. We can also see from this definition that betting doesn't have to take place in a casino or against somebody else.

The decision you make determines which set of outcomes are possible and how likely each of those outcomes is. But it doesn't determine which of that set of outcomes will actually happen.