Mostly the second.

Sometimes you hit the first then the second.

People think they’re skilled when they’re just lucky and keep rolling the dice. Or they try and have a comeback and throw good money after bad.

rich or blowing strangers behind dumpsters for 20.

Or both, if you're so inclined and/or incredibly prolific 🤷

I’m too scared to place bets that wild.

I was a futures trader for six months back in the roaring '90s, fortunately not using my own money. At the end of it all, I had exactly broken even -- less the commissions paid on all my trades. So for me it was like flipping a quarter except I was charged a nickel for every flip. Meanwhile my boss (whose money I was trading) was down $100K over the same time period.