Let me preface by saying I'm not good at math. This question is purely from a mathematical standpoint. Thanks very much in advance!
Ok, so lets say I want to calculate the odds of a roulette wheel landing on red or black based on the last $10$ rolls. I realize that every roll is independent of each other and each roll has a $50\%$ chance of landing on red or black (assuming no $0$). But how could I calculate the probability of rolling a red or black on the $11$th roll if I know the previous $10$ rolls?
For example if the last 10 rolls had $5$ reds and $5$ blacks, I'd assume the $11$th roll would be a $50-50$ chance since there were an equal number of reds and blacks for the previous $10$ rolls (please correct me if this isn't correct). What if there were only $1$ red and $9$ blacks in the last $10$ rolls? How would I calculate the probability of getting a red or black on the $11$th roll? I'm assuming there's some kind of formula I could use to calculate this right?
A simple experiment will help convince you.
Assume a fair coin, and a sufficiently random tossing mechanism.
Suppose you believed that $10$ heads in a row induced a bias for the $11$-th toss.
But then it would be only natural to assume (in a new experiment) that there would be a bias for the $10$-th toss, assuming the first $9$ tosses came up heads.
Similarly, an experiment which waits for $8$ heads in a row should reveal a bias for the $9$-th toss.
You can see where this is leading . . .
Thus, suppose we start a new experiment where we require just $1$ head, and test the next toss for a bias. If there was a bias for $10$ heads, for $9$ heads, for $8$ heads, . . ., then surely there must be some bias for just $1$ head. Yes?
But now it's easy to get actual data. Toss a coin repeatedly. If one roll is a head, can you detect a bias for the next roll?
Hopefully, that experiment will dispel any pseudo-probabilistic superstition you may have had.
Bottom line: Coins have no memory. From the point of view of the coin, every roll is the first roll.