Gambling vs. Speculation

If you trade in the short run you must not let yourself fall victim to natural tendencies.  These instincts are detrimental to our success.  It's fascinating how people become addicted to to uncertainty in the rush of winning an the pain of losing.  Like any drug the mind just looks for the next fix.

"Is there any difference between speculation and
gambling? The terms are often used interchangeably,
but speculation presupposes intellectual effort; gambling,
blind chance. Accurately to define the two is
difficult; all definitions are difficult. Wit and humor,
for instance, can be defined; but notwithstanding the
most subtle distinction, wit and humor blend, run into
each other. This is true of speculation and gambling.
The former has some of the elements of chance; the
latter some of the elements of reason. We define as
best we can. Speculation is a venture based upon calculation.
Gambling is a venture without calculation. The
law makes this distinction; it sustains speculation and
condemns gambling."

-Dickson G Watts President of the New York Cotton Exchange 1878-1880