Can it be considered an investment, or is it pure gambling; you win some, you lose the lot?

Depends on the logic behind each trade. If there isn’t any real logic or reasoning behind a trade then you are just gambling and like all punters you’ll bankroll the house.

The markets can be gambled or traded. If you have no edge, no money management, bad psychology, then yes you are gambling. But you would also be gambling if you decided to trade the underlying “spot” instrument too with a reputable futures broker. If you know what you are doing, have good risk management, sound psychology and a strategy with an edge, then you can probably call it trading.

If you can write down very clear and specific reasons to justify each trade and more importantly each trade size and then the market specifics of how and why the trade went against you, then you have a series of investments that sadly didn’t work out.

If you can’t then you are just gambling. 😉

However, what kills most traders and investors is over leverage.

Simple as that.

Note: Don’t let it get to you if you are referred to as a gambler sometimes. Imo we are all gamblers. Life itself is a bit of a lottery where good/bad luck plays a big part. All matters financial are a gamble from be being able to repay a mortgage, starting a business, buying a few shares or intraday forex/index. I’m quite happy to describe my income as from gambling on the financial markets!

“A pessimist sees the difficulty in every opportunity, Winston Churchill once said; an optimist sees the opportunity in every difficulty.”