"Getting in when the odds are in your favor with money you're not afraid to lose" has been a slogan of the most successful gamblers. PTJ is an incredibly successful gambler with a great ability to manage risk.
Perhaps this will clear things up because apparently people are getting insulted at "gambling". Naivete is all this is. Don't look down your nose at your colleagues at the table - most of them have better risk management than anyone here. I can say for certain the winner of the WSOP has better risk management than 99% of all traders and would probably make an excellent trader themselves. Just because you're not a degenerate playing dice in an alley way doesn't mean you're not a gambler.
Gambling on wikipedia states:
This is trading.
1. Wagering of money: I hope this is obvious
2. On an event with an uncertain outcome (The stock moves, the stock doesn't move, etc)
3. With the primary intent of winning money (the profit of the trade)
It doesn't matter if you risk 1 cent and make 200 dollars, you are gambling on an uncertain outcome (albeit with some incredible odds in your favor).
Merriam-Webster is even less specific:
I use the dictionary definition of the version of gamble. There is no different between any gamble (whether the odds are in your favor or the house's) or the markets. The colloquial definition of
gamble is much the same. For example the sentence "his job is on the line with that gamble of a sales pitch" indicates someone risked something on an uncertain outcome. The odds are never part of it. If you have a 1% chance or a 99.9% chance - its a gamble (since of course a 100% chance is a
certainty). It's all gambling the second you wager something of value on an uncertain outcome.
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