Wasting of time. The content is "matter of fact", the equations presented are dry, and the supporting examples lack detail and substance. You could learn just as much by Google searching for information on forward, futures, and options. I want to see different opinions. GL!
When I was a child my father and grandfather owned a construction company. Commercial, residential, a church or two. They once went to Mexico and constructed a large copper mining facility. Sometimes though, there just wasn't any work. It was feast or famine. Trading can be like that, especially at the start. Gambling? My dad eventually took a job with a government agency doing construction. Regular paycheck. Such an easier life. So that was not gambling? .............. To reach a level for trading where the cash flow is acceptable and relatively consistent is a goal in trading. Perhaps trading is gambling until then, at least in a sense of the word. And you either get to consistency in a smart way or not. When your behavior is inconsistent, and the profits are inconsistent... it certainly feels like gambling.
You're talking about "risk of failure/loss". Lots of people think any time there is a financial risk, "that's gambling". And the majority of people would say poker is gambling. However, the Texas Supreme Court in a famous decision ruled poker to be a game of skill, not gambling. "Card counting" in black jack is a skill and can put the odds in favor of the player. That's why casinos give anyone the bum's rush when suspected of card counting. In gambling, the odds are fixed, against the player (that's you), and in favor of the house. There is nothing the player can do to put the odds in his favor, so the gambler is "hoping to win against the odds". The financial market, however, is a game of skill. You can put the odds heavily in your favor by what you know and how you behave.
Construction is also a game of skill, and salesmanship, etc. Being successful certainly has to do with what you know, who you know, and how you behave. I was just making the point that inconsistency feels like gambling even if it technically isn't. Anytime there is a risk, inconsistency will happen. That doesn't mean it's gambling... but it can stir emotions. Which can lower your skill... or give you an opportunity to sharpen your skills. Poker players who show their feelings are in trouble! Your logical points are great. I'm just talking about feelings.
If I might be so bold.... The only way you lose in the financial markets is if YOU SCREW UP! Unfortunately, there are LOTS of ways to do that.
Pardon me for quoting myself... But if you (1) put in the time to learn what you need to know, then (2) trade with discipline and stops (not as easy as it sounds, BTW)... the odds of your winning in the markets are very, VERY high.... approaching 100%!
Trade with discipline and stops (not as easy as it sounds, especially if succeed in this! It's really difficult.
All trading and investing is gambling. You gamble that the value or price will be higher in the future than today. Be it an house, antiquites, veteran cars, art, stocks. Even starting a new business is gambling. You are gambling that the prospective consumers will buy your products. Consumers dislike your product = no sales = bankruptcy = loss.
If we look at it that way...almost everything in life is a gamble whenever there's more than one choice. Seriously, every decision we make that had a choice...we then select what we thought was the best choice to reach our goal. Thus, there's a risk involved in most of the decisions in our life. For example, recently I researched top 4k TVs and visited several different stores to get an in person look at each TV. I've finally decided on what I want and I think I'm going to be very happy with it...its a gamble because I could be very disappointed. Fortunately, there's a return policy. Unlike the markets (some gambles), if I'm wrong with my money...I can't ask for a do over.