I think speculation plays an important role in trading because if a trader picks the right trade and speculates accurately then its very likely to have high returns.
The moment they engage in speculation trading instead of carryout research, relying on experience or reading and understanding the movement of the charts, they seize to be worthy of been called a trader. They become more of a gambler which rely on luck as a major factor for winning and most times they can't replicate their wins. Trading I always say is more than just buying and selling, it's a skills which involves learning, practice, experience, dedication etc. If a trader don't have any of these I don't think
that individual is worthy of been called a trader, he/she is just a gambler.