Why Speculation is Not a Good Idea?

When we think of making money in different markets by deploying cash we already have, mainly, there are two styles or approaches that come to our mind. One is to either start a new business or buy ownership in a running business and be a partner in the profit and loss that the business incurs during its operation. The other is to time your entry into and exit from the markets in a way that the difference of the buying and selling prices is your profit or loss. The former is an investment while the latter can be termed as speculation.