I'm starting out, and....freaking out!

[iraq]

Hi, I'm 18 and was passionate about trading since I was 14 but never had the chance to learn. Then I got seriously interested to the point of getting into a day trading course (Warrior trading pro) and buying like 30ish books and PDFs. I have gained all the necessary and advanced info to start day trading. Tried simulator for a week now and I'm up 100 bucks.

The problem is; I'm more of a doubtful guy. Been over 100s of reviews and articles about day trading and trading in general. I weigh the negative reviews more than the positive ones. I'm afraid that even If my mentor has shown his broker statements and his strategy is legit, even If I made some money on the simulator, even if there's really guys out there making profits.. I wouldn't be able to generate profits if I open a real account.

Someone would say; Easy, Just open a small account and trade small positions. The problem is; It's very hard for me due to where I live. Brokers and financial services for some reason don't like offering their services to Iraqi citizens. If I want, I should travel to Turkey and get residence permission and then wait at least 3 months to be able to open a trading account.

The statistic of 98% of day traders fail is what giving me this doubt. Yes, I had the proper education from a mentor. Yes I've read tens of books. Yes I will trade in simulator for at least 2 months. I will continue read about mistakes to avoid. stick to a strategy and a strict plan, be patient etc... but what if all of that and I'll still be in the 98%?!!!

Thanks to all replies in advance.

 

[FTDK]

You seem like you are very motivated and want to learn which is the best way to go.

All you can do for now is stick with the sim trading for a couple of months and go from there. See if you can stay profitable or if you where lucky the past week. One week of data is worthless.

I would suggest sticking with the demo for now, you will learn a ton and you will have plenty of time to figure out your next steps.

 

[Sekiyo]

Agree.
Theoretical knowledge is 20% of the game.
Practice and coping with the wild and messy reality is 80% of the game.

So practice a lot. Review your journey at the end of the day.
Find bugs and fix them. Repeat, repeat, repeat.
This craft is to be mastered via practice.
Experience is the best teacher.

Share your journey, results.
Brainstorm. Reflect.

Improve.

 

[qaz]

When I started trading I had no idea 90%+ of traders failed. Only found out after a long while. Don't dwell on that fact and practice on sim first with hard trading rules and see if you can make it consistently. If it goes well find a way to open a small account then scale up if your results matches(more or less) your sim track record.

 

[RedDuke]

You will ignore this advice, but here is the truth, no matter what you learn, you know shit. Only exceptions are insider trading and high frequency trading.

once you realize you know shit, start working on the method. Will take many years. Trading is unlike any other business.

Another crucial point trading and investing are 2 very different things.

good luck.

 

[FTDK]

You will ignore this advice, but here is the truth, no matter what you learn, you know shit. Only exceptions are insider trading and high frequency trading.

once you realize you know shit, start working on the method. Will take many years. Trading is unlike any other business.

Another crucial point trading and investing are 2 very different things.

good luck.

There are plenty of successful discretionary traders out there. They all know shit?

 

[ironchef]

Hi, I'm 18 and was passionate about trading since I was 14 but never had the chance to learn. Then I got seriously interested to the point of getting into a day trading course (Warrior trading pro) and buying like 30ish books and PDFs. I have gained all the necessary and advanced info to start day trading. Tried simulator for a week now and I'm up 100 bucks.

The problem is; I'm more of a doubtful guy. Been over 100s of reviews and articles about day trading and trading in general. I weigh the negative reviews more than the positive ones. I'm afraid that even If my mentor has shown his broker statements and his strategy is legit, even If I made some money on the simulator, even if there's really guys out there making profits.. I wouldn't be able to generate profits if I open a real account.

Someone would say; Easy, Just open a small account and trade small positions. The problem is; It's very hard for me due to where I live. Brokers and financial services for some reason don't like offering their services to Iraqi citizens. If I want, I should travel to Turkey and get residence permission and then wait at least 3 months to be able to open a trading account.

The statistic of 98% of day traders fail is what giving me this doubt. Yes, I had the proper education from a mentor. Yes I've read tens of books. Yes I will trade in simulator for at least 2 months. I will continue read about mistakes to avoid. stick to a strategy and a strict plan, be patient etc... but what if all of that and I'll still be in the 98%?!!!

Thanks to all replies in advance.

I am sure you won't like my advice. At your age, go to college and major in finance to learn economics, finance, the market and of course trading. After you graduate get a job, learn to trade in your spare time until you acquire enough trading skills to trade real money.

We were all young and innocent once upon a time, like you. The most precious commodity you have is time, time to compound your earning, your investment. If you are passionate, one day in the not too distant future, those compounding will allow you to quit and trade full time.

Good luck.

 

[wrbtrader]

Concentrate on getting into a decent college. While you're at it...choose a university that has state of the art trading rooms, top professors and strong support by sponsors of top financial institutions.

You can look up the info on Google.

wrbtrader

 

[Amahrix]

I have gained all the necessary and advanced info to start day trading.

How does one "know" that they've gained all the necessary and advanced info to start day trading... (rhetorical question).

Edit: save yourself a lottt of trouble and read Incerto by Nassim Taleb as you go on your journey.

Good luck.

 

[schizo]

The statistic of 98% of day traders fail is what giving me this doubt. Yes, I had the proper education from a mentor. Yes I've read tens of books. Yes I will trade in simulator for at least 2 months. I will continue read about mistakes to avoid. stick to a strategy and a strict plan, be patient etc... but what if all of that and I'll still be in the 98%?!!!

Why, that's simple. You pack up and move back into your parents' house until you're able to trade again.