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

[Sprout]

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.

Best to keep your own council, doubt your doubt, focus on the positive, censor all the negative and work your plan.

You are aware of the negatives and they have served their purpose, put no more energy in that direction to do so would be at your peril.

Put your energy on your positive expectations, see in your mind’s eye successful trade after successful trade and anchor the feeling of them in your emotional body.

Trust in yourself, your inner being, when we are given a dream we are also given the means to fulfill them.

 

[fargone]

I think it would be better to start with demo first and then see how much you are making profit or loss and keep improving your consistency level. Then you can start with live account.
Starting out live is a mistake.

And do not show any emotions while trading.

 

[Mellov]

All you have to do is approach the game with the greatest professionalism like your life depends on it. This will help you reduce mistake. There is no fun in risking your hard earned money. Make sure you are ready with the knowledge.

 

[orbit23]

You need a lot of time AND MONEY. Can you afford to work full-time 2-5 years WITHOUT any income(or better said, having a loss?). Will you have enough money left to trade after all those years? Are you mentally resilient enough to bare through YEARS and THOUSANDS of hours of consistent failure, mistakes, and losing money day after day, despite putting in an enormous effort and giving it your all?The answer for most of people is NO.

That's why the fail rate is 98%.

Anyone telling you otherwise, "follow your dreams", blah blah.. Don't listen to them. Trading can turn your life into a nightmare. Keep in mind the statistics, 98% are losing money, if there are 20 posts in this thread, the high probabilitiy is that not even one of the posters is making money. Trading is about probabilities.

Anyways, to the restriction problem...
A hypothetical solution is to trade CFDs through an offshore broker that doesn't require KYC and allows deposits via Bitcoin.

Your money is at a greater risk, but you don't need a lot of collateral thanks to high leverage. Selection of stocks will be limited, but you can trade the futures and some stocks. If you are new and you don't manage risk, you will blow up quick.

 

[fan27]

Here is something to consider. Most of the members on this site who trade profitably either:

A. Made their money outside of trading and are now retired or semi-retired and trade.
B. Work full time in another field and trade on the side (I am in this category).

There are a few who trade full time and that is how they make a living but we are probably talking .001 % of the members on this site.

 

[RedDuke]

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

Have you seen their statements to be absolutely sure that there are plenty? your statement alone shows you know shit.

My advice was not for beginner, beginner would dismiss it, just like I would many years ago.

 

[FTDK]

Have you seen their statements to be absolutely sure that there are plenty? your statement alone shows you know shit.

My advice was not for beginner, beginner would dismiss it, just like I would many years ago.

You are funny.

 

[ironchef]

Here is something to consider. Most of the members on this site who trade profitably either:

A. Made their money outside of trading and are now retired or semi-retired and trade.
B. Work full time in another field and trade on the side (I am in this category).

There are a few who trade full time and that is how they make a living but we are probably talking .001 % of the members on this site.

Well said.

Many of us on the A Team worked our tails off, lived below our means, invested our saving and now have sufficient capitals to quit our day job and trade full time. Unfortunately it is not a strategy for the young, restless and impatient.

 

[bone]

I wish you good fortune !

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.