Hi Petko & yigityilmaz and everybody,
Here’s my plan and hopefully my roadmap:
Balance:
I have about $3000 to invest. Money from a family member, so I’d better do it right!
Broker:
Living in Europe, where CFD and high leverage trading are not welcome, and in order to avoid ESMA rules, I chose 2 Australian regulated brokers.
Assets:
Focusing (for now) on: EURUSD, GBPUSD, EURGBP and XAUUSD.
Historical data:
I’m convinced that approx. 5 years of historical data is adequate and gives us robust strategies. BUT I’m not sure that’s the way for me for two reasons:
1) I don’t have good historical data accumulated from my broker and it would take me years to accumulate 5 years of data.
2) Therefore, instead of using Dukascopy’s historical data and adjust them to my broker(s), I’m testing whether using the “EA Studio Data Export Script” combined with weekly update (to start with), gives me enough data from my broker. LOGICALLY fresh historical data (of a year or so), DIRECTLY from my own broker, should (theoretically & in my mind) be more suitable than 5-year-old data adjusted to conform with my broker. So, I’d like to see that with my own eyes.
As a beginner, I really miss a roadmap to START trading, not to CONTINUE trading. Many (if not all) of Petko’s lessons focus on how you continue trading – although he says different (no offense Petko – and sorry if I’m wrong).
What drew my attention (very much) is the fact that there’s a way to test the strategies you create without the need of demo trading. That’s by using the “OUT OF SAMPLE” method or (alternatively) by limiting your historical data using the “Data Horizon” when back-testing strategies.
I know that Petko doesn’t recommend trading live without demo trading first, but I’m getting old and running out of time & money. Furthermore, I see no harm in trading live with one or two EAs of 0.01 lot each per asset. THAT’S my plan.
Please comment.
Thank you.