I think a positive mindset is needed to make a consistent profit. Risk and money management must be maintained to make a consistent profit. If it is possible, then it is very easy to make a profit with the plan.
I think an experienced trader will have some edge due to their in-depth knowledge and advanced trading skills. Just being experienced would mean nothing if you don’t have enough knowledge and trading skills. So, a trader needs to keep on learning for a long time in order to attain this edge that comes with experience.
I think time and experience just helps traders to manage their emotions better. More seasoned traders understand that losses are normal and are able to shake it off and keep going. Beginners get a lot more upset about it and try to regain that money but wind up losing more in the end. It's a hard lesson to learn, but understanding trading psychology can help us to identify when this is happening and to put a stop to it.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.