What will you do when you know that just opened the wrong position or entry?

[fxbrother]

It is better to close the trade immediately because you cannot do anything about it. You can also redeem it by opening the correct trade so when the trade reaches take profit you can redeem your loss. That is why focus is needed.

[rajkumar1991]

wrong position kabhi nhi lagata hun kyoki mai apne doston se samgh ke koi bhi order lagata hun mai kise ko kaam karta hun to samghdare ke sath karta hun kyoki mai isse acha kuh nhi hai .

[kalulu]

There are soo much of the time that you need to do one or two thing before you can be sure that you will have the profits that you should be making

[faisalali]

yes i also agree with you

[yadu_2008]

I better close the position. stop and consider next steps.
rarely can be very precisely predicting where prices will move and where prices will stop.
we can only follow the existing trend.

[kamrun7142]

When i understand my giving entry is wrong position,if i give big lot in this trade i close my trade instantly.If i do't use big size,i do't close trade.When it will positive i take it.

[mendak]

If I were you, I will not immidiately close my position. I will just doing some proper analysis to predict what will actually going on to the market and decide anything based on that. If I have to close my false trade, than I will just use stop loss with good strict risk management for sure. And, if I should close it manually, then I will just try to limit my loss as little as possible.

[wisnupra]

difficult for the newbie trader like me to make an entry in the right position. this is usually due to impatience in the trade. in fact rarely because of doubt and nervousness so quickly closed position. so fast that the funds in the trading account is reduced.

when I found out I had just opened the wrong position entry then I immediately take a look to the higher timeframe and the possibility margin that I have to cover it? if sufficient, then I let the floating minus, but if not then I immediately opened a new position in the opposite direction to the previous position.

How about you?

I think that for trading here you need practice more and more.Because from practicing you will increase your trading experience and successfully trading here.by practicing demo account you will well be experienced. never to forget the demo in your trading account as this will greatly assist all traders to be successful in this trade because I believe that trade with a demo account is one of the parts to be very good when you do all that seriously

[karmilk]

That will be better for our account when we know if we need to cut our loss. Some traders just stick open their false trade and hoping the price movement will just come back to their position's direction. That will never be wise if just based on hope since that high risk to harm even destroy our account's life. Better for us to limit our loss by cut it once our trade can be analized as fail trade.

[shujaat Ali]

Whenever i know that i have just opened the wrong position of entry in the trade then I wait for some time to see the movement of the market in which direction the market is moving. If it is going against my trade the i quit the trade and bears the loss.