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

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Originally Posted by joget

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

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I've experienced a time like this. and of course this makes me worry, when it's available margin in my account so low, plus more to the movement opposed to open market transactions I have done some time ago. and I immediately took action, I opened the transaction inverse / opposite of the previous transaction with a lot less likely to cover the amount of loss, before the market touched the point of support or resistant line. and most traders are wrong and misses the auspicious moment, so the market turned back after reaching the point of support or resistance line. This should be considered by some traders.

however, if this happens you are the availability of sufficient margin to withstand the amount of loss, no need to worry. because the market will turn around again when he touched the point of support or resistant a particular line.

If I make a wrong position I automatically close it. No matter how you going to justify it as you say its a wrong position. You can correct that wrong position by keeping it. Because my approach is always this. know your exit before you open a position. If you don't know your exit and you have an open position then what the us of having an open position right?
Also just make sure that if you are earning in trading try to record it as its going to be your basis on how to open or repeat opening a profitable position.

The first task to do in such situation is to get rid of those mistakes by closing those trades at least loss if you see strength in that opposite move you can open the new trades in that direction and thus cover up those losses and make newer profits

when I first forex trading, if I have a situation like that, what I do is let the account get a margin call. but it is the past. Now if I am wrong in determining the position, then I will forcibly shut down (cut loss) for losses that occur can be reduced, then I will analyze from the beginning and correcting my mistakes. but sometimes I also do hedging.

If I can understand that the position I have opened is just a wrong position then I will just close it to lessen my loss. And right after closing that position I will open opposit eposition to increase my profit. Thanks.

If I am not going to direct my cap. I would do a re-analysis and estimate the price goes up to certain limits and will do the averaging. I used to do the averaging, because I believe the resilience of my capital. Unless resistance is below 1000 pips better close immediately.

han ye to mugh se kai dafa hota ha main khud bhi akser aesi entry kar beteta houn or bad main mugh ko pata chalta ha k main ne ye entery kafi ghalat time par ki ha to us k bad main wait he karta houn takey condition mere haq main ho

If any of us get so close it straight up from the sustained, because although there is little loss is a loss, that if the let alone make us lose some of the capital that we keep,if we need to stop until we are completely convinced by the analysis

If we are wrong in the transaction we have to get out of the market. we look again at whether there are still opportunities that we have further analysis. so that we can get a price we want and we anlisa for immediate re-entry

i don't place a trade if i am not sure about it and beside when i place a trade and i discovered it a wrong position, i don't close it i allow my stop loss to take me out

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Originally Posted by omofx

i don't place a trade if i am not sure about it and beside when i place a trade and i discovered it a wrong position, i don't close it i allow my stop loss to take me out

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better that way, I strongly agree with your suggestion, I will not go and do the order position if I did not get a good signal from the market, because we must realize that there are in the foreign exchange risk is very large, very little we make mistakes it will have an impact on our account.

Close it. Even if it's loosing, it is still better to close it rather than letting your loss grow. In time, you might be able to reverse position and regain your losses in no time. But in the beginning, close it and stop trading, review your mistake immediately is a better choice of action.

It's no need to wait if the open position is wrong, but I must take a look on condition of market. If it's still possible to set close position
and switch to another direction to follow current trending so it's better to follow the trend but if the trend is almost over so it's better
to close and wait better condition to open position again.

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Originally Posted by Nusrat

If i do enter into the market in a wrong position then i will close my trade immediately then i will try to understand that what is happening in the market if i see market is going reverse then i will open a trade in that trend.

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I am novice trader, I still like to feel free to close the trade even though it was wrong, and I usually do hedging improve their circumstances, but apparently it also does not provide a great benefit, because hedging requires a long time to fix things like this.

best option is during this condition use stop loss and take profit option in forex for away from loss in forex.people are make good strategies for this situtation.and but never face this type of condition.

I dont like to collect junk and dont want to for long with a losing position, so when i knew my trade is wrong i will get rid from it on first opportunity i get.

Than many who are likely to result in the loss of more than our expectations, we will if you keep it, how close the trade immediately because it is close to other wise better. I get from my testimonial from that release, to open a fresh trade, to give another chance, I'll close my trade me all the time when you realize the wrong judgment about your entry.

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Originally Posted by joget

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?

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dont be nervous, stay confident and do not open any position without analysis (technical analysis and fundamental analysis). good luck

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Originally Posted by joget

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?

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For me it is a straightforward thing that I will do. As soon as I realize that the position I JUST opened is the wrong entry I will close it immediately and open a new one in the opposite direction with a bigger lot size. This will help counter any losses made from spread and any other price movement.

agar mujhe pata chala ki main galat entery kar chuka hun to bina intezaar ke main order close karna pasand karunga. yeh problem kab hota hain. jab hum ek jyada account main trade karne ki kosis karte hain. aur jab market bahut fluctuate karta hain tab hum jald se jald entery karna chahte hain.. tab hi.. yeh problem hone ka jyada chance hain. so take ur time to entery .. dont be hurry to enter.

If I knew that my position is open so I immediately closed position, because it will endanger our funds. Unless we open position direction of the trend is happening in the market and the NEWS that occurs even in line with our open positions. Although it is still floating just wait and guaranteed to hit TP or Take Profit.

Quote:

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Originally Posted by joget

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

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?

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How you know exactly that your deals are in wrong side. If you know it, then why make this analysis before opening deals. Please don't try to cover the loses by following sure fire strategy. This will not work in all time, if it fails, then it will end stop outs. its always better to close the negative deals and wait for the next entry point.

it will frequently happen in my life. when i open my computer i can not leave the computer without trading. when i open a wrong trade , i do not close this trade on that time. i analyse the market in d1 pattern. if it seems to be negative then i close my trade if i get any positive result then i keep my position open.

I usually analyze the chart first before entering the market, so I can conclude to buy or sell. Although my decision is wrong for example I chose buy, but the candle is down so I wait few minute to analyze again. If my final analyze is wrong, Usually I cut loss in my trading.

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Originally Posted by sripanut

I usually analyze the chart first before entering the market, so I can conclude to buy or sell. Although my decision is wrong for example I chose buy, but the candle is down so I wait few minute to analyze again. If my final analyze is wrong, Usually I cut loss in my trading.

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I have a step that seems powerful sir, so this strategy berdsarkan on trends in H1 timeframe trend down to eat when we are ready ready to enter the market on M15 timeframe that is what I think is good, can be tried sir

I try two kind of solutions :
First I wil open new possition using largest lots and closing my wrong possition
Second, I am using hedging mechanism to save my money at wrong possition

If I open position the wrong way, I will watch it run if perhaps it will turn out to be good trade. When I see it will not become good trade I will still wait to see if I can close at zero price (no profit not loss). If not I will just close the trade at smallest possible loss.

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Originally Posted by biyen

I try two kind of solutions :
First I wil open new possition using largest lots and closing my wrong possition
Second, I am using hedging mechanism to save my money at wrong possition

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system a good system, but when put into practice will be very difficult to come out for beginner trader like me, first I tried to hedging, but this thing never even thought I thought appear erratic price moves only at the center of the center would open my all taxable income items ultimately due to lack patience then I close all my OP, since anxiety may

Quote:

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Originally Posted by joget

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?

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kabi kabi trading main asa be hota ha hum wrong postion open karta han or esi ke waja sa haama boht sara loss earned karna parata ha esi waja sa to hum achi or best trading nahi kra pa rha han or trading main kafi loss earned hota ha..

sometimes what i do is to watch the direction if it has the hope of reverting in the next session if not i hedge the trade.

I think that time i firstly see what my position in profit or loss. if profit I close my position or trade and if not or if see my position is in loss then wait and trade that long time to recover. but balance also big factor hare.

I always tried to discipline. I always put a take profit and stop loss at the beginning of trade. with bagitu, even though the price moves against the position, the loss in accordance with that we put sl. This is the risk of forex. we should be able to accept it.

If i open any wrong position in this market then i have to close this position immediately because i do not want to take any high risk and i will give another trade on the basis of trend and i think it will be very good for me.

if I knew that I had opened the wrong position, then I would immediately cut loss or close my position, my problem is not a disadvantage, because if I go then I will experience even greater losses.

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Originally Posted by joget

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?

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mere khial main jab app se wrong trade lag jay to thory se loss pe humain apni trade close kara deni chhaye aor ager app ko lagta ke market wapis a be sakti hai to wait be kar lena chahye main to ager aisa ho jay to us trade ke opposite dosri trade laga leta hun aor dono trades ka he profit uthata hun loss main band be kion karain hum

what you experienced when trading the same as what I experienced in the trade because of impatience in the conduct of open positions without proper analysis and because the mind always wants to get a big advantage that the loss suffered by a trader who is always with a mind like that

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Originally Posted by embrio

if I knew that I had opened the wrong position, then I would immediately cut loss or close my position, my problem is not a disadvantage, because if I go then I will experience even greater losses.

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What about reanalyzing your position before closing it? You might be shocked that you will make a little profit before the position goes against you. What I will advise is to watch it a bit before jumping to conclusions because your initial analysis might even have been wrong.

l all the time use 4 hours chart the foreclose from the misguided signals.when we give use teeny moment couch suchlike 5 m or 15 m we may see so umteen dishonorable signals.as protracted as a trader testament always position his sl and tp then there is null to trouble.but if you are rattling certain that it is totally false posture then the best way is to depart from it very sudden and post another arrangement to oppositeness itinerary.

some time forex trading pressure or loss happen in trading or any other activity due to which we entered at wrong position and go in loss that time is very difficult to manage your loss so use stop loss for better to avoid big loss.that your knowledge also help you if you have knowledge about trading.

If you expect this mistake really eats your profits in long run then it should be cancelled at it's lowest cost. If it gives profits in long run then there is no harm in keeping this mistake.