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

i think that sometimes it happens that due to the pressure of forex trading, we will open a wrong position ...so it is the best way to accept that spread loss and close that position....because if we keep it open, then it can be proved more dangerous and can make us to loose alot of money.....

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 feel I am wrong in the open position the first thing I did was install SL to secure my account, I rarely directly close the position when I feel one open position.
I always hoped that I open up the correct position,:D so if I open the wrong position I was always waiting for him to be a boon or SL that I have touched the place.

of course this is also happened to me at the beginning many times , i tried to solve this problem by putting a stop loss to my trade , i think it has a great advantage to me as it put a limit to my loss .

I just close my position when I feel it goes agaist my position, but after closing in loss and when I see that it goes at that point where I set stop loss then I became so much disappointed then, I think it needs more experience and knowlege to know the direction of trade.

Actually this kind of trading comes from lack of proper knowledge about forex market. But i always maintain a system. I give a trade when i get confirmation from my analysis. I always put stop loss and take profit at the beginning of my trade. So, there is no chance for me to opening a wrong position. Thanks

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Originally Posted by twinkling star

I just close my position when I feel it goes agaist my position, but after closing in loss and when I see that it goes at that point where I set stop loss then I became so much disappointed then, I think it needs more experience and knowlege to know the direction of trade.

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good to know that in my research in forex trading just short time there are nobody perfect in there trade sometime professional trader do a mistakes and there trade goes on wrong trend entry also.but while the question is we are beginner so we need to close our trade immediately when we know our trade open wrong position entry .

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Originally Posted by kashifrehman

Its better to close that trade immidiately because its better to close it on other wise if we keep it than may be it bring loss more than our expectation. I always close my trade when i realize that i make a wrong decision about entry because that release my tentiona nd provide another chance to open fresh trade.

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yes, I agree with your opinion. it better immediately close the open position if you know wrong entry. to avoid worse loss, and also in order to open a fresh trade. This is especially useful if there is a limit to open a trade position. for example, maximum is 3 open position trade. so, by closing that wrong entry trade is very useful to be able to immediately start trading again.

If I will open a wrong position then I will close it just after I realizing that I have opened a wrong position. I have come across this type of situations many time s and all the time I had taken the right decisions.