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-entryQuote:
Originally Posted by s19
l always use 1 hours chart the prevent from the wrong signals.when we will use small time frame like 5 m or 15 m we may see so many wrong signals.as long as a trader will always place his sl and tp then there is nothing to worry.but if you are very sure that it is totally wrong position then the best way is to quit from it very fast and place another order to opposite direction.
when I do wrong open position, I often immediately close the position, than I have suffered greater losses, unless it was sideway, I usually wait a while, until the position is a profit, although very small, just 1 pips for example, then I close
I think if we either put up a better position then we immediately closed position before we have an increasingly large floating and open position and make open position in the right direction......
If I have known that I just opened the wrong position of entry,I think I will close the order immediately.You know,I have traded the opposite trend,if I do not close the order,I think the trend will go far,which will result us lose more.So in this case,I choose to close the order.
That's right. It's better cut and switch when you knew that your open position was wrong, if that is possible you shouldQuote:
Originally Posted by lights
close it immediately so you won't lose more dollars. But if that is possible, you must know the limit too. If the losses still
could be reduced because the movement could be better, then it's okay to wait a second. It's all depending on situation too.
i just open hedging system or cut loss the order with immediately, and i do not want to hold floating minus too big, and we know that wit using edging then i have the chance to convert the loses with winning or profit, but need ability for it
Jab wrong position pe trade ger jata hay tab bohot mushkil ka samna karna parta hay. aksaar hum galti se aaysa position pe trade de dete hay jiski hume knowledge or analyses nahi kia. tab hum trade ko close kar dete hay or agaar thora nuksaan sath sath dikhai parta hay tab thora integaar kartehay.
All traders could make wrong analysis so they will open position in wrong direction, if we have realized that we opened position
in wrong decision, we can choose risk management strategy to limit losses. If you're still confident if movement of price could move
as your analysis few more pips, then you can let it running and close it when the losses is lower. But you must have limit to close it,
and also you can use hedging to lock position and unlock it later when there is better condition.
Once realised the mistake i think the first thing we should do is correct the mistake and so at times when we know that the trade we opened was unintended or unwise we should correct the mistake by closing it.