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

[fxforlife]

i just open a position but i see it is wrong decision, i will cancel it fast so that i do not make more mistake when i wait for it go in reversal to trend i follow. i will wait for other entries confirm.

[agitiga]

If you have a little loss to handle with such a mistake, I will advise that the person should close the position entirely from the loss. But if it is a loss that will reflect on the account, you just have to hedge the account

[venus]

In my case, after opening a position when I see that market goes opposite to me than I decide like you. But most of the cases I lost all the money from my balance. But when I make target of 5% loss and close the trend I saw that I can sustain in trading with my balance for long. It happened because my investment was too small that I my balance became zero. That's why I changed my strategy in such case.

If you don't want to lose all of your funds so it's important to limit loss so it won't make you suffer loss more than you can afford to take. There is no one who can know for sure if current position was wrong but if you're sure if current position is not right so it's better cut loss it and if it is possible switch to another direction.

[mmja2003]

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.

In my case, after opening a position when I see that market goes opposite to me than I decide like you. But most of the cases I lost all the money from my balance. But when I make target of 5% loss and close the trend I saw that I can sustain in trading with my balance for long. It happened because my investment was too small that I my balance became zero. That's why I changed my strategy in such case.

[kaushal4]

I close the position with the some loss but some times it gone the last limit of my capital margin. I think maybe in the next day price will move back into my take profits directions i will consider to hold my open positions any longer.

[azharfx2]

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.

[ctgboy]

It's my job to tested out so that you can training. It's my job to decide to put your bring gain and stop great loss at the beginning with commerce. by using bagitu, even if the amount steps with the posture, losing in agreement with that him and i decide to put sl. It is a probability with foreign currency. most people will admit them.

[Limau89]

the big mistake........is hasty....But i can wait ..............also to depend on luck if my lose trade becomes a profitable trade............when we have taken the wrong position in the market then most of the time it is better to close that position as early as possible try to close that position...............But i think we have to decide our bad trade in very few times or we have to face huge lose

[nahidahasan]

I will seriously close it as soon as possible. Actually i am also a newbie and learning Forex from different websites.

[seri]

If I know if my current position is wrong so I will cut it loss as soon as possible because it's no need to keep floating minus too long. If I know the price has tendency to move in opposite direction from my open position, I should against it because there is rule if good trader should follow the market and he shouldn't against it because it's easier and safer to follow the market.