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

[rahim]

There are many things that a trader can do wrong, but some are worse than others and can even reduce or make you lose all of your profits. Some of them are common mistakes that stand out like a sore thumb, other are silent killers. Be they glaring mistakes or silent ones, they contribute to your losses ultimately. Here are the top 3 worse habits that kill a trade:

First is the emotional trader, when ever the trade starts to turn against this trader, the emotional trader lets lose all feelings. I am not talking about weeping and wringing of hands instead this trader would be angry, hurt and scared. Should the trade lose there is a high possibility that the second trade would not follow the money management rules or the trading plan. Or if the trade goes so badly, the trader refuses to cut losses and run, instead the trader would stoically look as the trade hits the stop loss. Loyalty is all well and good, but sticking to your guns when the trade dies is a little too extreme, do that often enough and it hastens the death of your account. Every pip adds up you know.

[mohamed4]

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?

The key to avoid falling into the trap of forks is a discipline, Forex has no similar stalking games, so that this method worked once, but the odds aren't in your favor, and which always happens, is simply that you will back off.

[cmenk]

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?

Greetings my
I think my time alone, too, sometimes even up to now are still like you, but my suggestion maybe you can start to learn to analyze the movement of trade now or will happen with the right strategy for you, eventually you will understand open position right in the area where ....

[himelbf]

If we come to know instantly that the place is incorrect then we should near it right away to secure or prevent large failures that might occur due to the incorrect business and ending instantly will not cause to more reduction and then we can re evaluate the marketplaces or start the business in right route.

[hemi]

yes this the bad situation but mostly i close the position with the some loss but some times it gone the last limit of my capital margin and i got the margin call so badly

[sayem]

ya this is a good think. i agree with you that this is better to loss small then huge. actually we should analysis perfectly then start trading. we should focus and very alert for trading time specially when we open any positions. Forex is speedy market so loss can be huge in a moment.

[fxmoney]

I differ with you guys. if i open positions however wrong, will I be cutt loss. but if before I place a stop loss, then will I let it touch the Stop Loss. Stop Loss usual I put on about 50 pips. I think using SL every open position to reduce the risk of losing money in large numbers.

Yes when you take the trade in the opposite side then you must have to close it early as it will be closed at low loss but if you wait and the pair agin moved opposite then you have to suffer from huge loss from that bad trade.

[johntra]

Conducting Open Price had to be based on the right reasons if we make a deal, that if we are wrong or price analysis does not correspond to the first analysis we so know the right moment to use Stop Loss or to cut loss.

[ahadbd]

If i know thad i have opened a wrong position, i will close the position and open a new position. It is better to loss small than a lot.

[bhagawanta]

yup!using SL is the best strategy to avoiding the big losses..its an efective strategy thats not makes us doubt to do the cut loss when trading..but,if i got wrong placing order,i will chase the movements if my equity is strong enough,but if my equity is low i will do the cut loss and close my trades!goodluck!