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

[boniez]

wrong position is a bad thing which would cause a loss, so if we realize it is better to close it rather than letting a position that actually cause you'll keep getting floating minus.

[devvi]

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.

better reproduce the experience in trading on the demo account first sir, instead of using a real account and can make us always losers, and this is not the right choice when we are always a Losser

[sayem]

If i opened a wrong position trade going to against my capital then close immediately in that position but if i have a handsome amount of capital then i will trade that pair for long term trade and wait for recover. it was already happened to me when i was newbie in Forex and i trade that time for long time and recover also. it depend on your strategy and situation.

[nazmulhyder]

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?

Opening a new position in opposite direction letting opened the previous wrong position is not wise idea for me. i have lost all my account balance this way once. it can be more dangerous if price goes far from it. it will be itching you every time and you cannot keep concentrating on your analysis and trading. better you close the position immediately knowing that your in a wrong position and go for the next trade. you will be able to recover the losses.

[abdullahmuslim]

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.

clear supposed to do so sir .. because no one has the ability to trade so if we meet at a loss then we encourage you to stop loss, because with it we will not lose too much

[Anuruddha]

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.

[dharampal]

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.

[riya]

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.

[nobby]

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.

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.

[eddy]

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