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

[xiaotanghao]

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.

[kaji]

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......

[lights]

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

[ermaniso2011]

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.

[norix]

if i find that i open wrong trade and its just open than i close that trade.
but after making some big loss at that time i open other opposite trade.

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-entry

[irfan]

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.

[joget]

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.

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.

[s.akhtar]

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.

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 .

[Ahsan]

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

[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.