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

[zaish]

asal main kafi baar aisa hua hai ke galat side pe tade lag jati hia lakin phir usi waqt band karny ko be dil nahi karta hia so mainn sab se pehly yehi karta hun ke us ki oppsite side pe trade laga leta hun phir us ke bad dekhta hun ke konsi kab band karni hia

main to usi time py us ko close kr daita ho kio k ziada loss sy behter hy kam loss is lea mian apni trade ko foran hi close kr daita ho jasy hi mujy lagta hy k main ny ghaltt open krdi hy lakin ager ap is k oposit koi trade laga lo to is main bhi ap apny caoital ko safe kr sakty ho ta k ap ko next trade k lea capital ho

[ishvara]

The real thing that we are supposed to do in forex trading business if we make a wrong trade opening is to quickly close it. It is better to cut losses in forex trading business than to risk having a very big losses.

[chola]

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.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.

[umairsaleem]

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

[BANGUN]

when you think that you have opened the trade in the opposite direction then you can wait for sometime on that trade and whatever profit you get within few minutes get book it and close the trade immediately. and if you dont think that you get profit from that trade then close it instantly.

I'm gonna do when I already know that I am one of the possible trade I will trade by cutting losses on these thresholded so that way we will have a trade that would make us be better in the existing trade

[fxmoney]

when you think that you have opened the trade in the opposite direction then you can wait for sometime on that trade and whatever profit you get within few minutes get book it and close the trade immediately. and if you dont think that you get profit from that trade then close it instantly.

[kash]

asal main kafi baar aisa hua hai ke galat side pe tade lag jati hia lakin phir usi waqt band karny ko be dil nahi karta hia so mainn sab se pehly yehi karta hun ke us ki oppsite side pe trade laga leta hun phir us ke bad dekhta hun ke konsi kab band karni hia

main ap ki baat sy bilkul agree ho kio k boahat dfafa main ghalt analyse kr k trade kr daita ho or bad main mujy afsos hota hy then us ky oposit trade krna hi us ka slution hy jo ap ko margencall lagny sy mahfoz rakhta hy is lea forex main trader ko first knowledge hona chahea k wo kea trade krny ja raha hy

[moloydebnath]

If you have small knowledge of forex then you can do this. But once you have understood that you have done wrong then it is wise to close the trade, it will loose you more pips the more you stay this position open and having a tp and sl can help but closing the trade i think will be more preferable.

[budado]

Without hesitation I close it. that's what I do and I don't have problem with that. What is losing 5 pips? or even 15 pips? if you will not going to loss it you can loss much bigger pips. And that's the main reason why I don't think twice. A mistake has done and the best way to correct that mistake is to removed that mistake and not to think that you can still going to earn good profit out of it. In short cut your loses and hope that you can be successful.

[lembutkhan]

The actions I did learn that one in doing entry position are :
1) do the analysis again, to predict price movements in the short and long term,
2) perform locking at a distance of 50 pips from the initial position,
3) to cut loss if the volume is too large.