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

[sidhu]

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.

[tajdarbet]

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?

han ye to mugh se kai dafa hota ha main khud bhi akser aesi entry kar beteta houn or bad main mugh ko pata chalta ha k main ne ye entery kafi ghalat time par ki ha to us k bad main wait he karta houn takey condition mere haq main ho

[sinaga]

I have done if I had just opened trading positions, and one that I should be able to cutloss and accept the loss. cutloss can minimize our risk. maybe we will try to analyze back in calmer conditions and waiting to take the position correctly.

[jiching]

if i just opened the wrong position of entry, i leave it because i have prepared for my entry with 200 pips equity. so i don't care when the price opposite with my entry. with the money management, i predict the price will be back to my entry and the fact, the price will back and i get profits although my entry has floating minus firstly

[barkiman]

if you make a mistake after entry, a moment I felt nervous. especially if the lot that I use quite large. but, after that I tried to calm down. I see in the big time frame, such as H4. if it is still possible to hold the floating, then my position is not closed, just put a stop loss.

[Techno]

This stage is not only difficult for novice traders but some times experienced traders also execute trades in wrong direction and get involved in troubles. I did the same while trading gold and now i am dealing with hedging for more than 4 trading days. I think best option is the close the trade manually at the lowest possible losses.

when we make a mistake in making an entry, then we can take advantage of the use of hedging strategies to help us. so that we can reduce the loss or even make a profit. but if you do not want complicated, then it could use a cut loss to get out of the market. so it does not make the loss becomes greater.

[babu]

This stage is not only difficult for novice traders but some times experienced traders also execute trades in wrong direction and get involved in troubles. I did the same while trading gold and now i am dealing with hedging for more than 4 trading days. I think best option is the close the trade manually at the lowest possible losses.

[jai]

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.

[ezincenter]

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.

That's right I am fully with you , this is my way of the money management and I stick on it, I always set the take profit and the stop loss after I open a position and wait what will happen.

[Techno]

All traders could make wrong analysis so they will open position in wrong direction, if we have realized that we opened position
in wrong decision, we can choose risk management strategy to limit losses. If you're still confident if movement of price could move
as your analysis few more pips, then you can let it running and close it when the losses is lower. But you must have limit to close it,
and also you can use hedging to lock position and unlock it later when there is better condition.

each trader can indeed make a mistake in trading. but we should not feel afraid to make mistakes. because of the error, we can make improvements in analyzing and strategizing. so that we can do can make a better trade for the next.