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

[utangfx]

i quickly will get a damage, I spot a stop damage so that it will minimize financial losses. I think the particular stop loss may protected your current consideration. I need to handle how you feel as a way never to end up being carried away and also payback, use certainly not acquire large damage

[rajiv singh]

bhai agar galti se aapse galat order open ho jaaye toh use aise hi na chhode use turant close kar de kyunki dhreere dhreere apka loss badhta chala jayega. mere sath aisa bahut baar hua hai but main jaldi close kar deta hu.

[forexoracle6]

well when i buy something and next i come to know i did this wrong, i sell that too in this way the loss remains constant and whenever i find that it will start going up i close the buy trade and the loss turns in profit, this is how i handle with wrong decisions.

[sambol]

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.

[safifx]

i agree with your opinion. it better immediately close the open postinon if yoiu know wrong entry. to avoid worse loss. and also in order to open a fresh trade. this is espacially use full . so by closing that wrong trade is very usefel to be able to immediately.

[sambol]

when I found out I had just opened the wrong position entry then I immediately take a look to the higher time frame 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.

[rookie001]

If I was in that position I would prolong my trade by opening the opposite position right away ... so to lock in my loss that it should not increase and earn on either side. I would get another chance of analyzing the market and be careful next time when I close my in profit position. I would try to close my profitable trade when market was about to turn and wait for the loss to be covered when market makes a dip and then buy it again. When the first deficit was covered I would close both my positions without losing a single buck.

[nonsenopra]

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.

the process is not so hard actually to be a best trader in this risky field of trading. but you have to ensure that the learning will be good and you have to give lots of time in trading which will give you experiences and will ease your trading. and the main thing is you have to keep patience. Psychological condition and good physical condition, good money management, and experience useful for our trading.I my opinion, to become a good forex treader, we should have proper analysis,

[sehar jabeen]

well let me tell you even though the payment moves against the position, the defeat in conformity with that we put sl. This is the hazard of forex so we should be able to accept it.

[Ahsanali]

this is usually due to impatience in the trade.to avoid worse loss. by closing that wrong entry trade is very useful to be able to immediately start trading again. it better immediately close the open position if you know wrong entry.I think it needs more experience and knowlege to know the direction of trade.