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

[aun]

Main koshish karoon ga ke thora wait karon itna ke spread ka difernce gain kar ke no profit no loss par trade close kar don. Agr jayada loss ho raha ho to foran hi close kar don ga.

[TheCoo]

Well when i figure out that the position i opened is wrong just waiting for a while making some pips and close the position after that making the correct position, in crutial situation i would use the hedging strategy to reduce the losses and maybe turn it into profits.

[kalponick]

I like to see to the end.. and I always open a trade after finishing my homework.. I was impatient before.. but not anymore.. because I lowered my daily profit limit.. so every trade of mine gone through some sort of scanning process.. and after I execute any trade, even if its going against my analysis I dont really modify that trade.. because in this process I learn the strength of my current strategy..

[tenma]

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

I think sometimes it happens that due to the pressure of forex trading, we will open the wrong position ... so it is best to accept that the propagation loss and near this position .... because if we keep it open, then it can be proved more dangerous and can cause us to lose a lot of money .....

[evaheima]

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.

The first step for a beginner is to study and then open a demo account. For the demo account, you can choose any broker, but I prefer InstaForex

[sam4777]

as i thought we open wrong entry due to our impatience, so if we did that mistake so we should see our loss if we have just spread's loss then i'll reccomend it to accept it but if it is more than we can accept and we are sure that market will run at opposite side then we have an option to hedge (open an entry to opposite side of the entry that you have already opened) it, so when you gain your break even you can close it or also can gain profit from 2nd time opened entry.

[rofeq]

I simply close it right there and then and if it is after some time I have come to know then I look at the charts and re analyze the trade and if chances are there for reversals then I keep it running otherwise I close it in loss.

we should be able to see whether the market goes up or we tutrun gunkan stop loss and take profit quickly if the market is good we go bad trade if we close with good analysis we can read the direction of trade

[pbelim]

I simply close it right there and then and if it is after some time I have come to know then I look at the charts and re analyze the trade and if chances are there for reversals then I keep it running otherwise I close it in loss.

[marwa]

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.

[suresh]

I agree with your opinion that we are running in the forex business then we would expect to be able to control your emotions and be patient in analyzing the market so that we can benefit in the forex business.