What to do when instead of trading a .05 lot you accidentally trade a .5 lot

Beginner Questions
1

So while I was placing a long position on the EURCAD after it satisfied all my criteria I calculated my lot size based on my stop loss in order to only risk 2% after placing the trade then checking it a few minutes later i realize that I am actually in this trade for 20% instead of 2%.

At the time I’m writing this my trade has pulled back slightly to reveal a $116 loss, Now the question is do i close the trade and cop the loss even though I am confident that this trade should play out in my favor. I’ve baked tested this pair for days and days and I know that I have an edge in this situation? but what if this is one of the 48% of the times that i am wrong…?

Feels a little like gambling to me and I think that answers my question.

Mark.

2

Manage your risk not your profit bro.

I would get out, kick the cat and move on. The cat gets kicked on a regular basis at my house.

3

The answer is…
Get out before I lose to much.
Gambling is for casinos not FOREX.
Check and double check before hitting the go button.
a 20% draw would really hurt my trading account and would take ages to recover from.
Should wait for the coffee to kick in before looking at the live market.
If it did go my way it would have reinforced bad trading practice.

4

It happened to me once a long time ago. I noticed it right away and pulled out, just paying the spread. It happens to everyone. If you saw it too late it’s very careless, just you’ll know. Always make sure the right trade size, stop and take profit were used after you open trade or order.

5

Right move, cutting your loses.
Reminds me of one of my first trades where I clicked Sell instead of Buy. Luckily it was a demo account, but it shows how easy it is to do.

6

It’s a lesson I won’t forget.

7

Hi Mark

Sticky situation! Personally, if I felt the trade was still within the criteria set for it then I would partially close off all (or some of) the accidental extra size and run with the originally intended amount and eat the loss arising from the mistake. If, however, the trade is now outside the method rules then I would close the whole thing and move on.

Just holding on and hoping it all turns out right? Well, it might! But on the other hand where are you going to dump it if it goes more wrong?

8

You asked a question and answered it yourself.

9

Here is what Linda Raschke says about execution errors and how to fix it: