Understand from the get go that any action you take on a trading platform is basically your responsibility. You may have meant to click Buy but instead you clicked Sell. No one knows for sure except you.
First practice on your demo account instead of jumping into live trading! If you dont want to blow your account repeatedly, double your demo accounts three times in a row only then trade live.
You should know that when the prices are adjusting quickly like break of a key technical level or price point or after a data release, attempts to trade at the market can sometimes fail in very fast moving markets. You must understand that part of this stems from the latency effect or time lags on the internet.
The time lag between the platform reaching your computer and your trade request reaching the platform server can cause your trade to fail in fast moving markets. You can experience these time lags so that you dont learn them during real trading by first practicing on your demo account.
By pulling the trigger, you opened your position and now you are in the market. Dont think that you have pulled the trigger and now its time to sit back and let the market do its thing. The forex market isnt a roulette wheel where you place your bets, watch the wheel spin and simply take the result.
Forex market is a dynamic and fluid environment where new information and price developments create new opportunities and change previous expectations. Always trade with a plan!
You can improve your chances of trading success by thoroughly planning each trade before getting caught up in the emotions and noise of the market. You should know in advance where to enter and where to exit every trade.
It depends on your trading style and the overall market conditions, how much managing your open position need. If you are following a medium to long term trading strategy based on swing trading the currency markets, you will generally set wider stop loss and take profit targets and adopt the policy of set and forget.
But a lot can happen between you open a position and the price action hitting your target level. Staying on top of the market is still a good idea even for a longer term trade. So no matter what your trading style, it pays to keep up with the market news and price developments while trade is active. Unexpected news may suddenly impact your position. So you may require making changes to your trading plan.
When we talk of making changes to the trading plan, we are referring only to reducing the overall risk of trading by moving the take profit or stop loss order. Your account will be blown up in a matter of hours or days if you dont know these things. You need to learn and experience these things on your demo account first. Dont try to learn them on your real account.