When opening an order, we are all hoping that our analysis was correct and our position will make a profit. But, when this is not the case, there are in general three possibilities to continue:
Close the order upon a predefined stop-loss, if we were able to close the order on the opening price, then it's even better and no harm was done - The challenge with this approach is to know where to set the stop loss point, not to make too tight so it doesn't get hit quick, or too wide and then the loss is massive. Let the order run and hope that at some case the trend will reverse and our analysis was correct - Challenging as well, since we will never know with 100% accuracy that this level will be reached again, so in the meantime our P&L gets more and more negative and we make loss on the swap if it is against us. Hedge the order - meaning opening an opposite order upon a predefined gap and close it once the orders cancel each other profit wise.