A timely, emotion-free decision is required in this situation. There is no need to suffer a catastrophic loss. I analyze the market and estimate the probability of recovery if I forgot to place a stop loss and my orders are already in the red. Booking my losses would be a better option if the market seems to be trending against me. Make your decisions based on logic and not emotions.

When orders are deeply in the red, it’s crucial to remain composed and avoid impulsive decisions. First, reassess your trading plan did you follow it? Evaluate if the loss stems from market conditions or personal errors. Analyze your stop-loss settings; if none were used, this highlights the need for future risk management.

Determine if the trade still aligns with your strategy. If the market fundamentals haven’t changed, consider holding; otherwise, cut losses to prevent further damage. Avoid "revenge trading" to recover losses.

Reflect on the trade later to learn from mistakes. Proper risk management, such as limiting position sizes and using stops, is vital to preventing significant drawdowns. Trading is a marathon, not a sprint; patience is key.