How to unwind a short position in a currency pair

[Vikas Singh]

I am currently practising on a demo account for educational purpose.
Based on FPA daily trade signals, I shorted the AUDUSD pair on Oct 6, just after the interest rate release by Australia, but did a bit late and the price moved up. I am stuck in this trade and want to minimize my loss, as the cash is tied up. The executed price was 0.8745 and for 10 units. Now the price is around 0.8848. Its showing a loss. Now in order to unwind this position do I buy 10 units of AUDUSD or can I hedge it with some other currency pair.
Also the Australian employment report is due tomorrow, what should be my strategy?
Looking insights from experienced traders
Thanks

 

[FxMaster]

Depending on the available funds that you have you can either hedge or try to do some averaging, but that just my opinion

 

[LoRio]

Close it and focus on finding your next trade entry.
Positions are like women ,if you dont score you flirt with the next one.

 

[Logan Powell]

First of all good luck.
I suggest that you get to know money management,
Also make sure to make your own strategy..

 

[workitout]

Close it and focus on finding your next trade entry.
Positions are like women ,if you dont score you flirt with the next one.

I made my vote on this suggestion. highly classified advice, definetly.

p.s. this quote should be printed and put on my trading room wall.

 

[iMusingKiMi]

Close it and focus on finding your next trade entry.
Positions are like women ,if you dont score you flirt with the next one.

Agree as well. Being discipline and don't always stay on the trade if you doesn't feel good. No point to stay on it if you think it already mature.

 

[robertrfx]

Some times hedging strategies may not work perfectly. You need to improve money management