...just before major news/data is scheduled to come out. Do you take it? I find myself confronted with this problem often and wonder what others do?

Very occasionally I will hold a runner if good in the money and I don't think my stop will get hit, but if full units are on then I close it out. Otherwise, it's just gambling IMO. I bitch about the news jackin my trades all the time, but it's just something you have to accept.

Depends on the instrument, timescale and strategy, but my approach....

5 minutes prior any positive open trade to breakeven, any underwater trade close out. No entries 20 minutes prior for medium impact news or 2 hours before major releases.

As @vegasfoster says unless you actually trade news as a strategy then it is a gamble.

Also slippage can be a big problem in some markets. A good proportion of the volatility around news can be due to the lack of liquidity as 'everyone' pulls orders to see what the initial reaction is. So if you are in the market at that point it can be difficult to get out close to a price you want.

I like to wait after the news comes out and find a nice setup that resumes the direction of the trend or figure. Having a trade on before the news is gambling in my opinion since price jerks around pretty volatile in random directions.

Why take the risk? Buy on rumor, sell on news. Im always afraid of holding the bag. wait.