Hi Paul,
If you have had this for some time and another one is coming then you need to find the route cause for this otherwise there is a good chance this will keep happening.
Have you had any parasite problems and have you done a scrape on the fish ?
Ulcers are normally a secondary infection from either damage or parasite which have damaged the fish and now the bacteria are attaching the fish and will eat away at the wound so you are correct to get it sorted.
There are a few ways to do this but we defiantly need to find the route cause and work from there as there is a good possibility you will need to carry out a pond treatment as well as a topical treatment on the fish.
First off i would make sure i have all my meds bowls towels all on had and in arms reach of my treatment table ready to go.I would then catch the fish and place in a bowl where i would sedate the fish and making sure it is sufficiently under for the procedure. I will then place the fish onto the treatment table on a baby changing mat placing a wet towel over both the head and tail.
When i do any topical treatments i tend to clean out the wound making sure to remove any dead or decaying scales and tissue and this is most important as if it dead or decaying its never going to get better to get it out to give the fish a chance.
Once any dead bits are removed depending on the area i will use HP 3% be very careful with this and use on a cotton bud and work it into the wound and let it fizzle away for a few minutes and don't let it run down the fish as it will kill and good skin/scales it comes into contact with. I also use Rocal in the same way on a cotton bud and working it right into the wound and up around the scales making sure its well cleaned out as this is a must and once done dried off with cotton wool or kitchen towel.
Once all cleaned out and dried so we now have a clean wound i will use 2% Mercurochrome and work this into the wound and making sure there is a good amount all worked into and around the surrounding areas of the wound and again making sure its all nice and dry.
Now its all been cleaned out and topically treated and dried off (not by wiping with a towel) i will then seal the area with Lock "n" Seal Plus and again making sure its all nice and dry before the fish goes back into the pond.
This would be my standard procedure for and ulcer and hope it helps and all the meds i use and have done for years come from Duncan Griffiths
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