Go wrong or right, led by the Queen (3)
I believe the answer is:
err
'go wrong' is the definition.
'right led by the queen' is the wordplay.
'right' becomes 'r' (common abbreviation).
'led by' is a charade indicator (letters next to each other).
'the queen' becomes 'er' (Elizabeth Regina).
'r' after 'er' is 'ERR'.
'or' acts as a link.
(Other definitions for err that I've seen before include "Make a wrong move" , "Make mistake in Canberra" , "Drop a clanger" , "Be mistaken" , "have an affair?" .)