Forex Brokers Providing OCO Order
OCO or known as One-Cancels-the-Other is a pair of orders; if one order executes, then the other order is automatically canceled. An OCO order combines a stop order with a limit order on an automated trading platform. When either stop loss or limit price is reached and the order executed, the other order automatically gets canceled.
Experienced traders use OCO order because it provides maximum flexibility in trading. You can have an opportunity to fix profit and limit losses whenever an order is triggered. Below you will find a list of Forex Brokers that provide OCO orders for trading.
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One-Canceling-the-Other (OCO) Order is a tool that enables a position to be automatically canceled by an opening position from the opposite order. Not only used as a tool to help traders with the mechanism of opening and canceling orders, but the OCO Order can also be utilized as a strategic weapon.
Continue Reading at OCO Order Strategy, How Does It Work?
How to use OCO Order in a strategy?
You can base your analysis on the price movement to predict where the price may head next. One useful method that can be used is a candlestick pattern, namely the Inside Bar. To start using Inside Bar as an OCO Order strategy, pay attention when the candlestick pattern has been formed. A trend continuation often takes place, but sometimes there is a retracement or even a reversal if the price fails to break the support or resistance level. In this case, the ideal OCO Order is the breakout type.
Continue Reading at OCO Order Strategy, How Does It Work?
What are the benefits of OCO order?
Here are some of the advantages of using OCO orders that you need to know:
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Protects Gains
. To begin with, the OCO order allows you to protect your profit. With this type of order, you can maximize your profit and set a minimum take-profit price in case of a trend reversal. This is particularly helpful in the crypto market, where prices often move in a different direction very quickly. -
Risk to Reward Customization
. Another benefit is that you can customize your risk-to-reward ratio and decide how to manage your trade. By opening two orders at the same time, you can not only maximize your profit but also minimize your loss with the pre-determined stop trigger price. -
Less Monitoring.
OCO order allows you to semi-automate your trading. This is not to say that you're handing over your trades to a robot, but it is simply a way to make you relax and give you some free time, as the system doesn't require much monitoring. The orders will be triggered automatically, saving you from emotional trading and impulsive decision-making.
Continue Reading at How to Use Binance OCO Orders for Your Benefit
Can we use OCO Order on any trading platform?
By default, there is no OCO Order installed on MetaTrader 4. To use the tool, one must download the OCO Order's plug-in and install it on the platform. The plug-in will allow the trader to place an OCO Order.
Many experienced traders pick up said add-on from a trustworthy source such as forex brokers' extra trading facilities. One example is Admiral Markets which equips its MetaTrader platforms with a special feature called the MetaTrader Supreme Edition (MTSE).
Continue Reading at OCO Order Strategy, How Does It Work?
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