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Forex Brokers Providing OCO Order

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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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Additional FAQ

OCO (One Cancels the Other) order is a conditional order that combines a limit order and a stop limit order with the same order quantity. Still, only one of them can be executed. So, if one of these orders is partially filled, the remaining one will be canceled automatically. Note that if you manually cancel one of the orders, you will cancel the other one automatically.

Continue Reading at How to Use Binance OCO Orders for Your Benefit

OCO Orders will cancel out the unexecuted order right after the other one is executed. Imagine if your sell stop position is still running while your buy position has been executed. The price volatility can touch the intended sell stop entry and leave it open while the price moves in the opposite direction. Consequently, the safest option is to immediately cancel the other position should an order be triggered. And that function is what OCO Order makes possible.

Continue Reading at OCO Order Strategy, How Does It Work?

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.

Trading Setup with Inside Bar Strategy

Continue Reading at OCO Order Strategy, How Does It Work?

Here are some of the advantages of using OCO orders that you need to know:

  • Protects Gains
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    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
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    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