One cancels the other (OCO) is an order combining 2 entry orders. If one of the orders is being triggered, then the other order is automatically cancelled, ensuring that regardless of the price movement, only one order can be executed.
The importance as a risk management tools is often something that is overlooked however it is a prerequisite to the success of your trading career. Planning ahead and knowing what risk management tools to implement when, is the essence of managing your trading portfolio.
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Do not fall into the trap of entering your trades blindly or with a gambling attitude, you may enter one or two lucky strikes however emotions begin to dictate your trades and eventually this will cause you to endure painful losses.
There are endless benefits for investors when using the OCO orders as a risk management tool, for instance when markets are experiencing price gaps as well as sharp price movements that happen in an unplanned trading environment. These instances can result in failure to open a position on one predefined level, therefor pre-setting the OCO order will be your solution to these occasions.
How to use One Cancels the Other?
Setting One Cancels the Other Order
Locate the desired instrument on the Dealing Rate Table in the desired column, buy or sell. Right-click the instrument and choose Entry OCO.
Set your preferences on the Entry OCO Order window.
Setting One Cancels the Other Order on an existing Entry Order
In order to set an OCO order, first open an entry order. This will appear in the order windows in your platform.
Once the first order appears, while hovering above the row with your order, right-click with the mouse and choose the OCO Link option. Then choose Set to New Order.
The new window that will appear will offer you to make the opposite entry order to the existing one (i.e., entry limit sell, will have a OCO order of entry stop sell)
Once the second entry order is set, the order window will show both orders, including the number of the other order.