{"id":2386,"date":"2018-06-06T20:36:22","date_gmt":"2018-06-06T15:06:22","guid":{"rendered":"https:\/\/www.trailingcrypto.com\/blog\/?post_type=article&p=2386"},"modified":"2024-02-22T22:31:06","modified_gmt":"2024-02-22T17:01:06","slug":"oco-order-cancels-order","status":"publish","type":"article","link":"https:\/\/www.growlonix.com\/support\/article\/oco-order-cancels-order","title":{"rendered":"A Quick Guide to OCO (Order Cancels Order) and how it Works?"},"content":{"rendered":"

An OCO Orders (Order Cancels Orders)<\/strong> \u00a0is a pair of orders stipulating that if one order executes, then the other order is automatically canceled. An OCO order combines Take Profit<\/a>\u00a0with a\u00a0Stop Loss order<\/a>. If any of the order executed another order automatically gets canceled.<\/p>\n

\"OCO<\/p>\n

According to Investopedia:<\/p>\n

Traders can use OCO orders to trade\u00a0retracements\u00a0and breakouts. If a trader wanted to trade a break above resistance or below support, they could place an OCO order that uses a buy stop and sell stop to enter the market. For example, if a stock is trading in a range between $20 and $22, a trader could place an OCO order with a buy stop just above $22 and a sell stop just below $20. Once the price breaks above\u00a0resistance\u00a0or below support, a trade is executed and the corresponding stop order is canceled. Conversely, if a trader wanted to use a retracement strategy that buys at\u00a0support\u00a0and sells at resistance, they could place an OCO order with a buy limit order at $20 and a sell limit order at $22.<\/p>\n

For example, let say that an OCO order consists of two orders; 1) a limit order to buy 500 shares of one symbol and 2) a stop order to sell 200 shares of another symbol.\u00a0If the limit price of #1 is hit and fills, the stop order #2 is automatically canceled.<\/p>\n

We all know that crypto trading has become the hottest trading market these days than gold, oil, or even stock market trading. There is no doubt that this is an exciting market for traders across the globe, but unfortunately, success doesn\u2019t happen as easily as it seems.<\/p>\n

Prices for Bitcoin and other cryptocurrencies are moving up and down with each passing hour. And, to be successful in crypto trading, you need an effective strategy and plan to take advantage.<\/p>\n

Apart from having the right strategy, you also need the best crypto trading bot<\/a> to ensure that you can buy and sell crypto assets easily. There are tons of cryptocurrencies, advanced tools, and effective trading strategies that promise to make you rich. We all know that volatility has become synonymous with the cryptocurrency market. The violent uptrend and downtrend swings in the market can move the crypto pairs quickly which further leaves beginners wondering how the experts are turning these panic movements into opportunities.<\/p>\n

So, the next question is, how can you know what should be your next move to maximize your chances of reaching at top?<\/p>\n

And, setting the limit orders or other advanced order types is the solution for the traders to earn profits on crypto trading. These orders will let you earn profits in time and won\u2019t let you lose your money. While placing such order types, you need to just select the price where you want to buy or sell cryptos, and when your set price reaches that point, it will execute your order.<\/p>\n

Anyone can place traders but managing them is more difficult. And that\u2019s the reason advanced order exists. You may go with advanced order types like OCO (Order Cancels Order) orders to ride the double-digit gains in the crypto market. These effective tools will help you to secure your profits and losses.<\/p>\n

Growlonix is one such trading platform that provides unified exchanges and effective trading tools, and advanced strategies to help traders maximize their profits. OCO is one such tool or order combining 2 entry orders. These orders let investors buy an asset and simultaneously create two sell orders. If one of the orders is triggered, the second one will be canceled automatically.<\/p>\n

For placing gain and loss orders that cancel each other automatically, the use of OCO strategies is required.<\/p>\n

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