Track 'n Trade LIVE Futures
How to Add OCO (One-Cancels-Other) Orders with Trailing Stops
Another great feature within Track 'n Trade is the ability to come in and place OCO orders with Auto-Trailing Stops. We do that through the BS button. We come into the BS button, or the Buy/Sell button. We place the order, lets say we're going to place an order on a Buy on a break above the market. We're going to come in here and we're going to Buy one Stop. We're going to make this a Limit order, and we're going to put the Limit order at 25 above, and we're going to do a Stop order at 25 below. With the Stop order, once our Stop order for entry or Master order is filled, we want our Stop order to jump. We want it to be a Jump Stop. If the market moves, let's say if the market moves ten Tics, in our favor, we're going to move it to Stop, to break even, plus or minus 5 Tics.
We can do that! Once the market jumps to five Tics plus or minus within our favor, we're going to do plus, we can do minus if we wanted to. We're going to leave it plus, so if the market jumps in our favor by five Tics, at that point we're now going to Trail behind the market. We can come in and we can say Tics behind the market. Or we could say we're going to Trail behin the market by ten Tics. We can do that as any other type of Trailing Stop as well. Percent Profit, Dollars Behind, Number of Price Bars, or any number of Mathematically Trailing Stops. We can even do another Jump Stop, if we would like. We can even setup another Jump Stop.
So, that's how you can make your OCO Auto-Trailing Stops very user-friendly. Very automatic that can handle the tedious nature of moving your Stops to different Stop levels for you automatically.