Track 'n Trade LIVE Futures
How to Place Orders Using the "Quick" Q-OCO Order Buttons
I'm going to slide the Accounting window closed, just a little bit. You can see that we have four OCO Orders, down here. Now, an OCO Order stands for One Cancels Other. Q stands for Quick. So it's a Quick Custom Order capabilities. These buttons have the capability of placing three orders simultaneously. Very simply, you have a drop down for each button, if you drop-down you'll notice that thestandard default is set to Market, Market, Stop, and Limit.
Now, we can come in here and we can right click on the button, we can add an OCO of our own, or we can edit the existing one. Lets go ahead and place an OCO order. We do that by simply clicking the first button, you'll notice this is the Market 25 Stop, 45 Limit. We can come in here and again, we have Don't Show this Again, if we don't want it to. (Our confirmation box) Go ahead and hit Okay. We placed a Market Order, you'll notice that we're in the market long and it automatically placed a Stop Order at 25 points below the market, and 45 points above the market.
So, we now have a situation where we are in the market long, automatically placed our Sell Stop, automatically placed our Limit, our Buy Limit, our Sell Limit, above market. All on one simple click of the mouse. Again, this is a very popular strategy. The advantage of this is you'll notice that there's a line drawn between those orders. The orders that have a line between them, because if this order is filled, up here. Lets say the market continues to rally, touches this blue order up here, this Limit Order- it will automatically cancel the Stop Order, so you don't have to be there to do it manually.
Now we can move these orders anywhere we want, just drag them, click on the arrow, click on the triangle or we can click on the handle over here on the right hand side. And we can move these to different locations. I can also move my Stop to a different location, as well. We can protect ourselves in that way. Again, once this order is filled, it will cancel this one.
If the market turns around and touches the Stop Order, and fills it first- it will then cancel the opposing order and it will completely clear out all of our orders.