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What is an Order Cancels Other? (OCO) - Money Transfers with Order Cancels Others

What is an Order Cancels Other? (OCO) - Money Transfers with Order Cancels Others

An order cancels other order which is also known as an OCO, is a foreign exchange currency trading term using two currency orders that consist of both a stop loss order and a limit order.

So when you place an Order Cancel Other trade you are actually placing two currency orders at the same time where you need to set limits and stop loss levels before you can continue. Once one of these levels are reached either or the stop loss or the limit order they will be executed straightaway. Which either is executed the stop or the limit, and the other will be canceled at the same time.

A combination of two currency trades of stop loss and limit ordering where the execution of either one automatically cancels the other.

What is an Order Cancels Other? (OCO) Example
For example, a business could place a One-Cancels-the-Other order or OCO. They would like to buy GBP/EUR if the market reaches 1.2402 and to sell GBP/USD if the market reaches 1.2200. So If the market hits 1.2402 before hitting 1.2200, the order to buy will be executed, and the pending order to sell will be canceled

Money Transfers with Order Cancels Others
To sum up, One Order Cancel Other orders are popular currency exchange trading options orders, that can be used by anyone who wishes to get the most out of the currency markets and enables you to place both stop and limit orders. When one order is placed, the other is canceled automatically. This enables traders to partake in other activities rather than constantly monitor their stock.

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