How to Enter a One-Cancels-The-Other (OCO) Conditional Trade Order on tradeMONSTER

Interested in learning how to place both a stop and a limit order on an underlying stock position simultaneously? Furthermore are you interested in learning how to enter these orders with a designation where if one is triggered the other is automatically canceled?

Welcome to tradeMONSTER.com video trading podcast.  This is Episode 15, “Entering an OCO order”, presented by tradeMONSTER’s own Travis McGhee.  In this video I will demonstrate how to enter a one-cancels-the-other order or what is commonly referred to as an OCO order, using the tradeMONSTER trading platform. For the purpose of this demonstration I am going to use a long stock0:40position in IBM.  So basically what an OCO order is, is an order that stipulates if one part of  the order is executed then the other part is automatically canceled.  So for example with IBM where I am currently long 300 shares. Let’s say that I want to put a sell limit order in above the market at $125, I can simultaneously put in a stop loss order below the market at let’s say $120.  So if my sell limit triggered at $125 it automatically cancels my stop loss and vice versa if the market were to drop while I am away from my computer and it triggers my stop loss, my sell limit above the market is automatically canceled.  So what I want to do is left click on the streaming quote and it is going to direct me to my action screen where I will be able to enter my sell order.  So lets left click on sell.  And it directs us to our order entry ticket.  Let’s change this to 300 and we are going to go ahead and enter our limit here.  So lets put in $125, because that is where we want to enter our sell limit.  And then what we need to do is save this trade.  So we are going to save that.  We are going to go back to the streaming quote. I want to left click and it directs back to my action screen.  So now I need to left click on sell again and what we are going to do is  enter our stop loss order.  So I change this to 300.  I want to change it from a limit to a stop.  And here we now need to change trade automation to one-cancels-the-other.  Now this is going to automatically direct us to the other leg of our order.  So we saved earlier selling 300 shares at $125 limit. Now this is our limit order that we have above the market.  And this is going to pair it up with our stop loss order below the market.  And then you want to make sure that it is clicked on cancel the other order.  So if one is triggered the other order is automatically canceled.  I left click on confirm.  And it sends it away to the market.  And now I have a limit order above the market while at the same time entering a stop loss order below the market, thus creating a one-cancels-the-other order on the tradeMONSTER platform.  Go to tradeMONSTER.com to get access to all of our tools and educational resources for proactive investors like you.  Every brokerage account gets free access to our paper trading practice platform!

0 Users Collected

Post Topics

Post Details

Download Our Free eBook

25 Stock Market Indicators To Know

And subscribe to our MarketHeist Guides newsletter!

Free Brokers, Software, & Tools to Start.

Start with Brokers that have free accounts and professional grade software. Software that's the same whether you're practicing with fake money or trading real money.

Submit a Service

Avatar Image

TD Ameritrade Online Broker

With free thinkorswim, Trade Architect, & mobile software. Practice with virtual money. Invest and trade in stocks, ETFs, mutual funds, bonds, options, futures, and forex. No minimum and no maintenance fees. $0 to start.

☆ Collect Launch

Avatar Image

tradeMONSTER Online Broker

Free browser & mobile software. Easy to use technology including strategySeek and paperTRADE. Invest and trade in stocks, ETFs, mutual funds, bonds, and options. No minimum and no maintenance fees. $0 to start.

☆ Collect Launch

Avatar Image

optionsXpress Online Broker

optionsXpress offers an innovative suite of online brokerage services for investor education, strategy evaluation and trade execution. No minimum requirements.

☆ Collect Launch

Learn The Business. Take A Course.

What is the market and how it works
Finding Opportunities (with Technical Analysis & Fundamental Analysis)
Planning & Safety (with strategies to make smart decisions.)
Plan Execution: Buying & Selling

Submit a Service

Learn Stocks

Avatar Image

Investools Investing Foundations Program

Get trained in the foundations of the stock market and stock trading with two courses, a wealth of easy-to-use tools, and top-tier coaching support, in the program that helps you start managing your own portfolio. In the Investing Foundation Program, you’ll enjoy live and online workshops that can help you quickly overcome fears and learn [...]

☆ Collect Launch

Learn Options

Avatar Image

OptionsAnimal Apprentice Options Education Program

Description Build your knowledge from the ground up. Understand key concepts and learn the basic spread trades that will give you a foundation to trade successfully. Learn how to properly structure a trade using the Protective Put, Covered Call, Collar Trade as well as applying the Straddle/Strangle. Trade Adjustment Spread Trades OptionsAnimal Trader Professional Program [...]

☆ Collect Launch

Learn Futures

Avatar Image

OpenTrader Professional Training Program

The industry’s only training program built by professional full-time traders. You used to have to get hired by a professional trading firm to get world-class training. Not anymore. If you’ve been a losing trader, getting beaten down by the market again and again, low on confidence and full of doubt, things are about to change [...]

☆ Collect Launch

On-The-Job Training. Earn While Learning.

Follow Live Trades, Step By Step
Detailed Trade and Market Analysis
Explanations of Strategies and Tactics
Questions Answered in Webcasts & Chatrooms
Learn by Copying The Pros At Every Step

Submit a Service

Learn Stocks

Avatar Image

Mish’s Market Minute Premium Stock Picks Video Subscription

Live-in-the-market instruction showing you how to trade in the afternoon the choice stock and ETF picks vetted by MarketGauge’s tools earlier in the day. Video up to 15 minutes: 4 times a week (M/T/W/Th) by 1:30PM ET $124.97/month Includes ETF Monitor & Nuggets List Private real-time Twitter Alerts 2 week FREE trial Learn as Mish: [...]

☆ Collect Launch

Learn Options

Avatar Image

stockguy22 Live Trading & Education for Part Time Traders

What You’ll Get Learn stocks and options trading at your own pace from a group of full time traders dedicated to teaching through live trading, education, and mentoring.  See how trading is done methodologically as an occupation on a daily basis, from beginning to end.  Start with the daily in-depth analysis of stocks, the overall [...]

☆ Collect Launch

Learn Futures

Avatar Image

Emini Wizard Trading System & Live Trading Chat Room

Thanks for considering The Emini Wizard System: This system is available for purchase for people who want to make a one time investment for the entire program. You get: Access to the Member’s website Spreadsheets Common plays Special plays Trade logic explained Chart patterns Chart settings we prefer Separate active chat area (30 days free [...]

☆ Collect Launch

Some Partners We've Worked With

  • Download Our Free eBook

    25 Stock Market Indicators To Know

    And subscribe to our MarketHeist Guides newsletter!