🚨 USEFULL ARTICLE FOR NEW COMERS 🚨
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One-Cancels-the-Other (OCO) A GREAT FEATURE FOR NEW TRADER'S
♦ What is an OCO Order on Binance?
OCO (One-Cancels-the-Other) is a conditional order that combines two sell orders in one:Limit Order → to take profitStop-Limit Order → to limit lossWhen one order is executed, the other is automatically canceled.
♦ How an OCO Order Works?
LIMIT PRICE (TAKE PROFIT)
Price at which you want to sell for profit.
STOP PRICE (TRIGGER PRICE)
Price that activates the stop-loss order.
STOP-LIMIT PRICE (SELL PRICE AFTER TRIGGER)
Actual price at which the stop-loss order is placed (usually slightly lower than the stop price).
EXAMPLE :
Entry Price: 0.0700Current Price: 0.0800
OCO SETUP :
Limit Price: 0.0950Stop Price: 0.0780Stop-Limit Price: 0.0775
If price rises → profit is taken.
If price falls → losses (or profits) are protected.
Y'all know this already I know but this is for the new traders hopefully it helps
OCO (One-Cancels-the-Other) is a conditional order that combines two sell orders in one:Limit Order → to take profitStop-Limit Order → to limit lossWhen one order is executed, the other is automatically canceled.
♦ How an OCO Order Works?
LIMIT PRICE (TAKE PROFIT)
Price at which you want to sell for profit.
STOP PRICE (TRIGGER PRICE)
Price that activates the stop-loss order.
STOP-LIMIT PRICE (SELL PRICE AFTER TRIGGER)
Actual price at which the stop-loss order is placed (usually slightly lower than the stop price).
EXAMPLE :
Entry Price: 0.0700Current Price: 0.0800
OCO SETUP :
Limit Price: 0.0950Stop Price: 0.0780Stop-Limit Price: 0.0775
If price rises → profit is taken.
If price falls → losses (or profits) are protected.
Y'all know this already I know but this is for the new traders hopefully it helps
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