When trading forex, the use of order types is a crucial aspect of managing your trades. One popular order type is the One-Cancels-the-Other (OCO) order. An OCO order allows traders to place two orders simultaneously, with the condition that if one order is executed, the other one is canceled automatically. This order type can be useful for traders who want to implement a strategy that involves taking profits or cutting losses at specific price levels. However, there may come a time when you need to turn off an OCO order. In this article, we will explore the steps involved in turning off an OCO order in forex.
Step 1: Access your trading platform
The first step in turning off an OCO order in forex is to access your trading platform. This can be done by logging in to your trading account on your broker’s website or by launching your trading platform software. Once you have accessed your trading platform, you should be able to view your open positions and pending orders.
Step 2: Locate the OCO order
Next, you need to locate the OCO order that you want to turn off. This order will be displayed in your pending orders section. You can identify the OCO order by the “OCO” label or by the fact that it has two orders linked to it.
Step 3: Select the OCO order
Once you have located the OCO order, you need to select it. This can be done by clicking on the order in your pending orders section. When you click on the order, it should expand to display the two orders linked to it.
Step 4: Cancel the linked orders
To turn off an OCO order, you need to cancel the two linked orders. This can be done by selecting each order and clicking on the “cancel” button. Alternatively, you can select both orders and click on the “cancel all” button. Once you have canceled the linked orders, the OCO order will be removed from your pending orders section.
Step 5: Verify the order has been canceled
To ensure that the OCO order has been turned off, you should check your open positions and pending orders sections. If the OCO order has been successfully canceled, it should no longer appear in your pending orders section. Additionally, any linked orders that were not executed should also be removed from your open positions section.
Conclusion
In conclusion, turning off an OCO order in forex involves canceling the two linked orders that make up the OCO order. This can be done by accessing your trading platform, locating the OCO order, selecting the order, and canceling the linked orders. It is important to verify that the order has been successfully canceled by checking your open positions and pending orders sections. By following these simple steps, you can easily turn off an OCO order in forex and manage your trades more effectively.
