Educational Post Three ๐คท
OCO (One Cancels Other) Order Feature
This feature is essentially a combination of a limit order, which you set to achieve your target, and a stop order, which you set to stop your losses. If the price touches one of the orders, it will be executed first.
1- Set the target (above the current price)
2- Set the stop condition (below the current price, preferably at the nearest support level or below the previous 1h candle)
3- Set the stop price, which is the price at which the sale will occur.
- If it is set lower than the condition, the sale will occur.
- If it is set higher than the condition price, a sell order will be opened but will not execute until the price returns to this level.
4 or 5- Specify the quantity you want to sell with this feature, either specify the amount of currency in 4 or specify the dollar amount in 5.
Then click sell.
๐น If you don't understand anything, just ask, and we will clarify it for you.
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