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Order Types

Key Features

The FX Trading Station gives traders the ability to make 5 different types of orders:

OCO Orders

Simple OCO Orders

“Simple” OCO Orders offer you a way to make 2 linked Entry Orders in the same currency pair with just a few clicks.

How to Create Simple OCO Orders

In the Dealing Rates window, right-click on the currency pair that you want to trade, and choose "Simple OCO".

In the Simple OCO box that appears, you can set the trade size, and choose if you want both orders to be Sell orders, Buy orders, or one of each. When you click OK, your new OCO orders will appear in the Orders window.

The “Sync Rates” box is checked by default. When the "Sync Rates" box is checked, and you change either of the entry order prices, the software will automatically determine what the other entry order’s price should be. If your order is for a Buy and a Sell, the software will set the 2 entries an equal distance from each side of the current market price, and link them as OCO.

When the "Sync Rates" box is NOT checked, you can enter whatever values you wish for each order. They will still be automatically linked as OCO.

Some Uses for Simple OCO Orders

Create a Breakout/Pullback order: Sync Rates checkbox

Simple OCO orders are well suited to taking advantage of range breakouts or pullbacks in a trend. For example, before an important news event, the market will often move sideways in a range. When the news is released, the price could break to the upside or to the downside. If you are expecting a break in either direction, you could place a Simple OCO order to buy above the range and to sell below the range.

When a currency pair is trending, the price will often pull back within the larger move of the uptrend, while other times, the price will break support or resistance and continue its trend. You can set the OCO order to buy above resistance and to buy at the trendline.