To Begin - Click on the bid or ask price of the particular currency that you want to trade. A window will appear which is labeled “Open Order for (the abbreviation of the currency)”. Fill in the boxes for Operation, Account, and Units in the same way that you would for a market order.
Next, click on the bullet entry button labeled “OCO”. There will now be two entry fields where the single rate box was located, with one labeled “Stop” and the other labeled “Limit”.
Input the desired rates at which you want your Stop or Limit to be triggered. Both boxes must be filled in for the order to be accepted, however, only one of the rates will be used to trigger or execute an order. If the Limit order is executed first, the stop will be cancelled and vice versa.
The Second Step - To cancel the order at any time, select the “cancel” button located on the bottom middle of the window. To proceed, select “place order” and a window labeled “Confirmation” will appear. This does not mean your order was executed. This window asks you to confirm that all of the information entered regarding the trade is correct. If the information is correct and you want to proceed with the trade, select “yes”. Selecting “no” will take you back to the previous window.
After “yes” has been selected there are three possible outcomes:
1. A box will appear indicating that you do not have enough funds in your account for the transaction.
2. A box will appear indicating that the OCO order has been incorrectly entered. This may occur if the rates entered for the Stop and Limit levels have been reversed.
3. If you have sufficient margin and your order was entered correctly, it will be displayed in the “Open Orders” window. This may take a few seconds depending on the speed of your Internet connection.
The order will remain in the “Open Orders” window until cancelled or executed. If executed, the order will disappear from the “Open Orders” window and the necessary changes will be reflected in the “Open Trades” window.
