OCO orders on exchanges

[saor]

Just a heads-up: OCO orders are really useful. Been using it on Binance. Let's you do two things with a single order:

1.) Define a profit point at which to sell
2.) Define a loss point at which to sell.

So if I bought altcoin X at 0.0005 BTC I could enter an OCO order to take profit at 0.0008 BTC and sell at 0.000045 BTC to minimize loss. As soon as one order has its conditions met, the other order is cancelled. Works the same on the buy side.

 

[SauRoNZA]

Just a heads-up: OCO orders are really useful. Been using it on Binance. Let's you do two things with a single order:

1.) Define a profit point at which to sell
2.) Define a loss point at which to sell.

So if I bought altcoin X at 0.0005 BTC I could enter an OCO order to take profit at 0.0008 BTC and sell at 0.000045 BTC to minimize loss. As soon as one order has its conditions met, the other order is cancelled. Works the same on the buy side.

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Wait you’ve only figured this out now? Or am I missing some detail as to how this differs from stop limit orders?

This is like the first lesson of the most basic forex trading training to minimise risk and exposure.

Nobody should be doing any trading without stop limit orders in place.

What I would love to see however on crypto exchanges are trailing stop limit orders to maximise profits without hard preset maximums in place.

 

[saor]

Wait you’ve only figured this out now? Or am I missing some detail as to how this differs from stop limit orders?

This is like the first lesson of the most basic forex trading training to minimise risk and exposure.

Up until now on almost all crypto exchanges you've only been able to place one order into the books. So you've had to choose between an order to sell high and take profit, or a stop loss to minimise risk on the downside.

The OCO allows both orders to go into the books. One cancelling the other when it's executed.

For example, you can't do this on Luno.

 

[NarrowBandFtw]

Up until now on almost all crypto exchanges you've only been able to place one order into the books. So you've had to choose between an order to sell high and take profit, or a stop loss to minimise risk on the downside.

The OCO allows both orders to go into the books. One cancelling the other when it's executed.

For example, you can't do this on Luno.

eh? your scenario reads like a normal stop-limit order, which is supported on Luno:

Help Centre | Luno

How can we help? How do I verify my identity with Luno? How long until my deposit shows in my Luno wallet? How do I enable two-factor authentication? How do I deposit money?

www.luno.com

I'm a complete noob at the "real" trading though, the way I read OCO is it is essentially two orders, a stop-limit for a price point (and stop point), plus a normal limit order at another price point, when anything is hit the order is complete (so the limit cancels the stop-limit or vice versa)

that screenshot of yours has the same values for "stop" and "limit", which effectively is the same as a normal stop-limit as only two values are set up, no?

 

[SauRoNZA]

eh? your scenario reads like a normal stop-limit order, which is supported on Luno:

Help Centre | Luno

How can we help? How do I verify my identity with Luno? How long until my deposit shows in my Luno wallet? How do I enable two-factor authentication? How do I deposit money?

www.luno.com

I'm a complete noob at the "real" trading though, the way I read OCO is it is essentially two orders, a stop-limit for a price point (and stop point), plus a normal limit order at another price point, when anything is hit the order is complete (so the limit cancels the stop-limit or vice versa)

that screenshot of yours has the same values for "stop" and "limit", which effectively is the same as a normal stop-limit as only two values are set up, no?

No no, he is right you can’t have two orders in both directions on Luno, because it reserves your money for an order the moment you place it and then you can’t make a second order with the same funds.

I’m generally a Hodler so don’t use it, but the couple of times I put trades in this annoyed me as well as you can’t have orders at both the top and bottom.

Especially irritating if you are getting into the market where I would like to still use it as a Hodler.

 

[NarrowBandFtw]

No no, he is right you can’t have two orders in both directions on Luno, because it reserves your money for an order the moment you place it and then you can’t make a second order with the same funds.

I’m generally a Hodler so don’t use it, but the couple of times I put trades in this annoyed me as well as you can’t have orders at both the top and bottom.

Especially irritating if you are getting into the market where I would like to still use it as a Hodler.

ah ok cool, thanks for the explanation, also mostly hodl'ing so haven't bothered with more "advanced" order types

 

[saor]

What I would love to see however on crypto exchanges are trailing stop limit orders to maximise profits without hard preset maximums in place.

Binance has a trailing stop. Haven't used it yet.
https://www.binance.com/en/support/faq/360042299292

Wish these order types were standard across all exchanges.