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IF-DONE OCO
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This order type combines the “IF-DONE” and the “OCO” into one. Basically
this is used if you want to place an Entry order (accomplished in the “IF” part)
that has both a Stop set for loss and a Limit set for profit (accomplished in the
“DONE – OCO” part). Just apply all the rules I’ve explained earlier for each
part.
Here is what an order box looks like for this type of order:
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TRAILING STOP
One thing that I love about FXCM is that they have (relatively recently) added
the ability to trail stops automatically against the trade you have entered. This
is a wonderful feature that is very useful for a few types of
strategies. Unfortunately not all brokers have automatic trailing stops, and
those that do have different ways that they are implemented.
ACM, the broker whose platform I am showing you here does have an
automatic trailing stop, except that it is a separate order, thus you can’t tie it in
with an Entry order (IF DONE OCO). Oh well, here is what it is and how it
works (with them).
You simply set a Stop order (as you’ve learned earlier) except here you have
an additional option to set how many pips behind the market it is to trail. If
for example you were to set a trailing stop behind your long trade (going up)
for say 30 pips, then as the market moves up your stop will automatically
readjust itself to remain that far away, so if the market eventually reverses you
would get stopped out about 30 pips away from where the market peaked.
Here is what an order box looks like for this type of order:
GTC vs. GFD
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You’ll notice that the order windows have an option between “GTC” and
“GFD”.
GTC means “Good Till Closed”. That means that your order will remain in
effect indefinitely until it is either completed or you manually cancel it. If you
placed an order that didn’t get triggered today the order will remain pending
for days, weeks, months or however long it takes until the market moves to
trigger it, or if you simply close it. You should certainly have your stop loss
orders set with this option because the market might not reverse today to stop
you out, but it could tomorrow, and you want the protection of your stop loss
orders indefinitely. Furthermore, certain types of trades might require you
place an Entry order that might not get fulfilled today, but you want it to be
fulfilled whenever the market eventually does what you expect it to. The
GTC is the default option when you are placing orders, and for most purposes
you can simply leave it as it is.
GFD means “Good For Day”. That means that your order will remain in
effect today until it is either completed, you manually exit it, or the day
ends. If the market conditions don’t trigger the order today then it will
automatically abort and the end of the day. You might want to use this for
short-term day-trade Entry orders or for conditions that only apply for today
(i.e. for the “Netless Candle” technique you’ll learn later in this eBook).
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