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IF-DONE ORDER
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The “If-DONE” order is the simplest of the “conditional”
orders. “Conditional” means that IF the first order is entered (i.e. your Entry
order) DONE then activate the following secondary order. The most common
application is IF your Entry order is triggered (say the market reaches the peak
of a Surfable wave) THEN place a second order to act as a Stop for loss
(incase the market reverses back down to the bottom of your wave and keeps
going in a losing direction). Alternatively, the second conditional order could
be made to act as a Limit for profit, but as I’ve adamantly told you in my
previous eBooks that you should always have a Stop set for loss, so you
would typically use an “IF-DONE” only for that purpose.
The “IF” part is your Entry order, so you would use the rules described in the
above section on how to place your entry order. The “DONE” part is where
you set your Stop or Limit order (for a Stop-Loss or Limit-Profit) as described
in an earlier section.
Here is what an order box looks like for this type of order:
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OCO – ONE CANCELS the OTHER
Earlier I explained the variations of exiting a trade once you are already in a
trade. The two ways to exit is to Stop for loss or Limit for profit. If you have
a trade already engaged (say you manually entered at current market price)
and if you want to have both a Stop for loss and a Limit for profit placed on
that trade then you would use an “OCO”.
OCO places the two entry orders (that would cancel the existing trade, either
for profit or for loss) and once one of those two orders gets triggered then the
other one just disappears (since it is no longer needed). This is why this form
of order is called “OCO” because one of the orders will cancel the other (One
Cancels the Other).
If, for example (this is one of the four variations explained earlier), you are
active in a trade going long (up) then you will set the OCO to have two orders;
one as a Sell-Limit (above current market price – this is your Limit for profit),
and the other as a Sell-Stop (below current market price – this is your Stop for
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