The OCO (One Cancels the Other) order functionality offers traders the ability to place two orders simultaneously, combining a limit order and a stop-limit order. It’s important to understand that only one of the two orders can be executed.

When either of the orders is partially or fully filled, the remaining order is automatically canceled. This means that as soon as one order is executed, the system cancels the other order to avoid conflicting positions. It’s worth noting that manually canceling one of the orders will also result in the cancellation of the remaining order.

The OCO feature is a straightforward yet powerful tool that provides Binance users with a more secure and versatile trading experience. This unique order type can be particularly advantageous for various trading strategies, including profit locking, risk management, and efficient entry and exit from positions.

By utilizing the OCO order, traders can effectively set specific conditions for their trades, allowing for greater control and flexibility in their trading activities. It enables users to establish predetermined profit targets or stop-loss levels, ensuring that their trades are executed in a timely manner while mitigating potential risks.

Understanding some key terms associated with OCO orders is essential for effectively utilizing this feature. These terms may include limit price (the price at which the limit order is triggered), stop price (the price at which the stop-limit order is activated), and order quantity (the number of assets being bought or sold).

In conclusion, the OCO order functionality is a valuable tool that empowers traders on Binance to execute trades in a more secure and adaptable manner. By utilizing this feature, traders can enhance their trading strategies by effectively managing profit-taking, risk mitigation, and trade execution.

$BTC $BNB

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A #market order is an order to buy/sell at the closest possible price, that is, at the market price. The advantage of such an order is that it is executed almost immediately if there is sufficient liquidity on the exchange. Minus, the execution price is not fixed and in case there is no offer at your rate the order is executed at the next bid and you actually buy/sell at a less favorable price. 😳

Example: you catch a #BTC bottom at $60k, but the price goes up and the order is executed for 3 trades at $60.2k, $60.8k and $61k.

A limit order is a buy/sell at a fixed price. Plus, the order is executed at the specified rate. Minus, the order can take some time to be executed and there is a risk that it will not be executed at all.

Example: You place a limit order to buy VTS at $58k on a correction and the market goes one green candle at $70k. In the end, all the bulls are in the black and you are in the #fiat with an unexecuted #order

Save it so you don't forget 😘