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Introduction
The crypto market is a pretty strange space, especially if you haven’t been engaging with it that often and you don’t have a professional aptitude for this very marketplace. Gone are the times when only a single type of product was offered, mainly cryptocurrencies, as the market has become extremely diversified.
Today you would come around a lot of different offerings and opportunities that spring up within the crypto market than in any other financial marketplace. We have got non-fungible tokens, decentralized apps, swapping options, the ability to stake your crypto tokens for the sake of earning a handsome and steady reward from a dedicated blockchain environment, and many other aspects as well.
Multiple technologies have been introduced over the years to make the crypto market a more adaptable and diversified space with increased interoperability to induce as many services as it can as a financial market.
Stretching on the same idea, there is a special ordering system within the Binance crypto exchange by the name of OCO orders which allows you to simultaneously place two orders for a dedicated trade with the exchange in real-time.
It isn’t like you can execute both the orders at the same time because one is a limit order while the other is a stop-limit order which works as the counterpart of the limit order, but only one of these orders could be executed at a time.
Whichever order gets fulfilled first, even partly or fully, the other will be cancelled in an autonomous fashion. You can’t manually select which order gets fulfilled, but it is the blockchain environment in which the order was placed to select which order gets fulfilled; if you even try to manually cancel one of the orders or both of them, the whole bunch will be cancelled right then and there.
You can use OCO orders while you are trading on the Binance exchange platform for the sake of automating your trading elements. It is an incredible way of authorizing an autonomous ordering system for executing your trades.
You can place two limit orders at the same time using this incredible feature as it will eventually help you to minimize your risks while at the same time bumping up your profits for a dedicated trade placed on the platform.
This way, you actually have two options or lifelines as people have in video games, where you can take a potential leap of faith while deciding the fate of a trade. You can select two relative values which you feel are within your insightful thinking of executing that particular trade. Whichever value comes first naturally would execute the trade while nullifying the other value which didn’t appear at all.
This way, you will be able to have some Peace of Mind moving forward that you are giving each and every trade your best, and now it is up to fate whichever value or limit order comes first naturally, and the other one would be cancelled right then and there.
How Do OCO Orders Work?
The process is pretty simple and straightforward, but at present, it is only available for the Binance crypto exchange, so in order to use this feature, you would have to create a Binance account; otherwise, it won’t work. For the sake of developing your Binance account, you would require to fill up ‘know your customer’ and ‘anti-money laundering’ checks put into place by the crypto exchange itself to make sure that their platform is secure for everyone.
Once you have properly signed up with Binance, you need to sign in to your account and then go to the basic exchange interface. It is the very interface you run into when you have finished signing in, and from there on, you would have to go to the trading area and then click on stop-limit order, which would take you to a dropdown menu and from there on, you can select OCO orders. You can place these OCO orders in an assessment of buying and selling order segments.
If you need to find more information about these orders and how you can place them, or how do the limits work, then all you need to do is click on the small ‘i’ marker in there, and you are good to go; it will reveal all the information you would ever acquire when it comes to OCO orders.
Once you have selected the OCO option, a new interface would open before you, and that is also the trading interface but more refined therefore involving OCO orders. There you can enter manually the stop limit order as well as limit order values at the same time. After you have done so, you need to click apply for these changes to take effect on a pertaining trade on which you have turned on the OCO orders.
Benefits of OCO Orders
There are tons of benefits of using OCO orders; first of all, it allows you to have maximum throughput when it comes to profitability on whatever trades you are making on a dedicated crypto exchange. It allows you to manually select two limiting elements for your order; whichever comes first or is entertained naturally would be executed, whereas the second one would be terminated for good.
However, there is a catch in doing so; as stated earlier, you can’t manually select which dedicated limit is executed by the system, and if you manually try to cancel one or the other limit order, then the whole trade would be cancelled and nullified in itself.
Other than that, there are massive benefits to this strategy, and it can help you to double down on your profits while keeping the value of losses at a bare minimum. Following are some of the benefits that you might be able to secure out of OCO orders, so without further ado, let’s get right into it;
- Ease of Use
The OCO orders are completely easy to use; there is no added guide or a video that you need to watch before you can set up these limits on your own. When you click the OCO orders on the Binance crypto exchange, as stated earlier, a potential dropdown menu will open before you where you have got the amount which would represent the overall size of your order.
Next up, you have the stock limit; this is the price at which your stop order will get triggered. Below that is the limit option, and it represents the original price of your limit order as soon as the stop has been triggered.
These are some of the elements that you would have to fill in manually while developing limit and stop-limit protocols for your next trade. It is completely easy to use, there is no element of confusion in there, and even if you run into something complicated, you can always reach out to Binance customer care service, and they will surely help you regarding whatever query you are reaching out to them with.
- Elementary User Interface
The user interface is extremely self-explanatory; whenever you have doubt, you can reach out for help or click the information button placed right over the OCO orders for the sake of getting help or an overview of the service itself. All the settings are pretty neat and arranged in a customizable fashion if you don’t like something simply hold on to it and slide it to whatever direction or place on screen you would like that setting to be.
After you are done with these changes simply click apply and the changes will take effect allowing you to customize your interface if need be. However, you would find the user interface for OCO orders completely simple, efficient, and moreover realistic to the present financial domains of the crypto world.
- Ease of Mind
Setting up different limits on your dedicated order gives you peace of mind you won’t have to deal with multiple losses by giving the trade benefit of the doubt and not following your gut to its fullest. These two values that you can set up with OCO orders allow you to do the very same thing.
You can set a different limit and stop-limit values for your trade, whichever comes first or is entertained naturally by the market would get executed while the other one would be nullified right then and there. This allows you to have maximum profitability, reducing or mitigating your losses while at the same time having a pretty competitive position with your trade among other competitors doing the same on the Binance crypto exchange medium.
It is no brainer that by using OCO orders you get to have two different trade values set for your trade. Imagine the limitations that are placed on general crypto exchanges without OCO orders, you only get to select one value for your trade, and whenever that value is reached or a near value to that particular value which was entered has appeared the order will be executed.
Now suppose that you could set two different values, giving yourself more of a fighting chance, in the long run, it would be more plausible for that particular trade.
This is exactly what you can do with OCO orders. You get to select two best possible guesses for your trade and whichever is near or comes naturally within the market itself is executed and entertained while the other one is nullified. This enhances your profitability and allows you to get the best possible deal for whatever trade that you are making using the Binance crypto exchange.
- Easier Customization
It has already been discussed should you not like the user interface for OCO orders, you can customize it however you want by moving the options around until you see that these now fit perfectly and align with your mood i.e. how you wanted to change these. Apart from that, another type of edit that you can make is within the values of your trade order.
Suppose you have submitted the values for your trade order using OCO orders and at a later date or time you have a change of heart, now you want to edit the limit or stop-limit value but it has already been punched in by the OCO orders, what you can do about it? It is an extremely simple situation where you can open up the OCO orders tab for a dedicated trade whose values you want to change.
When you open it up, a pop-up will emerge on your screen showcasing the present values that you have used for the order that is punched in. You can change these values and apply these new changes which will take effect after some time period, now the limit and stop-limit values for your OCO order have been changed successfully.
You can continue to change these values but as soon as either limit or stop-limit value has been executed, then this thing is beyond change because the order would get automatically completed.
- Predictions and Execution
Whenever you are conducting trade on the Binance crypto exchange or any other decentralized crypto exchange for that matter, you are making certain predictions about the asset in question. Suppose you are dealing with Bitcoin, now you have selected a limit and stop-limit value for the asset in question whereas the total value on which you are accelerating this trade.
Now suppose that the total value which is submitted earlier was approached by the trade for limit order now it will get executed whereas this stop-limit order will be terminated automatically.
This is because your guess or prediction about the value of Bitcoin to rise to that specific element that you punched in within the trade has hit the bull’s eye. But if on the contrary, you are wrong about that guess and the price didn’t climb to the total value that you earlier allocated for your trade and is dropping consistently then your stop-limit order will get triggered and it will execute the trade for the value you punched in regarding this stop-limit variable.
This allows you to minimize your losses in real-time whereas increasing your profitability thus taking full advantage of the crypto market and what it has to offer.
In the conventional sense of any financial market out there you are only given one chance, you can only place your order for a dedicated trade, there are no do-overs whatsoever, once you have punched in those numbers over which you want your particular trade to be executed there is no going back.
The platform will execute the order at that specific value and whether it is profit or loss it now belongs to you and your decision to put in those values.
Using OCO orders makes this whole process extremely easier and efficient, it gives power back to the trader while snatching it from the hands of the crypto exchanges and centralized entities who are pretty much out there executing a mooch off scheme when it comes to making a profit and charging heavy fees to the end-user.
You could say that OCO is incredibly simple yet effective which makes the whole trading experience much more secure and efficient. You have the authority to take on as many opportunities as you want with the help of this feature. Your trades are not normal because you have been given a special edge that no other participant out there has been given and that is a plus point if you choose to consider it when it comes to crypto trading.
Crypto space is extremely volatile which means that there are hardly going to be second chances but the OCO order is handing all of that to you on a silver platter, you would be shooting yourself in the foot not considering this feature while being a user of Binance crypto exchange meaning you can limit or minimize your risks, increase your profits while customizing entering and exiting positions on your own terms.
If you don’t have any information about stop limit or limit orders then it is recommended that you get some handle on those before you actually get into OCO orders while remaining an active part of the Binance crypto exchange. There are specific guides that you will be able to find on the very crypto exchange’s website should you want to educate yourself about these entities before moving ahead with the OCO order.
The only downfall of this specific feature is that it is not available to users who are not presently using the Binance crypto exchange. There might be other alternative variations of this specific feature present on various centralized decentralized crypto exchanges but if you want to use this specific feature then you have to become a member of the Binance crypto exchange otherwise you simply can’t access it. That shouldn’t be a problem if you are an active crypto trader as Binance as a crypto exchange have everything and more for you to turn your trading career into an utter success.
Crypto Comeback Pro is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. (Ad)
