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M New York Times Bestselling author Vince Stanzione explains how to start a business with little or now money.

In this video, I want to talk to you about OCO orders- One Cancels Other orders. Now
what I want to do is, let's assume that we're in the market. Let's go ahead and hit Buy
Market. We are now in the market long.
In a previous video I showed you how we could take a Stop order, place it below the market
to protect ourselves from downside losses. I also showed you a Limit order, which we
could place above the market, and take profits if the market reaches a specific target level.
Now, this is a nice way of protecting ourselves, on the downside and taking profits on the
upside. There is an easier and better way of doing this. One problem with this is if
the market rallies, comes up here and touches the limit order and fills that order, and
takes our profit, it still leaves the stop order sitting down here actively out in the
market. When we have to manually come in, once that happens, we have to Exit out of
this position, so that it doesn't accidentally get filled when we don't want it to.
A better way of doing this is by using the OCO feature. Coming into our market order
which is sitting on the screen, we can right click on the screen, or right click on the
triangle. We can also right

click on the handle over here, as well. It's going to give us
this dialogue box. Then we're going to say add OCO. You'll notice that as I click that,
it now drags two orders- a stop order below the market, and a limit order, above the market.
You'll notice that they are connected by a line. That line indicates that they are connected
together, so this is all one order ticket at this point.
We go ahead and we click the mouse and it sets those orders to the market. Now we can
move them individually. We can slide this one up to a location that we want to protect
ourselves on the downside, and we can move our limit order to a place that will take
profits. Now what happens if the market rallies up and touches the limit order, and fills
that limit order and locks in our profit. That limit order because it's tied to the
OCO ticket, it will automatically cancel and delete out the stop order. Or vice versa-
if the market turns and comes down against us, and stops us out and takes a small loss
by hitting the stop loss order, it will automatically cancel and throw away and delete the limit
order.

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Using this platform, I found out that it is much easier to open and close trades with options than it is with currencies. I did not need to worry about where to place my stop loss orders or take profit orders. The price simply had to be higher at the time of expiry of option when you bought a call and lower if you bought a put.

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