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Video How to attach a stop loss to an entry using OSO orders (Oco forex definition)
As you know, markets can move very quickly, and at times it can be difficult to place a stop manually after an order is filled. If you use stops when you trade.
As you know, markets can move very quickly, and at times it can be difficult to placea stop manually after an order is filled. If you use stops when you trade, a very efficientway to set a protective stop before entering a trade is to use an OSO order. OSO is shortfor Order-Sends-Order, meaning that 1 order will at least send 1 more order when the initialorder is filled. You can access OSO functionality from multiple places in the TradeStation platform.For example, you can place an OSO directly from the order bar, but you can also placean OSO from the Matrix and from the Market Depth window.In the Matrix, before placing your entry order, simply check "Attach OSO" and choose fromthe drop down menu. As you can see, you have multiple exit templates available. Let's use"Exit -- Stop Only." You may click the ellipsis button on the right to adjust the price offsetfor your stop order. By default, futures price offset if set to 10 minimum price incrementswhich in this case represents 2 ½ points. To enter the trade, click the cell under theBid
Size column next to your price. You can see my order to buy 1 contract of the S&PE-mini and you can see my stop loss 2 ½ point below.The order to enter the market is gray, meaning that it has not yet been filled, whereas thestop order is green since it is contingent upon my entry order being filed. As soon asthe buy order is actually filled, only then will my stop order actually be active. Fordemonstration purposes, let me adjust the entry order so that you can see what happenswhen my order is filled. Notice that the stop order changed color from green to gray whenthe entry was filed. Notice also that the offset was automatically adjusted as well;in this case the stop was set to be 2 1/2 points away from the entry price.To review, if you need a protective stop as soon as you enter a position, make sure youuse the OSO functionality by checking "Attach OSO" and choose the appropriate exit templatefrom the drop-down menu before placing your order to enter a position.
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For traders who want to learn how to day trade the e-mini, they probably have plenty of questions how e-mini traders actually make money in the markets. Trading e-mini futures is a good choice because of the excellent leverage that is available. This way, even if traders have smaller accounts, they can still get started by trading one e-mini contract without taking on excessive risk. No doubt, leverage can increase both potential profits and the potential risk of loss. However, a greater leverage can be a very useful tool if you have a defined maximum risk and a good plan.
Trading intra-day becomes possible because of the higher leverage that is available. This means that by the time the trading day comes to an end, all trades are closed and this is all done with a margin starting from just 0 per contract. Essentially, margin is what is used by a trader's broker as collateral so that the trader can take control of futures contract.
Theoretically, with a ,500 account and a margin of up to 0 per contract, up to 5 e-mini futures contracts could be traded. However, a substantial amount of risk would also enter the picture. In order to use leverage to their advantage, e-mini traders must plan their positions according to their total risk on any particular day and to do that, they must first understand that risk.
For new e-mini day traders, at least a ,000 account is recommended if they are just getting started in live market. Using the right trading approach, an average loss of about 1 point or 4 ticks can be maintained. In which case, if a tick is equal to .50 per contract, it would come to an average risk of . This means that with a ,000, only about 1% of the account balance would be at risk on any single trade. For traders who are still in the learning process, this is definitely ideal, since occasional losses would not decimate the health of their overall account.
For more experienced traders, their risk may get increased beyond these levels, but on any given trades, day traders never want to raise their total risk of loss beyond 2%. New day traders often emphasize on how much profit they can make, but the crucial part of an experienced day trader's trading approach is the risk management. Visit CFRN website to know more about right trading approach. If the risk is kept low through appropriate position sizing relevant to the size of the account, the benefits of higher leverage that is available can be fully enjoyed by e-mini day traders.
In the e-mini futures market, day traders make money whenever the market goes up or goes down. In comparison to many individual stocks and some other markets, e-mini day traders have the major advantage of the flexibility of trading in either direction. Learn how to day trade the E-Mini contracts here. No special account permissions are needed from the broker nor are any minimum account sizes needed to be able to sell the market. For traders who want to learn how to day trade the e-mini, this flexibility combined with the proper usage of leverage can enable them to achieve success.
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