OCO Orders Alternative for Stops/Limits

Brief

Short explanation of OCO orders alternative for Stops/Limits

Details

United States based FIFO accounts do not allow use of Stops/Limits, so as alternative for Stops/Limits you can use OCO orders.

"OCO" means One Cancels Other. You can create multiple Entry Orders, and then bulk them into same OCO group, once one of these orders executes all other orders in the bulk will be cancelled.

So to create something like a stop/limit order you will need to create two Entry Orders as opposite of your open position. If you have a buy position open then you need two sell entry orders, lets say one 30 pips above your open position and another one 30 pips below open position. Then you can create OCO order and add these two entry orders into this OCO order. Once one of these entry orders is executed the other one will be deleted automatically.