Why Traders Need OCO Orders to Win

[@user-ur5vw1gi4v]

Just discovered your video thanks for explaining everything in details ! Experienced this while travelling by plane. When I arrived I discovered my account (30k in 2018 which was a lot for me at the time) had full blowned up because my SL was not attached to my TP. Took a long before the trip then during the trip : market made my small profit on TP automatically then market wicked back to my SL and entered me a new net short position. After the net short position was triggered the market went back up full move like skyrocket and my short just liquidated me. All happened while I was travelling. I was devastated. When I explained this to my friends they basically told me "yeah you're lying you just tried a hero call". These situations are dramatic : lost money, lost confidence from me & my friends at the time. Didn't know about OCO orders until this video thanks. This is why I literally stopped writing SL & TP I just do everything manually with reasonable sizing. (I'm not a HF trader) Also broker's algos know your TP & SL and most of the time they use it against you.

[@user-ur5vw1gi4v]

Also this is why I started using IBKR in 2018 and I slept well again.

[@VerrilloTrading]

Thank you for sharing!! This is very important and I am sorry about your experience. The broker seeing your trades does not matter if you are trading in highly regulated markets like US futures. It may help them see a deeper view into the market participants but they can't move the market to stop you out. If you are trading with a sketchy offshore FX broker that would be different entirely.

[@roboldx9171]

The near black swan event happened a week ago, lucky I knew how to move fast and use options to save the accounts. I saw this video 1 week before the mini-crash and wish I had implemented the OCO orders sooner. Thanks for this information and keep up the good work.

[@VerrilloTrading]

Thank you and hopefully your situation was not too bad.

[@bubblybull2463]

I knew there was a reason I was following you besides your god-like guitare skills and your good looks 😄😄 That was an absolute eye-opener of a video ! Thank you mate so much for making it. Yet another layer of complexity to add on my trading abilities but an essential one. This also serves the purpose of thinking out all the details of the trades we take before even entering them, which is, obviously the only way one should trade ever ❤

[@VerrilloTrading]

Right on, glad it helped!

[@rad_pacific]

Great Job again. Man I have been trading for 15 years (Algo trading with Bright Securites) and now my own with futures, and I can not wait for new video from you. Again Great job. So little videos of substance on youtube, yours are exceptional. Since your learning Algo Training, My Algos have a code for the Buy Entry and a coded Sell Entry. (Some of them , not all). All on Sierra Charts. So great to to use OCO, but to make money some strats will not make money unless you use static exits. Just something to think about. It would nice to have video for all on how login to the Sierra Charts web interface and manually get out it need be. Just a thought, again , great video. Keep up the good work.

[@investingfiat]

Hi Chris, love your channel and attitude toward trading. Found your channel by chance but now subscribed.

[@VerrilloTrading]

Thank you for the kind words, welcome!

[@mrxit1]

Thanks for the reminder to use these at all times.

[@jfilbert]

Bonus: trading the MES from the ES chart. That's cool and didn't know that could be done.

[@VerrilloTrading]

Essential feature for sure.

[@andret.2484]

I love OCO Orders since I discovered them 😀😀👍👍

[@VerrilloTrading]

Good to hear!!

[@lucasvalentin323]

i watched this video and switched to an order routing service that provides server side bracket order. thanks!

[@VerrilloTrading]

Right on! I believe it is the right choice in the long run.

[@kory3762]

Man, I started following, you channel is a holy grail!

[@VerrilloTrading]

Kind words, welcome aboard!

[@fabr1c1om]

Hey Chris, I think you should also mention that MM see these orders and if they are too tight they will take them out.

[@VerrilloTrading]

I am not sure if market makers see stop orders on the CME or other regulated futures markets. Do you have a source that proves this is true? The markets are a big collective and even if a market maker could see all the stops, they still would need to deploy capital to try and move the market which is a risk for them.

[@raviv7484]

Always took power and internet for granted... agree doing ocos is much better. Thanks for the video.

[@VerrilloTrading]

No doubt, you're welcome!

[@tylermccubbin63]

I just started using interactive brokers. Is there any chance you would be willing to show how you like to set up your stops. I just saw that you attached a bracket order. I’ve been a little lost working through the software.

[@VerrilloTrading]

Depends on the trade setup. I'll typically keep a stop in far away. Might even have multiple entry points before the stop loss. If it's a longer term stock trade I don't always place the stop right away. On Futures I always have a stop.

[@ChefHenryL]

Thanks much for this video. I have been using OCO's, but I'm looking for a way to set limit orders and scalp them out as I go (while maintaining the stop loss). I.e. Buy 100 shares at $10/share, stop loss at $9/share (100 shares), and then 5 different limit orders to scalp out 20 shares each at, say, $13, $13.5, $14.0, $14.515.0 per share. I see traders doing this but I can't figure out how! Any chance of explaining that?

[@VerrilloTrading]

This is possible in some software that support the scale in and out functionality. What platform are you using and I may be able to assist?

[@DayTraderES]

thanks a million, i just set this up on IB

[@VerrilloTrading]

Pleasure.

[@VARIABLE_]

why cant i like this video twice

[@VerrilloTrading]

Not sure! 🙂

[@her_limerence]

I think when someone is using only stop loss without a target, that doesn't automatically mean that they are creating a target in addition to this stop loss only order. It doesn't make sense to split them separately that way. What it could also mean, is that they want to keep their targets open ended and play it by ear, so to speak. Not saying that is a good practice, but it is not that uncommon to not have a profit target. Of course not having a stop loss is beyond stupid, for sure.

[@VerrilloTrading]

Good point! I also do this on certain platforms that do not have good bracket functionality like SC.

[@jazujadoo2743]

Hi thanks for this. Besides IB, any other brokers you suggest that offer sever side OCOs capabilities?

[@VerrilloTrading]

Glad it helps. For futures trading, any broker that supports Teton Order Routing on Sierra Chart would have it.

[@VLiviu]

Amazing, appreciate it!

[@VerrilloTrading]

Pleasure!

[@pmitsie]

Thanks never thought of this situation.

[@VerrilloTrading]

Glad it helps.

[@jjjensen9493]

Your Intro gave me nostalgia for Blade Runner Black Out 2022. Cheers

[@VerrilloTrading]

Awesome

[@tightlines9873]

Wise words! How do you get that vertical line linking the bracket in Sierra?

[@VerrilloTrading]

First thing is find this option in Sierra. Trade > Chart Trade Settings > Order Association Lines set to Yes. Then in your Chart Graphics Settings (we prefer to use the Global Graphics Settings) find Chart Trading Order Association Lines. That is where you change the color and width of those lines.

[@tightlines9873]

@@VerrilloTrading Brilliant! Thanks :)

[@marketmercenaries]

yup i use it very useful...thanks for reminding us

[@VerrilloTrading]

Welcome 😊

[@joeweinstein1025]

Great video thanks! Do you know if it's possible to do an OCO order based off a percentage? For example, I have a trade strategy that requires me to use a 1.5 to 1 risk to reward ratio. So if I enter a trade and adjust my stop loss I would like to target order to execute at 1.5 to 1 ratio of wherever I moved the stop.

[@VerrilloTrading]

Nearly anything is possible but every problem requires a specific solution. Are you using Sierra Chart to create this OCO pair? There is no native support for having the attached target automatically move when you move an attached stop. That is not something that traders tend to do. You can accomplish that by programming it though.

[@michaelbumanglag3229]

At 13:22 of the video, the open orders in the Trade Orders window, are they server side also?

[@VerrilloTrading]

13:22 is the end of the video so I’m not sure what the timestamp you meant was. In general yes the orders are server side. Not all order types are supported for server side. You can check this in the trade orders window.

[@michaelbumanglag3229]

@@VerrilloTrading Thank You. I’m going with Teton

[@michaelbumanglag3229]

@@VerrilloTrading Whoops. Been burning the candle on both ends. 10:46 is the correct time. Thank You in advance

[@tylermccubbin63]

Wow.. just saw you have lots of videos on TWS. I’ll go through them first. I apologize

[@VerrilloTrading]

Ok, thank you for watching!

[@thawdani]

literally happaned with the rogers blackout last week

[@VerrilloTrading]

Very true

[@VahallaCao]

Oso oco definitely needed

[@VerrilloTrading]

Yes.

[@rick-kv1gl]

Nice one sir

[@VerrilloTrading]

Thanks

[@valentinainiovorua1633]

Hello guys, I'm new to trading. I keep falling into tight spots even though I'm also studying from youtube. Please can anyone reply my question 🙏. How do I cancel all orders on TWS. not just sell, But to cancel ALL orders. I'm studying with the interactive brokers TWS platform

[@VerrilloTrading]

There is a hotkey function in TWS called 'Cancel All Orders'. You can program that to a keyboard shortcut to cancel all orders. File > Global Configuration > Hotkeys > Scroll down the list of possible functions until you find 'Cancel All Orders'.

[@KrecikBobasek]

its ok if u manage ut tp manually if u mean by that just going flat with market order later ( not leaving tp on screen ) then worst case scenarion after disconect is just taking SL

[@VerrilloTrading]

Yes that would work but also keep in mind some trading services do not support only an attached stop to be server side before the parent order has filled. So that would still leave open a risk if you have an open order in the market with a client side stop until the parent order is filled.

[@captainprice2025]

instruments and PRO

[@VerrilloTrading]

The Captain has spoken

[@captainprice2025]

Those who dont use stops i salute u after hours on nq

[@mikesolns1364]

No stops here

[@mariuscornea6227]

...Be a man!

[@VerrilloTrading]

😈 The NQ gods salute you.

[@SimplerTrades]

Very poorly done...such an important topic - do it within 5mins, or less.... you do a good job always...relevant stuff... please attempt to make it short. Succinct is key.

[@VerrilloTrading]

Will keep that in mind next time. Cheers.