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Placing OCO Orders (Example)
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1. In the Rates Window, Click the bid (to sell) or ask (to buy) price of the particular currency that you want to trade.



A "Place Order" window should be displayed.

2. Select "OCO" for the order type.



3. Set the stop and limit rate levels at which you want your order to be triggered: input the desired rate into the text field or you can use the spinner or mouse wheel to enter/modify the rate.

4. If necessary, modify the order's other parameters:
  • Account - If you have more than one account with MG, you can choose from which account you wish to place this order

  • Operation - By default, if you clicked on Bid, the operation would be set to Sell and if you clicked on Ask, the operation would be set to Buy. You can change the operation for your trade by selecting it from the drop-down list

  • Units - Select or type the number of units involved in this trade (0.1-50). When placing a new order, the default setting is "1". When closing a position, the unit field will default to the total number of units you are holding of that currency. You may change the number of units by clicking the drop-down arrow or scrolling the spinner.

  • Amount - The amount is adjusted automatically to reflect the entered number of units. Similarly, if you change the amount, the number of units is adjusted accordingly.
5. Press the "Submit Order" button if you wish to place this order, otherwise press the "cancel" button.

6. Confirm that all information about your order is correct. To submit the order, press "Yes". (Pressing "Cancel" will take you back to the previous window).

Your order will be displayed in the "Open Orders" window. The order will remain in the "Open Orders" window until cancelled or executed. Once either stop or limit rate of your OCO order is reached, the other part gets cancelled automatically. Your order will disappear from the "Open Orders" window and the resulting trade will appear in the "Open Trades" window.

If your order's parameters are incorrect, you will be prompted with a message dialog with information as to why the order cannot be submitted. Remember that a Stop order to buy is placed above the current price of particular currency. A Stop order to sell is placed below the current price of particular currency.