A cTrader OCO (One Cancels the Other) Order is a powerful tool for Forex traders allowing them to set two orders in one entry, with either order executing and cancelling the other when triggered. The two orders that are placed in the OCO order must be of opposing type, meaning a buy limit and a sell limit, or a buy stop and a sell stop. This setup is used to maximize potential return when either of the two orders gets triggered. It also helps to reduce risk by allowing traders to set their potential profit and loss targets at once. It requires a moderate level of sophistication to utilize the OCO order strategy correctly.
When it comes to choosing an order from a list of orders in the MQL4 Forex trading platform, traders should first consider their risk appetite as well as the amount of capital they have to allocate to a particular trade. Additionally, traders should consider the technical analysis of the currency pair they would like to trade, taking into account the levels of support and resistance, as well as the time frame they intend to trade in. Further, traders should also assess the potential reward-to-risk ratio, the volume of the order, and the liquidity of the order in the market. Ultimately, traders should assess how all of these factors can affect the profitability of the trade.