This is probably a very stupid question but I can't figure out so will appreciate anyone to explain to me. If I have an open postion and enter trades for a stop loss and take profit level, how do I get the one order to cancel automatically when the other one executes?
Make sure that the "OCA Group" column is visible in the order line. (If not , change it at: Configure --> Global Configuration --> Trading Window --> ... Layout). Then you can enter an OCA Group ID number for both orders before transmitting them (must be the same ID for both orders!). When one order gets filled, the other one will be canceled. This also works with more than two orders. (OCA = One Cancels All). Alternatively, you can attach a bracket order to your entry order: Right click on your entry order, then select: Attach --> Bracket Orders. Then an OCA Group with two orders (Limit and Stop) will be attached to your entry order and activated once the entry order gets filled.