Yes, you can make automatic buy sell orders on Moomoo when you use an OCO (one-cancels-other) trade. This is great for closing positions as it means that you don’t have erroneous stops and limits in the market that can be triggered, leaving you with unwanted positions.
But you cannot do a buy and sell pairs trade on Moomoo. One of the only brokers that lets you do automatic pairs trading is Interactive Brokers. I’ve tried all sorts of trading platforms and even did a video demo of trading two of the biggest brokers against each other.
However, with Moomoo you do get DMA, which means you can work a buy and sell order inside the current bid offer so you get better pricing than if you hit the bid and lift the offer. However, the disadvantage of using limit orders for pairs trading is that one can get hit and not the other.
Compared to other online trading platforms in the US Moomoo does offer some pretty good order types for beginner and intermediate traders including:
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Limit Orders: Allow traders to set a specific price to buy or sell a stock. The order is executed only at the set price or better.
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Market Orders: Executed immediately at the best available price. Ideal for quick trades when speed is prioritized over price control.
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Stop-Loss Orders: Protects against major losses by automatically selling the stock if it reaches a specified trigger price, reducing the risk of further declines.
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Limit-If-Touched Orders: Helps lock in profits by triggering a limit order once the stock price touches a pre-set level.
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Trailing Stop Orders: This dynamic order adjusts the trigger price based on a percentage or amount below the stock’s highest price, locking in gains while limiting losses.
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Attached Orders (e.g., Bracket Orders): Provide precise control over trades by combining multiple conditions, such as profit-taking and stop-loss triggers in one order.
However, for professional traders, it is not as advanced as “Scale Trader” for example on Interactive Brokers.
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