Sell something that you don’t currently own

This might be a very noobish question but I wanted to know say I’m setting an oco BUY order where my conditions are buy either at .80 or at 0.90 while the current price is .85 say this item is very volatile…now can i not set an order where i can sell the same at .70 or 1.5 to take future profits or minimize loss for an item I don’t currently own but might in future.. ?

If this is possible how do we do it? If not what’s the obvious thing I’m missing.. thanks..