Time Limits with Trade Orders
Good Till Cancelled (GTC)
This is where the order is valid unless and until you cancel it or until it is filled. For example, a limit order GTC means you authorize your broker to buy the stock at a particular price or lower, today or any time in the future where the stock is selling at that particular amount, until you have bought the requisite number of shares.
Be careful with GTC orders because these orders generally do not go to the top of the list of floor traders’ priorities.
Day Only
The order will be cancelled if it is not filled by the end of the day. This is a good ploy because it encourages the floor traders to deal. If they don’t by the end of the day, then they won’t get their commission, so there ...
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