When you place an order, you must give it an expiration date. Day orders are good until the end of the trading day, at which point they are canceled; all market orders are placed as day orders. Good-till-Canceled (GTC) orders, however, remain open until one of three things occurs:
They are completely filled
You cancel the order
Sixty calendar days pass
There risks in using Good-till-Canceled orders:
You may forget you placed the order; a lot can change in 60 days!
If you place a large trade with Good-till-Canceled status, you will pay a commission each day your order is partially filled. If, on the other hand, your order is filled by multiple transactions in a single day, your broker should only charge you a single commission.
Extended Hours Orders
The extended hours market allows you to place trades between 8 p.m. and 8 a.m.; times when the market is traditionally closed. This system permits investors to react to corporate announcements and news prior to the next session.
