2.1.1.1.3 Orders Based on Time
On most orders (excluding market orders), the investor must specify how long the order should be held. Here are several of the more common specifications.
- • Day order—expires if not filled by the end of the day. All orders are day orders unless the specified terms of executing the order are modified using an execution modifier.
- • Good Till Cancelled—does not expire until filled or cancelled; that is, does not automatically expire at the end of the day it is placed. A Good Till Cancelled order allows more time for the price to reach the stop or limit specified in the order.
- • Not held—gives t
