Day Order Vs Good Till Canceled Explained - When To Use BOTH

[@rockwelltradingservices]

To get the transcript OR to read this in an article format, go to: www.rockwelltrading.com/articles/coffee-with-markus/day-orders-vs-good-till-canceled-orders-whats-the-difference/

[@mishraman9902]

Thanks, short and simple to understand. Straight to the point.

[@rockwelltradingservices]

You are welcome! :)

[@seekwsdom]

Great content! I was wondering if I needed to use GTC on a swing trade because I have a stop loss, now I know I do. Thanks!

[@eserv45190]

Once again, great content. This kind of content is very helpful to new traders. I understand it a lot better now 😃 The only way to learn this is by at paper trading it's just good to go into a new business with some mentoring. Thank for sharing great content ☺️

[@rockwelltradingservices]

You are welcome, Eric!

[@Alex.UA6]

If I was to do a GTC order with TradingView/IBKR that ended up filling that day, would my stop loss and take profit still be active during the post and pre market? Also am I able to cancel the order manually after being filled during the post and pre market?

[@sheenalynne]

Thank you! This is the only video i found that explains it in "dummy" terms. You got yourself a new subscriber.

[@rockwelltradingservices]

I appreciate that Sheena! We try and keep things simple here. No fluff, no hype, and nothing more complicated than it needs to be 😎

[@sabrefoxx8115]

Straight to the point. Thank you sir

[@rockwelltradingservices]

You are welcome! ;)

[@WillsJazzLoft]

Indeed it does help. Perhaps, I might have been overusing GTC. I'll now think in terms of using it as an exit strategy. Thanks

[@rockwelltradingservices]

You are welcome! I am glad that you are learning here. ;)

[@WillsJazzLoft]

@@rockwelltradingservices you bet 😊

[@mr.nobody4316]

Very thorough and concise! I was able to understand this clearly as a new trader, thank you!!

[@rockwelltradingservices]

Hi Honey M, thanks for watching. And thanks for your feedback. Much appreciated. "See you" in the next video 👍

[@adefoe6552]

Do you use GTC if you’re wanting a call debit spread to expire worthless?

[@optimusprime4277]

Hi , Will GTC work during Premarket and after hours or only during Day hours 9:30 to 4 EST?

[@rockwelltradingservices]

You can always check with your broker, but orders are typically valid during regular trading hours by default. You would have to specify that you want the order to be working after hours.

[@thegorgeousgrind]

Thanks for explaining! So easy to follow

[@rockwelltradingservices]

You are welcome! :)

[@Popcorn_and_funny_moments]

hi markus i am from colombia wich broker do you recommend for me ,thanks a lot

[@rockwelltradingservices]

Hi, steel city. For international traders, we usually recommend Interactive Broker. I am not sure if that is available in your country but please check their website just to be surewww.interactivebrokers.com

[@sherimerrick3194]

When do I put in my stop loss order

[@100foldreturn1]

Thanks again for the video Markus. I used to use GTC orders on my profit target to sell the stock until recently I had an order to sell my position once it hit my 20% profit target. It not only hit the price target and triggered my order but went up another 20% within an hour before I realized what was happening. So I missed out on a 40% gain. Now I just wait to decide when to sell it so that I can hopefully make further gains. I also understand the risks on the other end where if I'm not watching and the price hits my target and then reverses and falls all the way back down I might kick myself for not having a sell order in. Lol

[@sherimerrick3194]

Can you just put in a sale order with a stop loss so when it reaches the price you want to sell it at it will sell

[@50funlife]

Thanks, you were to the point! Great job.

[@robbyvenetian]

Very understandable explanation and quick!

[@rockwelltradingservices]

Hi Roberto Berti, thanks for watching. And thanks for your feedback. Much appreciated. "See you" in the next video 👍

[@waynehoward1054]

"With a long Day Trade GTC Order" ..."what happens if your trade takes a strong dive really lower than your entry price ..while still early in the 90 day GTC order time-frame ? ....do I loose the trade or is it still a valid trade for me with a chance for a possible uptrend execution ?

[@rockwelltradingservices]

Are you talking about a STOP order for a stop loss or a LIMIT order for a profit target?

[@thekidmanny377]

I’m new to the trading scene and this helped a lot thanks

[@rockwelltradingservices]

😊 You are welcome! I am glad that this helps!

[@adamblandford4501]

Awesome video. Thank you

[@rockwelltradingservices]

You are welcome! ;)

[@mohitjha2913]

Very nice and clear explanation.

[@rockwelltradingservices]

Awesome! Thank you for watching! :)

[@therealcool1144]

Can I hold on to a stock for a year by using GTC? I chose GTC but no date. I'm new to investing. My broker says - GTC is "Where your order will remain on the market unless cancelled by you or is purged by the market". So if the company and its stock collapses does that mean it is purged?

[@rockwelltradingservices]

You need to check with your broker. GTC means "good til cancelled" so in theory it should remain working until cancelled or triggered. BUT some brokers have a limitation of 3 months for working GTC orders, then you need to resubmit them.

[@therealcool1144]

@@rockwelltradingservices thank you, I just checked with my broker and it doesn't have 3 months limitation.

[@rockwelltradingservices]

I see. Which broker is it?

[@therealcool1144]

@@rockwelltradingservices CMC

[@martinkhanhk]

What type of order for long term, I mean for years ?

[@freddy2375]

Thank you for the video but I am having a hard time finding an answer to a question. Once my gtc order is filled can I hold it until the stock moves to my target area? Can I manually sell it 3-6 months later?

[@rockwelltradingservices]

With a GTC order, the profit target and stop are working until they are canceled. But some brokers have a 90-day max, so orders aren't being held for years. ;) And yes, you can always cancel a GTC order and manually close the trade...however, we like to exit based on clearly defined rules: Profit Target, Stop Loss and Chang of Direction. Hope this helps!

[@brianjohnson3941]

This is very helpful thank you!

[@rockwelltradingservices]

You are welcome! :)

[@quynhlee8421]

So helpful. Thank you

[@rockwelltradingservices]

😊 You are welcome! I am glad that this helps!

[@terronyoung]

If I do good for day, Do I have to sell my stock at the end of the day or can I leave it until I'm ready to sell?

[@rockwelltradingservices]

Great question. I like to work with profit targets. Here's a video that explains it in more detail: kzbin.info/www/bejne/qXbZcqtjdpepotE Does this help? 👍

[@kutembanguvulu6852]

Thanks for making me understand

[@rockwelltradingservices]

You are welcome! I am glad that this helps! :)

[@anthonysmith4144]

Super helpful 😊

[@rockwelltradingservices]

I am glad that this helps! ;)

[@xonikox1]

When the order cancels, do I lose the money that's invested? Or is it credited back to my cash for investments?

[@rockwelltradingservices]

If the order has not been FILLED, nothing happens. The order gets cancelled. So if money was reserved when the order was placed but the order never fills, you'll receive the money reserved back.

[@xonikox1]

@@rockwelltradingservices Thanks for taking the time to answer Markus. These videos are a great learning tool!

[@rockwelltradingservices]

Thank you for watching them! I am glad that they are helpful. :)

[@YudelkaGZ]

Thanks 🙏 it was very helpful

[@rockwelltradingservices]

Glad to hear! Make sure to subscribe to the channel so that you get a notification from KZbin whenever I release a new video. This way you don't miss it. 😀👍

[@sabrefoxx8115]

Earned a subscriber

[@rockwelltradingservices]

Awesome! Thank you for subscribing. ;)

[@bernarddabandan8406]

very very very helpful, thank you...

[@rockwelltradingservices]

Hi Bernard CalDab, thanks for watching. And thanks for your feedback. Much appreciated. "See you" in the next video 👍

[@annacegonzalez9285]

hi, this is my first week at trading, and i put an option order and i used DAY instead of GTC, what Will happened wirh my order on monday? because i look at my potfolio an it still open

[@rockwelltradingservices]

Hi AnneCe, when you use a DAY order, it will be canceled at the end of the trading session. In the USA, that would be at 4:00pm Eastern Time. Once the order is canceled, you can place the order again, and this time as a GTC. Does this help?

[@annacegonzalez9285]

@@rockwelltradingservices thank's for your help you were very helpful. Greetings from Mexico

[@rockwelltradingservices]

I am glad to be of help. :)

[@gc7304]

good explanation. thanks

[@rockwelltradingservices]

You are welcome! I am glad that this helps. :)

[@MrSillypoptart]

Im confused because I have been buying day orders and have them for over a week. Ive been making money but don't understand how it would get canceled?

[@rockwelltradingservices]

Hi Daniel, the order only gets cancelled if it doesn't get executed. Seems that all of your order are executed, therefore the order becomes a POSITION. And positions can't get cancelled. 👍

[@MrSillypoptart]

@@rockwelltradingservices thanks for the info I bought a really good call today and was sad it didn't execute. Its okay though I bought my first call on PLTR last week and made over $1k on it. Was a good introduction to options trading.

[@dakscalcaldona2141]

Can I ask what is the meaning of FAK ?( FILL AND KILL ) thanks

[@rockwelltradingservices]

Fill or kill (FOK) is a conditional type of time-in-force order used in trading that instructs your broker to execute a transaction immediately and completely or not at all. This type of order is most often used for a large quantity of stock. Does this help?

[@dakscalcaldona2141]

@@rockwelltradingservices thanks 😊

[@rockwelltradingservices]

You are welcome!

[@kobcinaftada5333]

Yeah thank you

[@rockwelltradingservices]

I hope this helps. ;)

[@chocobeachboy1]

Thank you!!!

[@rockwelltradingservices]

Hi Bryan Wilson, thanks for watching. And thanks for your feedback. Much appreciated. "See you" in the next video 👍

[@timothyolamide3015]

Thank you man

[@rockwelltradingservices]

😊 You are welcome! I am glad that this helps!

[@timothyolamide3015]

Oh yeah I really help

[@rockwelltradingservices]

Awesome! 😉

[@bryangonzalez3547]

So helpful

[@rockwelltradingservices]

Awesome! Thank you for watching! :)

[@sly-3044]

Good tip

[@socialcommentsculturejbc9611]

Good information, thank you !!

[@junsupark2904]

what do you mean by "filled" ? I am so a newbie

[@rockwelltradingservices]

"Filled" means when the order that you place in the market is getting executed. As an example: You could tell your broker: Buy AAPL if it goes above $120. As long as AAPL is below $120, your order is "working" Once if moves above $120 and you now own AAPL stock, it is "filled" Does this help?

[@junsupark2904]

Markus Heitkoetter yes thank you so much mate!!!

[@youssefyoussef6366]

Thank you

[@rockwelltradingservices]

You are welcome! Thank you for watching! :)

[@keilnealquan]

So if I use a day order and it doesn't get filled i lose my money?

[@rockwelltradingservices]

NO! It just means that if it doesn't get filled, it gets automatically cancelled and you would have to place it again the next day, if you still want to buy the stock. But if an order doesn't get filled, you don't lose any more. Does this help?

[@keilnealquan]

@@rockwelltradingservices yes it does thank you so much!

[@joycelagao8115]

great content

[@rockwelltradingservices]

Thank you! :)

[@deino1579]

Helpful!

[@rockwelltradingservices]

Hi Deino Wonosikou, thanks for watching. And thanks for your feedback. Much appreciated. "See you" in the next video 👍

[@deino1579]

@@rockwelltradingservices I will be here! Thanks again.

[@hahahahausuehwn1514]

this was very helpfull

[@rockwelltradingservices]

Hi Harron. Thanks for watching. And thanks for your feedback. Much appreciated. "See you" in the next video 👍

[@MrLeeac]

Good I understand stand Tq

[@rockwelltradingservices]

Awesome! Thank you for watching!

[@sarahrodriguez5762]

Gracias 😊

[@rockwelltradingservices]

De nada! 😊

[@JohannasHair]

I just wanna pay my bills.

[@rockwelltradingservices]

How are you? I hope that you are learning from my videos. Have a nice day!

[@AFE948]

Lol

[@AFE948]

I feel you!

[@ala-bp9lj]

I love you xx

[@rockwelltradingservices]

Thank you for watching! :)

[@bigtop718]

👍🏽

[@rockwelltradingservices]

Thank you! :)

[@Mike-jp1hc]

In

[@tinashefillimon2157]

fruitful

[@rockwelltradingservices]

Awesome! Thank you for watching! :)