Day Order
Order Types
What it means
An order that is automatically canceled at the end of the trading day if it has not filled. Most orders are day orders by default.
Example
A day buy limit at $100 on AAPL placed at 10:00 a.m. is canceled at 4:00 p.m. if AAPL never reached $100 during the session.
Mistake beginners make
Beginners assume their unfilled limit order will keep working tomorrow. By default it dies at the close; you must re-place it each day or use a GTC order.
Related terms
- GTC Order — Good-Till-Canceled: an order that stays open until it fills or you manually cancel it. It …
- Limit Order — An order to buy or sell only at a specific price or better. It guarantees the price but no…