Time in Force: Day, GTC and GTD Orders

Every order has two parts people often forget about: what you want to trade and how long the order should stay alive. The second part is called time in force. It decides whether an unfilled order disappears at the end of the day, stays for weeks, or must fill immediately. Choosing it deliberately prevents two common problems: orders that vanish before your price arrives, and forgotten orders that fill weeks later when circumstances have changed.

The main time in force options#

IOC and FOK have their own lesson: IOC and FOK Orders. Auction orders are covered in Opening and Closing Orders: MOO, MOC, LOO, LOC.

Day orders#

A day order expires automatically if it has not filled by the end of the trading session. It is the default at most brokers because it is the safest: nothing is left behind overnight.

Check whether a day order covers extended hours. Many brokers treat pre-market and after-hours as separate sessions and require a specific setting.

Good till cancelled (GTC)#

A GTC order stays active across days until it fills or you cancel it. Swing traders use GTC for:

• Protective stops that must stay in place while they hold a position.
• Profit targets at a price they are happy to sell at.
• Entry limits at a support level they expect to be tested.

Most brokers cap GTC orders, commonly at 60 to 90 days, after which they are cancelled automatically. Some brokers also cancel or adjust open orders after corporate actions such as stock splits or special dividends.

Good till date (GTD)#

A GTD order stays active until a date you choose, then expires. It is useful when a plan only makes sense for a set window, such as before an earnings report or before an option's expiry.

Time in force in other markets#

• Futures: day and GTC orders are standard; some platforms define the "day" by the exchange's trading session, which may start the previous evening.
• Forex and CFDs: GTC is common because markets trade around the clock on weekdays.
• Crypto exchanges: GTC, IOC and FOK are standard, along with post-only for makers. See Post-Only and Reduce-Only Orders.

Choosing the right setting#

1. Intraday idea? Use day orders so nothing carries overnight.
2. Swing trade stop or target? GTC, reviewed weekly.
3. Plan tied to a date? GTD.
4. Need an immediate fill, nothing resting? IOC or FOK.

Frequently asked questions#

What is the default time in force?#

At most brokers it is a day order, which expires at the end of the session if unfilled.

How long does a GTC order last?#

Until it fills or you cancel it, subject to your broker's maximum, often 60 to 90 days.

Do day orders work in pre-market trading?#

It depends on the broker. Many require you to select an extended hours option for the order to be active outside the regular session.

Sources#

• Wikipedia, Order (exchange)