When you orally place an order for a trade, it is necessary that you use the language of the market. You must state a specific type of order.
Your order can be a Day Order or an Open Order (GTC). A Day Order must be filled by the end of the day's trading or it automatically expires. An Open Order (GTC) remains in effect until it is filled or cancelled by you. GTC stands for Good Til Cancelled.
All orders are assumed to be Day Orders unless they are specified as open orders
Previous page: Bank Wiring Instructions
Next page: Types of Market Orders