You can also place a limit, or not, on the time your order must be filled.
- Day Orders: Unless you specify otherwise, all orders are day orders, meaning they are good for only the day you place the order. If the order is not executed by the end of the trading day, it is cancelled. It will not be carried over into after-hours trading or the next day. If you want the order to be executed the next day, you must place your order again.
- Good-till-Cancelled (GTC): In this case all day orders primarily limit orders, remain in place until they are executed or cancelled. GTC orders can remain in effect for a day, a week, or a month. However, some brokerage accounts might limit the number of days an order can remain in effect.