If you are going to place your own orders (and why not?) then an overview of types of orders is fitting and proper.
I am a firm believer in the power of all of you as individuals to make sound investment choices. Mutual funds and fund managers have a mixed bag of results and I promise, having met many of them, these managers are no smarter than you are. Proper financial education is your key to controlling your own financial destiny. And proper education, with an emphasis on options, is what I?m all about.
Which leads to today?s topic: Types of orders. If you are going to place your own orders (and why not?) then an overview of types of orders is fitting and proper.
Day Order:?This means that your limit order will automatically be cancelled if not filled by the end of the trading session. This is a good way to place an order because it mitigates overnight risk. You also don?t have to constantly monitor this order or even remember that you placed it. As opposed to the:
GTC Order:?Which is an acronym for Good Til Cancelled. This order remains in force until you take an active role in cancelling it. For that reason, I don?t like GTC orders. I?d rather start every day fresh with no orders outstanding.
So, even if you don?t wish to be this pro-active and have an asset manager that you trust, ask him/her about how they place orders and what sorts of orders they place.
Remember! You are the Boss! Your destiny is in your hands. And Education is Key!