Time in Force
Time in force is a special instruction used when placing a trade to indicate how long an order will remain active before it is executed. These options are especially important for active traders as they can diversify their trading strategies.
Time in Force Types
There are three types of Time in Force orders which are used together with limit orders.
This order remains active indefinitely until either the order is filled or the trader cancels it. Through GTC orders traders who may not constantly watch stock prices can place buy or sell orders at specific prices and keep them for as long as desired. If the market price hits the price of the GTC order, the trade will execute. All orders on MCS are set to GTC by default.
David places a GTC order to buy at a price lower than the current trading level or sell at a price higher than the current trading level. If the current price is 8,500 USDT, David may place a GTC buy order at 8,450 USDT. If the market moves to that price level before David cancels the GTC order or it expires, the trade will execute.