Investors have several options when it comes to order expiration. For example, you can place an order that is good for one day only or for an extended period.

Understanding when your order expires may make a difference whether your trade gets executed.

Day Order

Day orders are good only during that trading day. Orders that have been placed but not executed during regular trading hours will not automatically carry over into after-hours trading or the next regular trading day. Similarly, day orders placed during after-hours trading can only be executed during that after-hours session. If your order is not executed during a trading session, you will have to place a new order in the next trading session.

Good Until Cancelled Order

Unlike day orders, a good until cancelled (GUC) order is an order to buy or sell a share at a specific or limit price that lasts until the order is completed or cancelled. A GTC order will not be executed until the limit price has been reached, regardless of how many days or weeks it might take. Investors often use GUC orders to set a limit price that is far away from the current market price. GTC order can remain in effect for six month.

Specific date

You can specify the date when your order expires. Once the date is reached and order has not been executed it will be canceled.