could you explain "time in force" ?
Posted: Jun 15 2010
by solbikim
I'm using zenfire autotrading...
there are three Time in force?
could you explain three option??
GTC DAY IOC...
thx in advance...
Posted: Jun 15 2010
by RobotMan
I googled "GTC DAY IOC" and found an answer in less than 5 seconds.
GTC: A Good Till Cancelled (GTC) order remains in the system until the trading member cancels it. However, the system cancels this order if it is not traded within a number of days parameterised by the Exchange.
Day: Day orders are valid for the current trading day only and expire at the end of the trading session if the order hasn't been executed. Day orders placed after the market has closed will be treated as day orders for the following trading day. Orders are generally considered to be day orders unless otherwise specified.
IOC: An Immediate or Cancel (IOC) order allows the user to buy or sell a security as soon as the order is released into the system, failing which the order is cancelled from the system. Partial match is possible for the order and the unmatched portion of the order is cancelled immediately.
If you do not understand these time constraints on trading orders, I would recommend immediately stop trading until you do.