If a little child can do it? Part 6 The trading window. Part2

If a little child can do it? Part 6 The trading window. Part 2

Let’s introduce you to the trading window.
These are the remainder of the trading terms and definitions, from the previous post. Please confirm these terms and definitions, with your individual broker account for accuracy.

Order Duration

Good for Day

A day order will remain active for the remainder of that day's regular trading session. If the order has not executed by the end of the day, it will expire and be cancelled by the market.

Good Til Cancel (GTC)

A GTC order will remain active for up to six months, until it is executed or cancelled. It will only be eligible for execution during regular trading hours. It will not expire at the end of the day that it was entered.

Immediate or Cancel (IOC)

An IOC order requires that all or part of the order be executed immediately after it has been brought to the market. If part of the order is not executed immediately, it is automatically cancelled. Partial fills are accepted.

Fill or Kill (FOK):

An FOK order requires that the entire order to be executed immediately after it has been brought to the market. If the order is not executed immediately, it is automatically cancelled. Partial fills are not accepted.

On Open (MOO, LOO)

An "On Open" order will be executed with the opening trade for the regular market session. If the order is not executed upon the open, it is automatically cancelled.

On Close (MOC, LOC)

An "On Close" order will be executed with the closing trade for the regular market session. If the order is not executed upon the close, it is automatically cancelled.

Pre-Market

A "Pre-Market" order will be active during the extended hours trading session before the market opens. The Pre-Market session runs from 8:30am to 9:30am (ET) - orders must be submitted before 9:25am (ET). .

Post-Market

A "Post-Market" order will be active during the extended hours trading session after the market closes. The Post-Market session runs from 4:05pm to 5:00pm (ET). 

All or None

The All or None instruction indicates that you want all shares filled at or better than your limit price. Leave unchecked if partial fill is acceptable. If your order does not execute in full by the end of the specified duration, it will be cancelled.

Whew boy, that’s a mouth full. You have all the information you need to get started, your next step is to paper trade. Paper trading is just following the stocks on paper writing down, what if scenario’s. If you see a stock for $1.25, and hypothetically you bought 100 shares at that price, and watched it for a day or two, and it hit your limit of $1.75, you would sell and take your profits. If it did not meet your expected price, and went in the opposite direction, then you would take it on the chin. It is a good thing it was hypothetical. Try this several times, before trying the real thing. Remember there are fees when buying and selling, so factor that in to your profit or loss.

Disclaimer: I am not a licensed broker, and I do not presume to make you any promises that this strategy will work for you. The information is strictly for conversation, and if you choose to use in whole or in part any of this information. You do so at your own risk.

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