Day orders in the bidding
Unless otherwise specified, orders that you place with your broker are entered as day orders. Day orders remain in effect only during the trading day, when they were placed. If, for one reason or another, your order was not executed during the regular trading day, then it will not be postponed to the post-trading time or to the next regular trading day. Regular trading day lasts from 9.00 to 16.00.
On the other hand, electronic communication networks today provide an opportunity for individual investors to participate in trades held at the end of a regular trading day. If you placed your order with the help of ECN during the post-trading time, it can only be executed during the corresponding post-trading session, but cannot be postponed to the next regular trading day.
If your day order has not been executed, you will have to place it again.
Re-placement of the same orders can be avoided by using an order that remains in effect until it is canceled, or an open order.GTC orders are placed at a limit price and remain in effect until the moment they are actually executed or until you decide to cancel them. The GTC order will not be executed until the corresponding limit price is reached, no matter how many days or even weeks it may take.
This type of order can be used when you want to set a limit price that differs significantly from the current market price. Many brokerages limit the time during which the GTC order can remain in the system. Most brokerage firms charge higher fees for the execution of orders of this type.
The less common types of orders include conditional orders, orders such as "all or nothing" and "execute or cancel." Conditional orders are placed on the terms that some of your other shares will be sold before this order is placed. An “all or nothing” type order indicates that all shares of a particular package must be purchased according to the listed conditions; otherwise, none of the shares in this package should be purchased.An order such as “execute or cancel” must be executed immediately after it is placed; otherwise, it is canceled.