What is a GTD order?
GTD stands for 'good 'til day (or date)' and is a type of order that is active until its specified date, unless it has already been fulfilled or cancelled.
If they haven't been executed, all orders are cancelled at the end of the trading day on the date specified on the order, so GTD orders are used to cover longer periods of time.
Where have you heard about a GTD order?
GTD orders are commonly used by long term investors who may want to buy or sell a lot of securities at a set price.
What you need to know about GTD orders...
Rather than keep setting up the same order each day, a GTD order can be used to keep it open until a certain date.
It's condition-based, which means the order will only be fulfilled if it meets your set parameters (usually when certain prices are reached). Otherwise it will expire on your specified day.
Usually a GTD order is active for a maximum of 90 days.