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Placing a Sell Order on Line
Old 09-24-2006, 03:19 PM   #1
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Placing a Sell Order on Line

I thought GTC (good to cancelled) gave you somewhat unlimited time for a sell order. But I see on Ameritrade that I can only give a GTC until the end of the following month. Is that typical?
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Re: Placing a Sell Order on Line
Old 09-24-2006, 03:40 PM   #2
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Re: Placing a Sell Order on Line

Its good for 60 days at Schwab, IIRC.
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Re: Placing a Sell Order on Line
Old 09-24-2006, 03:41 PM   #3
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Re: Placing a Sell Order on Line

Good till cancelled on most online brokers that I use do have a termination date. *Up to three months on one that I now have active. *So yes, it seems pretty normal to me.
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Re: Placing a Sell Order on Line
Old 09-24-2006, 09:52 PM   #4
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Re: Placing a Sell Order on Line

Quote:
Originally Posted by modhatter
Is that typical?
120 days at Fidelity.

It's good until it's canceled, not necessarily by you!
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Re: Placing a Sell Order on Line
Old 09-25-2006, 09:55 AM   #5
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Re: Placing a Sell Order on Line

60 days @ e*trade
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Re: Placing a Sell Order on Line
Old 09-25-2006, 10:20 AM   #6
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Re: Placing a Sell Order on Line

Quote:
Originally Posted by modhatter
Is that typical?
Yes, if your order doesn't hit within 30 days most places cancel it. Pershing and Schwab give you 60 as Brewer indicated.

They figure...

1. if it doesn't happen in 30 days it isn't going to
2. They don't want their order books willing up with way out limit order that may never get filled
3. They don't want to get sued by some jackass that puts in a $30 buy on a $100 stock and winds up buying it on the way down when XYZ goes BK, etc.
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