What is a day order?
In one line: A day order stays active only for the current trading session. If it hasn't filled by the end of that session, the broker cancels it.
How it works
You place an order and choose "Day" as its Time in force. The broker keeps trying until the session ends. Then any unfilled part is canceled. Tomorrow starts clean.
For many stock platforms, Day is the default setting.
When does "the day" end?
That depends on the market and your broker.
- US stocks: the regular session runs 9:30 am to 4:00 pm ET. A plain day order usually expires at 4:00 pm. Some brokers let you tick a box to include pre-market and after-hours.
- Futures: most trade nearly 24 hours, with a daily break. The "day" is the exchange's trading session, which often ends in the late afternoon ET, not at midnight.
- Forex: brokers set their own daily cutoff, often 5:00 pm ET.
Check your broker's rule once and write it in your plan.
A simple example
At 10:00 am, a stock trades at $64. You place a buy Limit order at $62.50, good for the day.
- Price dips to $62.40 at 1:15 pm. Your order fills at $62.50 or better.
- Or price never gets lower than $63.10. At 4:00 pm your order is canceled. Nothing happened, and nothing is left waiting overnight.
Why it matters
Day orders keep old ideas from filling on a new day. A setup you saw on Tuesday may not make sense on Wednesday, after news or a gap. A day order makes you look again before you act.
That fits Day trading well. Every plan starts and ends with the session.
A common mistake
Using a day order for a stop on a trade you hold overnight. At the close your Stop loss disappears. If the stock gaps down the next morning, nothing is there to get you out. For anything held past the close, use a GTC order or set the stop again each morning. The choice is laid out in day order vs GTC.
Questions
Do day orders work after hours?
Usually not, unless you choose an extended-hours option. Many brokers make you pick it on purpose, because prices can move more and the spread is often wider then.
What happens to a partially filled day order?
The part that filled stays filled. The rest is canceled at the end of the session.
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