Here's some additional pointers when you place orders using the Tiger mobile application or on desktop!
You might also notice some additional parameters to input, such as the time-in-force, and whether to fill outside RTH. I will now break down both concepts briefly.
Time-in-force normally consists of Day and Good-till-Cancelled (GTC). For Day orders, they will expire at the end of the the trading day, or the end of after hours trading, depending on whether your broker has after hours trading enabled. As for GTC orders, they will only expire when you cancel them manually, or when a certain period of time has elapsed, after which the system will automatically cancel your order regardless of the status of order fulfilment. Normally, GTC orders could remain in place for stocks with low liquidity, since by FIFO logic, the earlier your order, assuming the prevailing bid-ask spread remains unchanged, the faster it is fulfilled.
As for whether to fill outside RTH, let me first explain what RTH refers to. It stands for regular trading hours, which is from 9:30pm - 4am (during Daylight Savings period) and from 10:30pm - 5am (outside of Daylight Savings period). If you only want your order to fulfil during this time, then select "No". If you want it to fulfil outside RTH (other than during RTH), which refers to pre-market (4:30pm - 9:30pm during DST, 5:30pm - 10:30pm outside of DST) and after hours (4am - 8am during DST, 5am - 9am outside of DST), then select "Yes".
Good luck to all traders and investors! I hope this order type guide (Part 1 to 4) has proven useful to you!
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