Last month, the New York Stock Exchange (NYSE) eliminated my favorite order.
It may have been your favorite order too.
What it ultimately did was give you the control over your trades… not the other way around.
Now they claim they eliminated it because they’re trying to protect you.
But the real reason is that traders – like you- are just making too much money.
And I’ve got the proof.
I’m also going to tell what they don’t want you to know…
Let’s get started
Unleash the Fury of the Good-Til-Cancelled (GTC) Order
As we know, the GTC order can work on a closing order just as well as it can on opening an order. Once the trade is filled, you could place a sell-to-close, GTC order on the option.
This is how a sell-to-close, GTC order would look on an order form:
Since our fill was at $2.75 on our GME trade, we’d reach 100% return on investment – a double- once it hit $5.50.
And that’s exactly what happened…
Our GME trade filled at $5.50, giving us a double.
Now I have to stress that you can still go ahead and close your position if you see a profit before the GTC order hits the price you set. If you do that, I would encourage you to exercise caution and cancel the GTC order first before placing a new sell-to-close order.
The bottom line is…
The GTC order allows you to place your trade and move on with your life instead of spending your entire day chasing after it… and reap the rewards.
And as far as the NYSE’s restriction on GTC orders… well the joke is on them…
Because the National Association of Security Dealers (NASDAQ) and most brokers still accept them.
So the way I see it, the GTC order lets you live your life – and make thousands of dollars doing so.
STRATEGY: Using the Good-Til-Cancelled (GTC) OrderWhile it’s true that the New York Stock Exchange (NYSE) stopped accepting GTC orders on February 26, 2016, you can still tell your broker to enter a GTC order for you. Here’s what you should know about the GTC order :
- It can be used on stocks and options.
- It gives you the control to decide if and when you want to cancel or execute a trade.
- It can be used when opening and closing a trade.
- It is still accepted by the NASDAQ and most brokers.