Water Well Journal
Issue link: http://read.dmtmag.com/i/655200
go unfilled if the market price is moving so quickly your bro- ker can't execute the order fast enough once the price passes your limit. Day Orders As the name suggests, day orders are good only for the day they are placed. If a day order can't be filled for any reason, it is automatically canceled. Good-'Til-Cancelled Orders These so-called GTC orders normally stay in effect until they are executed by the broker or "until cancelled" by the customer. However, some brokers have their own policies for handling these types of orders. Some will automatically cancel the order if not executed in 30 or 60 days. If you use GTC orders, you should check with your broker to find out his or her policy. Fill-or-Kill Orders A fill-or-kill order tells your broker you want to buy or sell only a specified quantity at a specified price (or better) right away. If the order can't be executed for any reason, it is auto- matically canceled (killed). Fill-or-kill orders are normally used by active stock traders (day traders) looking to profit from relatively small price moves on a daily basis. With all these many types of orders to choose from, it's easy to make mistakes. So know it's always a good idea to call a customer service professional if you need a little help. Information in this article is provided for educational and reference purposes only. It is not intended to provide specific advice or individual recommendations. Consult an accountant or tax adviser for advice regarding your particular situation. WWJ Bill Lynott is a management consultant, author, and lecturer who writes on business and financial topics for a number of publications. His book, Money: How to Make the Most of What You've Got, is available through any bookstore. You can reach him at wlynott@cs.com or through his website: www.blynott.com. Get Business Tools in the NGWA Bookstore Head to the NGWA Online Bookstore at the website of the National Ground Water Association when you're looking for your next business tool to aid your business. You can find cost calculators, contracts, best suggested practices, and more. The calculators are for water well drilling, pump installation, and geothermal drilling. Visit the Online Bookstore at www.NGWA.org when it's time to get your next business tool. WWJ April 2016 43 Twitter @WaterWellJournl