Order duration

Every order answers two questions. The first is at what price (market, limit, stop). The second is for how long. This lesson covers the second one, which most platforms call time in force, or TIF.

CME calls these instructions order qualifiers. A duration is required on every order, even if your platform fills it in for you without asking.

Day orders

A day order is active only for the current trading day. CME’s Globex reference says day orders expire automatically at the end of the day and do not carry over to the next trade date. The CFTC glossary agrees: a day order expires automatically at the end of each day’s trading session.

Two important details:

• Day is the default. CME Globex assumes every order is a day order unless it is marked otherwise. CME’s beginner course also says futures orders are typically submitted as day orders.
• “Day” means the trading day, not the calendar day. You learned in Runner Lesson 10 that a futures trading day starts the evening before. So “end of the day” means the end of that trading session, not midnight.

Day orders are tidy. If you forget about one, it cleans itself up.

Good Till Canceled (GTC)

A Good Till Canceled order stays alive across trading days. CME’s Globex reference says a GTC order remains active until it is completely filled, it is canceled, or the contract itself expires. The CFTC glossary calls this kind of order an open order: it stays in force until canceled or until the futures contract expires.

Notice the last part. Futures expire (Runner Lesson 9), so even a GTC order cannot outlive its contract. A GTC order on a September contract does not move itself to December.

When you place an order on CME’s Trading Simulator, for example, the ticket asks you to choose a time in force of DAY or GTC. Real platforms do the same, though the default setting varies.

Good Till Date (GTD)

CME also lists Good Till Date: the order stays active until it fills, is canceled, reaches a date you choose, or the contract expires. Think of it as a GTC with a built-in expiry. Not every platform offers it.

Instant-or-nothing qualifiers

You may also see two qualifiers that are about immediate action rather than a span of time. CME defines them like this:

• Fill and Kill (FAK): fill whatever can be filled immediately against resting orders, and cancel the rest.
• Fill or Kill (FOK): fill the whole order immediately, or cancel all of it.

CME accepts both only while the market is open. Beginners rarely need them; just recognize the names.

The danger of the forgotten order

A GTC order is useful when you want an order to keep working while you step away for a few days. It is also a trap.

Picture this: on Monday you place a GTC buy limit far below the market, then forget about it. On Thursday price drops through it and you are suddenly long a contract, possibly at a moment you are not even watching. Nothing went wrong with the order. It did exactly what you told it to do.

Good habits:

• Leave the default as Day unless you have a specific reason for GTC.
• Check your working orders at the start and end of every session, not just your open positions.
• Cancel what you no longer want. Orders do not know your plans changed.

Key ideas

• Time in force says how long an order stays working.
• Day orders expire at the end of the trading day. On CME Globex, Day is the default.
• GTC orders stay working until filled, canceled, or the contract expires. GTD adds a chosen end date.
• FAK and FOK are immediate qualifiers: fill now or cancel.
• Forgotten GTC orders can open trades you no longer want. Review working orders every session.