Use Good Til Canceled To Buy Stocks At A Discount

Rather than rushing out to buy a stock I’m excited about at the market price, I use the Good Til Canceled method of placing an order.

For example, if you wanted to place your order for the Sprint stock at $4.50 a share, even though the market price was $5.17, you could do it by using the good til canceled option in the Time In Force box.

Instead of choosing the Day option, you could choose the GTC (good til canceled) option.  The system will set a cancel date about six months in the future instead of at the end of the day with your Day order.

This means any time in the next six months if Sprint goes down to $4.50 or below, your order will automatically be filled at the $4.50 price.  And there’s a good chance this will happen.

This is making the market come to you on your terms.  I do this all the time and my orders get filled quite frequently.  And it’s free—no charge.  So there’s no reason not to do this.  This is how you win—by setting the situation up so you buy low!

Also, if you don’t want the order out there for six months, you can just change the Good Til Canceled Date to something less than six months, like one month or two, or a week.  You choose.  You’re in charge now.

Pretty nice, yes?

To your health and prosperity – John

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