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There is another spin you can put on the limit order called the "good till cancel" or GTC. That just means that they will electronically book your order for about 60 days, and if it is possible to buy XYZ at 53 or below, they will. You won't even know

There is another spin you can put on the limit order called the "good till cancel" or GTC. That just means that they will electronically book your order for about 60 days, and if it is possible to buy XYZ at 53 or below, they will. You won't even know when it happens. We don't use them too much for buying a stock, but we do use them for selling. For instance let us suppose that you bought XYZ for 50 and would like to get two dollars profit from it. You could call your broker and tell him that you would like to place a good till cancel order to sell XYZ at 52. Then for about 60 days if XYZ gets to 52 it will fire off electronically (you won't even know it happened, and you will be two dollars a share richer!) and sell your stock.

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You could call your broker and tell him that you would like to place a good till cancel order to sell XYZ at 52.

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We don't use them too much for buying a stock, but we do use them for selling.

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