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Question: Can I place a day order on one of my stocks at BUYandHOLD? Or even on two at the same time?

Jimmy Sparks

Answer:

Dear Mr. Sparks,

First, let's define day order for those who are unfamiliar with the term.

Definition

A day order is an order placed by a brokerage firm's client (not by the broker but through the broker) to buy or sell a security. The order will automatically expire at the end of the trading day if it is not executed -- in other words, on the same day when it is entered.

For example, if you place a day order to buy 100 shares of Company XYZ at 10:15am on a Tuesday, it will expire at the end of the trading day on that same Tuesday if you have not contacted your broker to fill your buy position.

Why use day orders?

There are several reasons why day orders are a real plus.

A day order gives you the opportunity to consider your initial request to buy (or sell) a stock throughout the day.
Perhaps you're waiting for a news announcement related to the company and you want to know if the news is positive or negative.
Perhaps company earnings will be announced at noon...and then you'll decide whether to buy.
Perhaps you're the type that makes quick (maybe even rash?) decisions when you wake up in the morning and you know you should think about them more calmly during the day.

At BUYandHOLD

Here at BUYandHOLD, you cannot place a day order, however you can select a specific trading window on a specific day in which to place your order. Please keep in mind that all orders at BUYandHOLD are market orders. Window Trade orders are processed at 10:00-11:00AM EST, 12:30-1:30PM EST, and 3:00-4:00PM EST Monday to Friday, when the market is open. Please keep in mind you must place the order before these periods for us to process them during the desired session. If an order is not fulfilled for the trading window you selected for any reason, the order will be routed to the next trading window.

While this is not a day order, you do have some control over the time period that your trade is processed. Before the trading session begins, you do have the option to cancel your trade or to change the trading window. And, yes, this can be done on as many stocks as you wish, although keep in mind, that the more you place the more tracking you will need to do throughout the day!

Good luck!

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