Stop Loss order valid for multiple days; during off-hours

#1
I have 5-6 stocks in my portfolio, and I always like to have a SL in place to save my investment from any sudden collapse. However currently I am placing SL orders everyday for ALL securities DAILY,which is a painful exercise, liable to misses. Can someone suggest:

1. Which brokers allow GTD /VTC Stop Loss orders? ICICIdirect claims so, but it doesnot allow SLTP, and only accepts Limit Price, which is useless for downside movement.

2. ICICIdirect allows placing SL orders only in Market Timings. Is there some broker who accepts SL orders off-market-hours also?

Thanks in advance..
 
#5
Dear All,

GTC order type not allowed in NSE or BSE as far as I know. This beautiful and loss saving option is available in MCX sector. This the primary reason I used to trade in MCX.

Regards,

S.ATHARSH
 

DSM

Well-Known Member
#6
A true story : I remember reading about a US based investor, who had placed a GTC order and forgot about it. A couple of months later, while reviewing his account statement, the trader realised that he had lost couple of hundred of thousands of dollars, because of the GTC order that he had placed and then forgoten to cancel. The GTC order was triggered automatically after a few days, which the passive investor was not aware of.

GTC orders are like a double edged sword. There is a good and bad side to everything, and to GTC order system as well. This is also a reason why NSE does not allow GTC orders.

GTC orders, still a dream for traders, why dont they introduce it?
 

onlinegtrash

Well-Known Member
#7
A true story : I remember reading about a US based investor, who had placed a GTC order and forgot about it. A couple of months later, while reviewing his account statement, the trader realised that he had lost couple of hundred of thousands of dollars, because of the GTC order that he had placed and then forgoten to cancel. The GTC order was triggered automatically after a few days, which the passive investor was not aware of.

GTC orders are like a double edged sword. There is a good and bad side to everything, and to GTC order system as well. This is also a reason why NSE does not allow GTC orders.
Infact it's especially useful for passive traders, who can choose to trail their positions once their trade goes in their favor!
This is the single most greatest way to catch big trends over longer time periods.

GTC is great bcoz the good it can cause far outweighs the problems it causes when misused.

Even a match box is dangerous if it's misused. we have simple rules, don't use matchbox near can of petrol/firecrackers.
A simple heuristics rule like :'have GTC only to close an open position' can solve the 'forgotten cancel' problems.

I have many of my friends whose portfolio went green and back to red after few months,
only if they had GTC SL it would have saved a ton of money to many passive traders who
can't afford to keep an eye on market price and ever changing market fundamentals/news.

I think this is brokers conspiracy! A simple introduction of GTC will take most small time frame traders
to long time frame in inadvertently and this is NOT good for brokers business and I guess it will cost ton
of money in revenue to brokers/exchanges. Technically it is a trivial thing to implement GTC orders unlike other complex orders,
but exchanges incentives are misaligned to that of retail traders.
 

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