Most of you requested that we bring the GTD/GTC feature on Jiffy, and here we are… GTD/GTC is now live in Jiffy on popular demand. Now you can simply ‘set and forget’. Meaning, you can set the expiration date for your buy and sell order, instead of repeatedly logging into your account on a daily basis to place limit trades.
Generally, when you place an order, it comes with a one-day validity, which means that it gets cancelled at the end of the trading day, but with GTD/GTC we wish to enable you to extend your orders for longer periods until the order is fulfilled, cancelled or expired.
What Is It Exactly?
GTC in the stock market, or rather, a Good Till Cancelled Order allows you as an investor to place a Buy or Sell order that will stay active until the price is reached or until it expires (450 days from the date the order was set).
GTD in the stock market means a Good Till Date Order, which allows an investor to place a Buy and Sell order till a specific date (one-year time frame) and will stay active unless executed or cancelled.
Is It Useful?
GTD and GTC orders make your trading/investing experience more convenient. Here’s how they prove beneficial:
- You do not need to log in every day to place a limit order during the trading session.
- You have more flexibility in terms of placing an order with a longer horizon in mind.
- Your monitoring efforts are reduced.
- If you are an investor who is looking to sell/buy a desired quantity of shares at the desired price within a custom time frame, without half the effort – GTD and GTC is your best bet.
How To Place A GTD/GTC Order In The App?
- Search for your scrip.
- On the ‘Scrip Overview’ page, tap on ‘Buy’.
- Enter the ‘Price’ and ‘Quantity’ and the amount will be automatically updated.
- Tap on the ‘GTD’ option following which you can enter the ‘Date’ by when you wish your order to be executed.
- Click on ‘Buy’.
- Verify your order details and confirm the buy order by tapping ‘Yes’.
- Navigate to ‘Orders’ and visit ‘Pending’.
- By tapping on ‘Details’ you can re-check your order details.
- In order to modify your order, tap on the ‘Modify’ option and to cancel your order, use the ‘Cancel’ option.
You can place the Good Till Cancelled Order in a similar way. The only change being, you have to select the GTC option instead of GTD; and you’re good to go. There will be no date input necessary in this case.
How Does GTD/GTC Work On The Web?
- Search for the scrip.
- On the ‘Scrip Overview’ page, select ‘Buy’.
- On the ‘Order Page’, select ‘Advanced Options’ and then choose ‘GTD’.
- Enter your ‘Price’ and ‘Quantity’ and select the ‘Date’ by when you wish your order to be executed.
- Select ‘Buy’ and click on ‘Place Order’ on the confirmation pop-up after checking order details
The process for the GTC Limit order is similar. All you have to do is choose GTC instead of GTD and proceed.
Important Things to Remember
- GTD/GTC is applicable only for the Equity Cash Segment.
- GTD orders have a 1-year validity in Jiffy. The order will automatically cancel after a year so the user needs to activate it again.
- You need to ensure a sufficient margin is maintained in your account.
- Maximum validity for GTC orders is 450 days.
- There is no limit on the number of GTC/GTD orders you can place.
To get the GTD/GTC feature, please update your app if you are using Jiffy on iOS or Android.