Page 19 - Futures Money Machine-Study Session #6

McDowell’s Tips …

• G.T.C stands for Good till cancel. If you were to put in an order on Monday in the March Cocoa to

buy one at 1140 G.T.C then that order remains valid until it gets hit or until you cancel it. If you

do not say G.T.C. it is generally considered to be a day order. Day order means that if you put the

order in on Monday and it is not hit, the order is thrown out at the end of the day. Therefore if

you want the order in on Tuesday you must call it in again on Tuesday.

• We rarely use G.T.C. orders. They are easy to forget and can often get you into trouble. We

place all of our orders as day orders.

• Record keeping is very important. If you are not organized it will cost you money. If you need

help in this area, we suggest the “Trader’s Assistant” by TradersCoach.com.