What it means
Good-For-Day is a time-in-force instruction that automatically cancels the order at session close (typically 5pm ET for FX, 4pm ET for US equities). Distinct from GTC (lives indefinitely) and IOC (must fill immediately or cancel). Default for many platforms unless the trader specifies otherwise.
Why it matters
GFD prevents stale orders from leaking into the next session unnoticed. For pure intraday strategies, GFD enforces clean separation between trading days and prevents a forgotten order from firing on a Monday-morning gap.
How to use it
Use GFD for intraday entries, intraday stops, and any order that should not survive the daily reset. For multi-day swing positions, switch to GTC instead.
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