What Is Good This Week (GTW)?
Let me explain what a Good This Week (GTW) order is—it's a trading order that stays active only until the end of the week you place it. If it doesn't get executed by then, the system cancels it automatically.
Key Takeaways
You should know that a GTW order expires at the week's end without any action from you. These aren't common on discount brokerage sites, so you might not see them often. Instead, you'll typically deal with market orders, limit orders, or Good 'Til Canceled (GTC) orders, which last longer.
Understanding Good This Week (GTW)
A GTW condition usually attaches to limit or stop orders. You won't find them on most discount platforms; they're more of a feature from full-service brokers that let you customize trades more. GTW sits in the middle—longer than a single trading day but not forever like some orders.
If you're using GTW, make sure your order lines up with any big events that could move the stock price. For instance, say it's Wednesday and you expect a stock to jump on Monday's news. You could place a GTW to buy before that, valid through Friday. But if it doesn't fill by Friday's close, it's gone, and you might miss the rise if you don't check.
Most traders haven't touched GTW because brokers don't offer them widely. They stick to market, limit, or GTC orders instead. GTC is like GTW but sticks around until you cancel it or it executes. In that example, a GTC might have caught the Monday move for you.
GTW Example
Imagine you're investing in stocks through a full-service broker, giving you access to market orders, limit orders, GTW, and GTC. You're eyeing XYZ Corporation shares, expecting them to climb after a product announcement.
You weigh your choices: A market order gets you shares at the current best price, but a sudden sentiment shift could jack up your cost. A limit order caps your price, but it might not execute if the market doesn't hit it.
Then there's GTW and GTC. GTW works like a market order but only until week's end. GTC has no expiration, so it could go on forever. You opt for GTW and set a reminder to verify execution by Friday.
