Good For the Day

Good For The Day - This is a type of trading order that expires immediately after the day for which it is set.
Good Until Cancelled - A good until cancelled order will remain on the broker's books until you actively cancel the order.
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Good For the Day
A command to buy or sell for a day (that is, at the trading's close).
Good til Canceled ...

Good for the Day (GFD)
A GFD order remains active in the market until the end of the trading day. Because foreign exchange is a 24-hour market, this usually means 5:00 pm EST since that's the time U.S.

Good For the Day: buy or sell limit order will expire at close of trading if not executed.
Good til Canceled: buy or sell limit order remains active until you cancel it.

GFD ("Good for the Day") Order
This type of entry order is just the opposite of the above GTC order. A GFD order remains active in the market only until the end of the trading day. Then it will automatically cancel.

A day order is good for the day when given whereas a good until cancelled order will remain in effect until the buy or sell is executed or a specific stock order is given to cancel.

I want to cancel the order--can I? If I place a "good for the day" buy and before the end of the day I want to cancel the order--can I. Do I have to wait until end of day to cancel that ...

It is by utilizing these orders that you control the trading of currency as per your requirements. The specific periods these orders operate within are shown as GTC (Good till cancelled), GFD (Good for the day) or OCO (Order cancels other).

See also: Order, Market, Orders, Profit, Trading