Stop limit order
An investor can avoid the risk of a stop order not guaranteeing a specific price by placing a stop-limit order. A stop-limit order is an order to buy or sell a stock that combines the features of a stop order and a limit order. Once the stop price is reached, the stop-limit order becomes a limit order to buy or to sell at a specified price. The benefit of a stop-limit order is that the investor can control the price at which the trade will get executed. But, as with all limit orders, a stop-limit order may never get filled if the stock’s price never reaches the specified limit price. This may happen especially in fast-moving markets where prices fluctuate wildly.
Day orders are good only during that trading day. Unless you give your broker specific instructions to the contrary, orders to buy or sell a stock are day orders. Orders that have been placed but not executed during regular trading hours will not automatically carry over into the next regular trading day.
Good Till- Cancelled orders
A Good Till- Cancelled order is an order to buy or sell a security at a specific or limit price that lasts until the order is completed or cancelled. A Good Till- Cancelled order will not be executed until the limit price has been reached, regardless of how many days or weeks it might take. Investors often use GTC orders to set a limit price that is far away from the current market price.
There you have it, all the types of orders you can use in trading financial securities in order to maximize profits or say minimize losses on a bad trading day. As always, best of luck in your trading endeavours.