Do you want to convert your day trading position to the next trading day ??
If your answer is yes than read following tips below.
When you day trade,there might be few extraordinary profitable trading days,when you want to hold and carry those stocks or derivatives etc to the next trading day.
If you expect more profits from the same position,you might look to extend the position.
Type of orders to use when converting or retaining a day trading position to the next trading day
When you day trade,mostly all broker provide different types of order.
One type of order is for investment purpose and other type could be for day trading.
It depends on what order you have placed.
With some stock brokers like sharekhan,zerodha etc you have separate order types for intraday/day trading like big trade orders,MIS order etc.
These orders are for intraday only which gets squared off automatically.
So if you want to hold same stocks for next day,you can cut the position placed with intraday orders and place a new order with investment mode.
If you want to carry forward your stop loss order for next day,you can use gtc orders or MYGTD and in MYGTD orders you can specify a date within next 30 days.
So your orders remain valid for next 30 days with target and stop loss fixed.
Below you can see big trade order image reference with bracket orders.This is for intraday/day trading.
Here is another image showing investment type orders with my GTD bracket orders.
You can keep stop loss orders active for next 1 month.
This is very useful for investors.
Converting or retaining a day trading position to the next trading day is done by changing the order types.
Usually good traders don’t look to carry forward there positions,unless they have made good profits in day trading itself.
If you expect a gap opening in direction of your trades,then carrying forward your intraday/day trading position makes sense.