William K76 Scott#24

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What is time-in-force in forex orders and why does it matter?

Time-in-force (TIF) defines how long an order remains active. Common types: GTC (Good-Till-Cancelled), DAY (expires end of day), IOC (Immediate-or-Cancel), and FOK (Fill-or-Kill). Institutions use TIF to align execution with strategy—IOC for liquidity probing, GTC for swing entries, and FOK for block trades needing full fill. Benefits: precision in execution, reduced unintended fills. Risks: misuse may lead to missed opportunities (e.g., FOK cancels if not fully filled). Retail traders can exploit TIF by tailoring orders to strategy—scalpers use IOC, position traders use GTC. Mastering TIF transforms order placement from generic to strategic, improving both control and consistency.