If you like to buy individual stocks rather than mutual funds, you should become familiar with the letters, GTC. GTC stands for "good 'til cancelled" and allows an order to remain in effect until it's executed, cancelled or expires.

Expiration dates for GTC orders usually vary by brokerage firms and are typically one to three months in duration once your order is placed.

Most people place day orders with their brokers, meaning your order will only be good the day you call. If you're buying Microsoft or McDonald's, that's fine and dandy. With all the trades that are executed on big stocks, you own the shares before the closing bell rings.

But if you want to buy a scantily traded stock, you might not be so lucky. If no trades take place that day, your buy order goes un-executed without a GTC order.

If you want to own a stock but want it at a cheaper price, place a GTC order.

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