A few words about timing

At Schwab, you have several choices for how long your limit order stays active. 

• Day only. Order is active for one regular trading session only (or the remainder of the trading session if the order is entered while the market is already open).

• Good till canceled (GTC). Order is active between the hours of 9:30 a.m. and 4 p.m. ET and active for up to 180 calendar days (unless filled or canceled). Orders placed after 4 p.m. ET during the weekend or on holidays will be active the next trading day.

• Day + extended hours. Order is active during all equity trading sessions from 7 a.m. to 8 p.m. ET for one day only. Orders placed after 8 p.m. ET during the weekend or on holidays will be active the next trading day.

• GTC + extended hours. Order is active for all equity trading sessions from 7 a.m. to 8 p.m. ET and is active for up to 180 calendar days (unless filled or canceled). Orders placed after 8 p.m. ET during the weekend or on holidays will be active the next trading day.

• Extended-hours a.m. (Ext. AM). Order can be placed between 8:05 p.m. ET (previous trading day) and 9:25 a.m. ET. The trade, however, is active only during the Ext. AM session for that day. The Ext. AM session runs daily from 7 a.m. to 9:25 a.m. ET, Monday through Friday, excluding market holidays.

Extended-hours p.m. (Ext. PM). Order can be placed Monday through Friday between 4:05 p.m. and 8 p.m. ET. The trade, however, is active only during the Ext. PM session for that day. The Ext. PM session runs daily from 4:05 p.m. to 8 p.m. ET, Monday through Friday, excluding market holidays.

While placing orders in extended hours is sometimes viable, traders will want to consider some of the downsides as well. First, only limit orders are accepted in extended orders; market and stop orders are not. Second, trading activity often falls sharply at the end of normal trading hours and the lack of liquidity in extended hours can pose additional risks, especially during the GTC+ extended-hours time frame. For example, an earnings report or other news.