GTT- Good till triggered some uses are as follows:
Automated Trading Strategy: GTT orders allow traders to set up automated strategies for buying or selling assets based on predetermined market conditions, such as price levels.
Risk Management: By setting GTT orders, traders can effectively manage their risk by specifying the price at which they are willing to buy or sell an asset. This helps in preventing large losses in volatile markets.
Capitalizing on Market Opportunities: Traders can use GTT orders to take advantage of market opportunities without being present 24/7. For example, setting a GTT order to buy a stock if its price drops to a certain level ensures that the trader doesn't miss the chance to buy at a lower price.
Disciplined Trading: GTT orders enforce discipline in trading by adhering to a predefined strategy rather than making impulsive decisions based on market fluctuations.
Time Efficiency: These orders save time for investors by automating the trading process, freeing them from the need to constantly watch the market.
Long-Term Planning: GTT orders are particularly useful for long-term investors who have specific price targets for entering or exiting positions. Once set, these orders remain active until the trigger conditions are met, regardless of market volatility.
It's important to note that while GTT orders offer many benefits, they also carry certain risks, such as the possibility of the market moving quickly past the trigger price without the order being filled. Investors should use them as part of a well-considered trading strategy and remain aware of the conditions under which these orders may or may not be executed.