Its true on Schwab, which is who asked about. Just not stocks that are trading for a nickel, regular session or otherwise.
Yeah wtf... I'll bet ya. Show me one U.S. based broker that deals in stocks that doesn't have a GTC option on any order placed. GTC = Good till cancel btw. $0.03 stocks aside. Schwab has it. Ib has it. TD has it Fidelity has it. Who's left? Robinhood? Never used them, but google is our friend right? .... You can enter orders as Good-for-Day (GFD) or Good-til-Canceled (GTC). https://robinhood.com/us/en/support/articles/order-types/ That about covers that. Next.
What does a GTC or GTD have to do with stops ? Regardless, w/o looking I'd bet my bottom dollar they offer stops and not because they are good for the end client but simply because those paying for the order flow salivate over them.
As I read what he was saying, it was "you can't place stop orders for the next day". The GTC option means I can place a stop order right now and it remains in effect until I cancel it, hence it can be good for the next day, or for the next however many days for that matter.
My response had to do with Trailing Stops. And Schwab has a bit of a different idea about when they are set based on what day you set them. That's why I said know exactly how they work. Check with Schwab. I would imagine you and I would agree on how it's SUPPOSED to work, but Schwab disagrees.
Can you spell out an example? When you say "what day"... huh? The only restriction that exists is they aren't available on the mobile platform. You can't change one in the sense of adjusting the trailing amount... you have to do a complete cancel and make a new order but other than that... give us an example of what you're referring to.
If a stock closes on Friday @ 100 and you set a 5% trailing stop on Sunday, what's the stop price on Monday? I say it's 95. Schwab says it's 5% under whatever the stock opens at on Monday.