Time-Of-Day Order

Time-of-day orders allow traders to set specific times for their stock orders. It's a way to set up an automatic trade surrounding a key event you think will impact your portfolio.

You think a company will release a good earnings report. It's a chain of florists, and your theory is that romance is set for a rebound. You've also gone long chocolate makers and stuffed bear manufacturers.

For your flower play, you want to buy the stock moments before the news is set to be released. You can use a time-in-force order to set that up. That way, if you get a surprise bouquet delivered to the office just as the earnings report is set to hit the newswires, you won't miss your opportunity...while lovingly sniffing the roses.