When you set a limit order of any sort (Stop Limit or just Limit) you will be asked when do you want it to expire by (the actual execution of the trade not how long you hold the shares).
Here are 2 of the most common limit orders for you to choose from:
GFD- Good for Day Order – whatever price you decide you only want it executed during market hours of that day. If it doesn’t reach that price that day, it will be canceled and you can decide what you want to do the next day.
GTC – Good Til Canceled – this order will not be canceled over night or even in the near future. You can set the dates you want it to be canceled as well.
These are the most important to know and always remember to set it right!
Marina 'The Trader Chick' Villatoro