Which 'duration' setting do I choose — good-till-cancelled (GTC) or something else?

Choosing the order type for your trade is a personal decision.

Zach does not recommend a specific order type, although he does mention the following on Page 8 of the report How to Use Options (which you can read here): “Remember to cancel orders that aren’t filled in a day or two to make sure you don’t end up selling an option you no longer wish to trade.”

Below, you’ll find definitions of some common order types. Please note the terminology varies from broker to broker.

• Day Order — A day order is an order that is good for that day only. It will automatically expire if the trade is not executed on the day the order was placed.
• Good-till-Canceled (GTC) — An order that remains active until the investor decides to cancel it or the trade is executed.
• Good-till-Date (GTD) — A GTD order remains active until a user-specified date, unless it has been filled or canceled.
• Immediate-or-Cancel (IOC) — Requires all or part of the order to be executed immediately; otherwise, the order (or any unfilled parts of the order) will be canceled.
• Fill-or-Kill (FOK) — This order type must be filled immediately in its entirety or it will be canceled. Partial fills are not accepted with this type of order duration.

Be sure that you fully understand the component parts of your order before placing it.

If you have any further questions about which order type to select, please contact the customer service department at your brokerage.