TWM Wiki

Description

TWM - Orders Time in Force

GTC (Good ‘Til Cancelled)

(sometimes shortened to “GTC” instead of “GDC” — double-check your platform, but they mean the same)

  1. Behavior: Your order sits on the book until it’s either fully filled or you manually cancel it.
  2. Use Case: When you want to patiently wait for your price without worrying about a time limit.
  3. Example: Place a buy limit at $50,000 for BTC. It may sit there for hours or days until matched.

IOC (Immediate or Cancel)

  1. Behavior: The order must be matched immediately against the book.
  2. Any unfilled portion is cancelled right away.
  3. Use Case: When you want to take liquidity immediately but don’t want leftover “hanging” orders on the book.
  4. Example: Place an IOC buy for 10 BTC at $50,000. If only 7 BTC is available, you get 7, and the rest (3) is cancelled instantly.

FOK (Fill or Kill)

  1. Behavior: Either the entire order is filled immediately at your price (or better), or the whole thing is cancelled.
  2. Use Case: When you need the full size executed, no partials.
  3. Example: Place a FOK buy for 10 BTC at $50,000. If only 9.9 BTC is available, you get nothing — order is cancelled.

Post-Only

  1. Behavior: Ensures your order only adds liquidity (posts on the book).
  2. If placing it would instantly match against an existing order, the exchange cancels it instead.
  3. Use Case: For maker orders where you want to avoid taker fees (or earn maker rebates).
  4. Example: Place a Post-Only buy at $50,000. If the best ask is $50,000, it would match immediately → exchange rejects/cancels it. If you enter at $49,999, it stays on the book.

✅ In short:

  1. GTC = Stays until filled or cancelled
  2. IOC = Fill what you can now, cancel the rest
  3. FOK = Fill all immediately or cancel entirely
  4. Post-Only = Must rest on the book, never take liquidity


Post-Only is not really a "time in force"

  1. GTC, IOC, and FOK are time in force instructions (they tell the exchange how long the order should live and under what conditions).
  2. Post-Only is more of an execution constraint (it tells the exchange how to handle the order when placing it on the book).

So they are in different "categories."

Does Post-Only override the others?

  1. On most exchanges, yes: if you check Post-Only, the system will ignore IOC/FOK logic because those conflict.
  2. Post-Only + IOC/FOK makes no sense → IOC/FOK want immediate fills, Post-Only forbids immediate fills.
  3. So if you try to combine them, the exchange usually rejects the order outright or defaults to Post-Only behavior.
  4. Post-Only + GTC does make sense → it will sit on the book until filled or cancelled, but never execute immediately.

Typical Exchange Behavior

  1. Binance / Bybit / OKX: If you enable Post-Only and your price would cause an instant match, the order is cancelled automatically.
  2. Coinbase Pro: If you tick Post-Only and it conflicts with IOC/FOK, you’ll get an error message saying “Invalid combination.”

✅ In short:

  1. Post-Only overrides IOC/FOK (or makes the order invalid).
  2. Post-Only works fine with GTC (most common setup).


What is Reduce-Only?

  1. Definition: A Reduce-Only order can only decrease or close an existing position.
  2. If placing it would increase your position size, the exchange cancels or adjusts it.
  3. Mainly used in derivatives trading (futures, perpetuals, margin).

🔹 How It Works in Practice

  1. Example 1 (Closing a long):
  2. You’re long 5 BTC. You place a Reduce-Only sell for 3 BTC.
  3. → If it executes, your position shrinks to 2 BTC long. ✅
  4. Example 2 (Conflict):
  5. You’re long 5 BTC. You place a Reduce-Only buy for 3 BTC.
  6. → This would increase your long to 8 BTC, which violates Reduce-Only.
  7. → Exchange rejects or ignores it. ❌
  8. Example 3 (Closing with exact size):
  9. You’re short 2 BTC. You place a Reduce-Only buy for 2 BTC.
  10. → If it fills, position goes to flat (0). ✅

🔹 Why Use It?

  1. Prevents mistakes where a stop order or TP order accidentally flips your position.
  2. Useful when running multiple exit orders (e.g., several take-profits) and you don’t want overfills to create a reverse position.
  3. Common in hedged strategies where risk management requires that certain orders never add exposure.




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