<h2>Not-Held Order</h2>
<p>A <strong>not-held order</strong> is a type of order instruction used in trading that, when executed, does not hold the trader's position open overnight. It is also known as a <strong>day order</strong> or <strong>day trade</strong>. This article explains how not-held orders work, why they matter to traders, and provides an example using MetaTrader 5.</p>

<h2>How It Works</h2>
<p>Not-held orders are designed to close out a trader's position before the end of the trading day. Here's how they work:</p>
<ul>
  <li>When you place a not-held order, you're instructing your broker to close your position at a specified price or when a certain condition is met.</li>
  <li>Unlike <strong>good 'til cancelled (GTC)</strong> orders, not-held orders expire at the end of the trading day if they haven't been executed.</li>
  <li>If the order is executed, any resulting profit or loss is settled at the end of the trading day, and your account is adjusted accordingly.</li>
</ul>

<h2>Why It Matters for Traders</h2>
<p>Not-held orders can be beneficial to traders in several ways:</p>
<ul>
  <li><strong>Risk Management:</strong> By closing out positions at the end of the day, traders can manage their risk more effectively. They avoid potential losses that could occur due to adverse price movements overnight.</li>
  <li><strong>Cost Efficiency:</strong> Some brokers charge overnight financing fees for positions held open overnight. Using not-held orders can help traders avoid these fees.</li>
  <li><strong>Flexibility:</strong> Not-held orders give traders the flexibility to take advantage of intraday price movements without committing to a position overnight.</li>
</ul>

<h2>Example</h2>
<p>Let's say you're trading EUR/USD on MetaTrader 5 with STB Provider. You've opened a long position in the morning, and the price has moved in your favor. To lock in your profits and avoid any potential overnight risk, you place a not-held order to close your position at a specific price:</p>
<table>
  <tr>
    <th>Instrument</th>
    <th>Quantity</th>
    <th>Type</th>
    <th>Price</th>
    <th>Expiry</th>
  </tr>
  <tr>
    <td>EUR/USD</td>
    <td>1.00</td>
    <td>Limit</td>
    <td>1.18500</td>
    <td>Today</td>
  </tr>
</table>
<p>If the price reaches 1.18500 before the end of the trading day, your position will be closed, and your profit will be realized. If the price doesn't reach this level, your order will expire at the end of the day.</p>

<h2>Key Takeaways</h2>
<ul>
  <li>Not-held orders are designed to close out a trader's position before the end of the trading day.</li>
  <li>They expire at the end of the trading day if they haven't been executed, unlike GTC orders.</li>
  <li>Not-held orders can help traders manage risk, avoid overnight financing fees, and trade with more flexibility.</li>
</ul>