Good Till Cancelled (GTC)
Order TypesA pending order that remains active until it is either filled or manually cancelled by the trader. There is no expiration date.
What Is a Good Till Cancelled Order?
A Good Till Cancelled (GTC) order is a pending order (Limit Order or Stop Order) that stays active in the market indefinitely until it is either executed or cancelled by the trader. Unlike day orders that expire at the end of the trading session, GTC orders persist across sessions.
GTC Orders in Practice
Most forex platforms use GTC as the default for pending orders. If you place a buy limit on EUR/USD at 1.0800 on Monday, the order remains active through Tuesday, Wednesday, and beyond until the price reaches 1.0800 or you cancel it. This is convenient for traders who identify a level they want to enter at and do not want to re-enter the order each day.
Managing GTC Orders
While GTC orders are convenient, they require monitoring. Market conditions can change significantly over time, and a level that seemed attractive a week ago may no longer make sense. Regularly review your pending GTC orders and cancel any that no longer match your analysis. Some brokers set a maximum duration (such as 90 or 180 days) for GTC orders even if the platform labels them as GTC.
Related Terms
Fill or Kill (FOK)
An order that must be filled immediately and in its entirety, or it is cancelled completely. There is no partial fill.
Immediate or Cancel (IOC)
An order that must be filled immediately. Any portion not filled instantly is cancelled. Unlike fill-or-kill, partial fills are accepted.
Limit Order
An order to buy below or sell above the current market price. Limit orders guarantee price but not execution.