Good Till Cancel (GTC) Order
A GTC order stays active in the market until it fills, you cancel it, or it reaches your broker's maximum duration limit. It lets you set entry or exit points without re-entering orders daily.
In plain English: "Keep this order open until it triggers or I decide to remove it."
What Is a Good Till Cancel Order?
A Good Till Cancel (GTC) order is a pending order that remains active until one of three things happens:
- The order gets executed (filled) when price reaches your level.
- You manually cancel the order.
- The order reaches your broker's maximum duration limit and expires (typically 30-90 days).
Unlike day orders that expire at session end, GTC orders persist across multiple trading sessions—ideal for swing traders and position traders who don't want to re-enter orders daily.
How GTC Orders Work
When you place a GTC order, your broker stores it and continuously monitors the market. Here's the typical lifecycle:
GTC Order Lifecycle
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1
Order Placement You specify your order type (limit or stop), price level, and select GTC as the time-in-force.
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2
Active Monitoring The order sits on the broker's system, waiting for the market to reach your specified price.
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3
Execution or Expiry The order fills when price reaches your level, or expires after the broker's maximum duration.
In forex and CFD markets (24/5 trading), GTC orders can execute at any time—including overnight when you're asleep.
📊 Example: GTC Buy Limit
EUR/USD is trading at 1.0850. You believe 1.0750 is strong support and want to buy there.
The order remains active for weeks. Two weeks later, during overnight trading, EUR/USD drops to 1.0750 and your order executes automatically—even though you were asleep.
Your attached stop-loss and take-profit are now active on the new position.
GTC vs Day Orders: Key Differences
Understanding the difference between GTC and Day orders is essential for choosing the right time-in-force:
| Feature | GTC Order | Day Order |
|---|---|---|
| Duration | Until filled, cancelled, or broker expiry (30-90 days) | Expires at end of trading session |
| Best For | Swing traders, position traders | Day traders, short-term strategies |
| Maintenance | Set and forget (review periodically) | Must re-enter daily if not filled |
| Risk | May execute after fundamentals change | May miss overnight moves |
⚠️ Important
In stock markets, GTC orders typically don't execute during pre-market or after-hours. In forex/CFD markets (24/5), GTC orders can trigger at any time during market hours.
When to Use GTC Orders
✅ Ideal Situations
- Waiting for price to reach key support or resistance levels.
- Swing trading strategies with multi-day holding periods.
- Setting stop-losses or take-profits that should remain active.
- Trading around scheduled news events with predetermined levels.
- Building positions gradually at different price points (scaling in).
❌ Less Suitable For
- Scalping or very short-term trades.
- Rapidly changing market conditions.
- Trades based on time-sensitive analysis that may become stale.
- When you need precise control over entry timing.
Practical GTC Order Examples
Example 1: GTC Sell Stop for Breakout
Scenario: Gold is consolidating between $1,950 and $1,980. You want to short if it breaks below support.
Result: After 8 days of consolidation, gold breaks down sharply. Your sell stop triggers at $1,945, entering you into a short position as momentum accelerates.
Example 2: Scaling into a Position
Scenario: You want to build a long position in USD/JPY but not all at once.
GTC Buy Limit 2: 148.50 (0.3 lots)
GTC Buy Limit 3: 148.00 (0.4 lots)
Result: Over two weeks, USD/JPY pulls back in stages. Orders 1 and 2 fill, giving you an average entry of 148.75 with 0.6 lots. Order 3 never fills as price reverses higher.
Managing GTC Orders Effectively
✅ GTC Order Management Checklist
- Review weekly: Market conditions change. What seemed like good support two weeks ago may no longer be relevant.
- Check before major news: Cancel or adjust GTC orders before high-impact events if you don't want surprise fills.
- Set calendar reminders: Note when your GTC orders were placed and when they'll expire.
- Use order notes: If your platform supports it, add notes about why you placed each order.
- Monitor margin: Multiple pending orders can affect your available margin when filled simultaneously.
⚠️ Common Mistakes to Avoid
- Forgetting about old orders: An order placed months ago may fill at the worst possible time.
- Not adjusting for fundamentals: A GTC order based on outdated analysis can result in poor entries.
- Over-leveraging: If multiple GTC orders fill at once, you may exceed your intended position size.
- Ignoring broker expiry dates: Know your broker's maximum GTC duration to avoid unexpected cancellations.
Broker-Specific GTC Policies
GTC order handling varies between brokers. Key questions to check:
- Maximum duration: Common limits are 30, 60, or 90 days. Some forex brokers offer indefinite GTC orders.
- Weekend gaps: Does your broker honor GTC orders across weekend gaps? At what price?
- Corporate actions: For CFDs on stocks, how are GTC orders handled during dividends or splits?
- Partial fills: If your order partially fills, does the remainder stay active as GTC?
- Price adjustments: Some brokers automatically adjust pending order prices for dividends.
Frequently Asked Questions
What is a Good Till Cancel (GTC) order?
A GTC order is a pending order that remains active until it is either executed, manually cancelled by the trader, or expires according to the broker's maximum duration policy (typically 30-90 days). Unlike day orders, GTC orders persist across multiple trading sessions.
What is the difference between GTC and Day orders?
A Day order automatically expires at the end of the trading session if not executed, while a GTC order remains active across multiple trading sessions until filled, cancelled, or it reaches the broker's maximum duration limit.
How long does a GTC order last?
GTC order duration varies by broker. Most brokers set a maximum of 30, 60, or 90 days. In forex and CFD markets that operate 24/5, GTC orders typically remain active until manually cancelled or the broker's expiry limit is reached.
Can I modify a GTC order after placing it?
Yes, most brokers allow you to modify GTC orders. You can typically change the price level, quantity, or attached stop-loss/take-profit orders. Some platforms require you to cancel and re-enter the order to make changes.
Do GTC orders execute during off-hours?
In 24-hour markets like forex, GTC orders can execute at any time during market hours, including overnight. For stocks, GTC orders typically only execute during regular trading hours unless you specifically enable extended hours trading.
📝 Key Takeaways
- GTC orders remain active until filled, cancelled, or reaching the broker's maximum duration limit.
- They're ideal for swing traders and position traders waiting for specific price levels.
- Unlike day orders, GTC orders don't expire at session end—they persist across multiple trading days.
- Review your GTC orders regularly, especially before major news events.
- Different brokers have different GTC policies—know your broker's maximum duration and handling rules.
- Be mindful of margin requirements when placing multiple GTC orders that could fill simultaneously.
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