Quick definition An order that remains active on the book until the trader cancels it or the order is executed. GTC orders persist across multiple trading sessions. What it is A GTC order is submitted with no expiration. It continues to rest on the book through the current trading session and into future sessions. The order remains active until one of three events occurs: the order fills, the trader cancels it, or the broker (in some cases) cancels it after a long period of inactivity. Why it matters GTC orders are used for limit orders that may take time to execute. A trader can submit a GTC limit order at a price far from the current market and let it rest indefinitely. If the market eventually reaches that price, the order fills automatically. The trader avoids having to resubmit the order every day. GTC versus Day Order A day order expires at the close of the trading session and is automatically cancelled if unfilled. A GTC order persists until cancelled by the trader. GTC requires active management: the trader must remember to cancel unwanted orders. Practical example A trader buys shares at $50.00 and wants to sell if the price reaches $55.00. The trader submits a GTC sell limit order at $55.00. The order rests on the book through today and all subsequent trading sessions. When the price eventually reaches $55.00, the order fills automatically. If the price never reaches $55.00, the order remains active until the trader cancels it. Broker cancellation policies Some brokers automatically cancel GTC orders after a period of inactivity (commonly 30, 60, or 90 days). This prevents old orders from sitting on the book indefinitely. Always verify your broker's GTC cancellation policy. Risk of forgotten orders GTC orders carry the risk that a trader might forget about them. A limit order placed months ago might execute unexpectedly. Traders should maintain a list of active GTC orders and review them regularly. Limitations on some exchanges Some exchanges limit the duration of GTC orders. For example, on the Chicago Mercantile Exchange (CME), GTC orders are only valid for a limited number of calendar days. Always check the venue's rules for GTC limitations. See also - Day order - Good-til-date (GTD) - Limit order - Market order
