What is a GTC (good-til-canceled) order?
In one line: A GTC (good-til-canceled) order stays open across days until it fills or you cancel it, unlike a day order that expires at the close.
A simple example
A stock trades at $42. You'd only buy if it pulls back to $39.50, where it turned around twice before.
- Day order: buy limit at $39.50. If it doesn't fill by today's close, it's gone. Tomorrow you'd re-enter it.
- GTC order: buy limit at $39.50, good-til-canceled. It waits day after day until price gets there or you cancel it.
The GTC saves you re-typing. It also means the order can fill on a day you weren't watching.
How long "until canceled" really is
Most brokers don't keep a GTC open forever. Many cancel it after a set time, often somewhere between 60 and 180 days. Check your broker's rule, and look for a note on your order screen.
Some events can also cancel or change open orders, like a Stock split or a Dividend. Brokers handle these differently.
Why it matters
GTC orders fit a plan-first style. You decide your price while calm, then let the order wait. That's the opposite of chasing.
They work well for a Stop loss on a swing trade held for days. A stop that expires at today's close would leave you unprotected tomorrow.
A common mistake
Forgetting an old GTC order. You set a buy at $39.50 three weeks ago. Your view changed, but the order didn't. Then price dips and you own shares you no longer wanted.
Make "check open orders" the first line of your daily routine. Every GTC order should still match today's plan.
Another one: GTC stops usually only trigger in regular hours. A stock that falls after the close can open far below your stop the next day. Read more in how to write a trading plan.
Questions
What is the difference between a GTC order and a day order?
A day order expires at the end of the trading day if it hasn't filled. A GTC order stays open across days until it fills, you cancel it, or the broker's time limit runs out.
Do GTC orders work in pre-market and after-hours?
Usually not by default. Many brokers only let GTC orders work in regular hours unless you pick an extended-hours option.
Is GTC good for a stop loss?
For trades held longer than a day, a GTC stop keeps you protected overnight. Just remember it can still fill at a worse price if the market gaps.
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