In plain English
What Good till cancelled means
A GTC instruction is usually attached to a limit order or stop order that the customer wants to remain available beyond the current trading day. Rather than expiring at day-end, the order stays on the broker’s or venue’s system under its stated terms. Firms commonly set a maximum lifetime, and some events, products, account changes, or platform rules can cause cancellation. The displayed order status should be checked rather than assumed.
Why it matters
GTC can reduce the need to re-enter an order each session, but an old instruction can execute later when market conditions have changed. For instruments with corporate actions, financing costs, trading halts, or changing liquidity, leaving an order open may create outcomes the customer no longer wants. It is also important to know whether the broker holds the instruction internally or routes it to a venue.
Example
A trader enters a GTC sell limit order for 10,000 units of GBP/USD at 1.2800 while the current bid is 1.2700. The order remains pending after the session ends. Three weeks later, a price move reaches the applicable execution condition and the order may fill, unless the trader canceled it or the platform’s stated GTC expiry arrived first.
Quick answers
Common questions
How long does a GTC order last?+
It lasts only as long as the broker or venue permits, unless it fills or is canceled earlier. Many firms set a defined maximum period, so the order ticket or execution policy should state the applicable expiry treatment.
Can I cancel a GTC order myself?+
Usually, yes, provided the order has not already executed and the platform is available. A cancellation request is not the same as confirmation of cancellation; verify that the order status changes to canceled.
Sources