A good ‘til cancelled (GTC) order is an instruction to execute a trade that will remain active until the order is fulfilled or the trader cancels it. Brokerages typically limit the length a GTC order can remain open to 90 days.
When should you use a good ‘til cancelled order?
There are lots of different uses for GTC orders, but two common examples are stop losses and take profits. Both of these orders are triggered by the security reaching a certain value, so they serve as good long-term orders you should keep active until fulfilled. By using a GTC order in this way, you will not have to reenter the stop loss and take profit targets every day and can instead rest easy knowing the trade will close itself out when necessary.