Good Till Cancelled
|(GTC) - A GTC order authorizes the broker to buy or sell a position at a particular price at any time prior to cancellation of the order.
If multiple orders are present at the same time, the one that was there longest has priority. Consequently most clients will enter anything other than market orders as GTC. This tends to reduce the risk of having stock ahead, which simply means that others were there ahead of you.
These orders are entered on the specialist’s book for possible execution at a later time. Many brokerage firms allow clients to enter orders as good for the week, or good for the month, but the specialists will only accept them as good till canceled, so it’s up to the brokerage firm submitting the order to cancel it at the appropriate time.
Typically the GTC order sits on the broker's computer for 60 to 90 days at which time, if the order is not filled, it is automatically deleted.
Be aware that different brokerage firms have different policies and it is up to the trader to monitor any order that is outstanding.
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