Good ’til cancelled order in Forex
A clear definition of Good ’til cancelled order, with practical context for reading markets and making better trading decisions.
Definition
Definition
A good 'til cancelled (GTC) order remains active until it is executed, cancelled by the user, or removed under the broker or venue's own maximum-duration rules. It does not automatically expire at the end of the current trading day.
How It Works
Orders are instructions, and their exact behavior depends on the conditions attached to them: price, quantity, timing, and what should happen if execution is only partly available. Before confirming an order, read the order type and validity fields rather than assuming every instruction behaves like a market order.
Why It Matters
This matters because two orders aimed at the same market can produce very different outcomes. Level 2 treats order mechanics as a safety skill: configure the instruction you actually intend, then review it before submission.
Key Takeaway
A good 'til cancelled (GTC) order remains active until it is executed, cancelled by the user, or removed under the broker or venue's own maximum-duration rules.
Practical forex example
Why Good ’til cancelled order matters
Understanding Good ’til cancelled order helps traders interpret market information, plan decisions, and manage risk with more context.
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