Good ‘Til Cancelled Order (GTC)
November 11th, 2009 | Currency Trading, Forex Tips |
GTC order, or Good ‘Til Cancelled Order, is a forex order to sell or buy at specified prices.
GTC order differs from the day order in such a way that the latter expires at the end of the day, while the former expires if the one who made the order wishes to cancel the transaction.
In GTC order, the order remains in effect until it is executed or ordered to be canceled. You can also choose the time to execute the order.
Advantages of opting for a GTC order - One of the best things about GTC order is that you are offered flexibility in holding or canceling an order based on the trends in forex trading.
Through the GTC order, you can just monitor forex trading trends and wait for the best time to execute everything. Unlike the day order, GTC order allows you to hold on to your order for several days. This would give you more time to evaluate the forex trading patterns.
Some facts about the GTC order - Usually, a GTC order is canceled by brokerage firms after 30 to 90 days. Traditionally, a GTC order is placed at price point that’s different from its original price when it was ordered.
