If you want to buy or sell a security at a specific price, you can ask your broker to issue a good 'til canceled (GTC) order. When the security reaches the price you've indicated, the trade will be executed.
This order stays in effect until it is filled, you cancel it, or the brokerage firm's time limit on GTC orders expires.
A GTC, also called an open order, is the opposite of a day order, which is automatically canceled at the end of the trading day if it isn't filled.
In addition, some firms offer good through month (GTM) or good through week (GTW) orders.
- Browse Related Terms: All or none order (AON), confirmation, day order, Fill or kill (FOK), Good 'til canceled (GTC), open order, Stop order