Good Til’ Cancelled Order Definition. A Good ‘Til Cancelled Order, or “GTC” or “Open Order”, is a customer’s order given to his forex broker to buy or sell a currency or security, usually at a particular price, that remains in effect until executed or cancelled. If the GTC order remains unfilled after a long period of time, a broker will usually confirm that the customer still wants the transaction to occur. Sometimes a broker will stipulate in the type of plan that you choose whether he can cancel a GTC after 30 to 90 days, after which time he will contact you about reinstatement or will cancel it outright. Typically, a forex trader or investor will use a GTC to set a price target at which to sell that is far away from its current price point. The investor can always cancel the order at any time.
Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.