Open Order Definition. An Open order is an instruction given to your forex broker to buy or sell a currency that has not been executed for a specific reason, typically because a specific price point has not been realized. It is also referred to as a “Good ’til Cancelled” order or a GTC. 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. Forex traders would be wise to know of all trading options permitted by their brokers and understand the instances when each can be used to an advantage.
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