Order Types · Forex Glossary
GTC (Good Till Cancelled) — Definition & Meaning in Forex Trading
A clear, practical definition of gtc (good till cancelled) written for EU retail forex traders.
Quick Answer
GTC (Good Till Cancelled): An order that remains active until the trader cancels it or it is executed. Unlike day orders that expire at the end of the session, GTC orders persist indefinitely. Most brokers set a maximum GTC period (e.g., 90 days) for pending orders.
What does GTC (Good Till Cancelled) mean?
GTC (Good Till Cancelled) is a order types concept every forex trader should understand. An order that remains active until the trader cancels it or it is executed. Unlike day orders that expire at the end of the session, GTC orders persist indefinitely. Most brokers set a maximum GTC period (e.g., 90 days) for pending orders. Traders encounter gtc (good till cancelled) throughout day-to-day decision-making, and a solid grasp of the idea helps avoid costly mistakes — especially for EU retail traders operating under ESMA rules where leverage caps, negative balance protection, and investor compensation schemes all intersect with practical trading concepts like this one.
How is GTC (Good Till Cancelled) used?
In practice, GTC (Good Till Cancelled) is an execution feature built into every mainstream retail trading platform, from MetaTrader 4 and MetaTrader 5 through to cTrader and proprietary broker terminals. You select gtc (good till cancelled) in the order ticket when opening or modifying a position. Active traders rely on gtc (good till cancelled) to automate both entries and exits without needing to monitor the market continuously.
Example
Related Terms
Other order types concepts worth knowing.
Fill
The execution of an order. A fill occurs when a broker matches your order at a specific price. Partial fills happen when only part of the order is executed.
Limit Order
An order to buy or sell at a specified price or better. A buy limit is placed below the current price; a sell limit is placed above. The order will only fill at the limit price or a more favorable one.
Market Order
An order to buy or sell immediately at the best available price. Market orders guarantee execution but not a specific price, especially in fast-moving or illiquid markets.
Stop Loss
An order placed to close a position at a predetermined price to limit losses. Once the price reaches the stop level, the order becomes a market order. Stop losses are a cornerstone of risk management.
Take Profit
An order placed to automatically close a position when the price reaches a specified profit target. Take profit orders lock in gains and remove the need to manually monitor open positions.
Trailing Stop
A dynamic stop loss that moves with the market price by a set distance. As the price moves in your favor, the stop follows; if the price reverses, the stop stays in place, protecting accumulated profits.
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Frequently Asked Questions
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