Orders & ExecutionGTC
Good Till Cancelled (GTC)
A time-in-force instruction leaving an order active until it is filled or the trader cancels it.
What Good Till Cancelled (GTC) means
Good till cancelled is the default time-in-force on most retail forex platforms. An order marked GTC survives the daily rollover, the weekend and platform restarts, remaining on the broker's order server until it is triggered, cancelled by the trader, or invalidated by the closure of the related position. It suits swing and position traders who identify a level days in advance and want the order working without having to re-enter it each session.
In practice GTC is rarely literally forever. Many brokers and venues impose a maximum life, commonly thirty, sixty or ninety days, after which unfilled orders are purged; others cancel resting orders when an instrument's contract rolls or when an account becomes dormant. Corporate actions on share CFDs and contract expiries on futures-based instruments routinely cancel or adjust GTC orders. The terms are set in the broker's execution policy rather than by any universal standard, so they should be checked.
The main discipline issue with GTC orders is neglect. A limit order placed against a setup that is a week old can be filled long after the reasoning behind it has expired, often into exactly the momentum that invalidated it. Periodically reviewing and pruning the pending order list is as much a part of risk control as setting the stop.
Worked example
A trader places a GTC buy limit on GBP/USD at 1.2500 while price is at 1.2700; the order remains live across sessions and weekends until the level is reached or the trader deletes it, subject to any broker expiry period.
Related terms
- Good For Day (GFD)A time-in-force instruction that cancels any unfilled portion of an order at the end of the trading day.
- Pending OrderAn instruction to open a position at a future price level, held by the broker until triggered or cancelled.
- Limit OrderAn order to buy at or below a stated price, or sell at or above it, guaranteeing price but not execution.
- Fill or Kill (FOK)An order that must be executed immediately in its entire quantity or be cancelled outright.
- Immediate or Cancel (IOC)An order that executes whatever quantity is immediately available and cancels the remainder.
Frequently asked questions
What does Good Till Cancelled (GTC) mean in forex trading?
A time-in-force instruction leaving an order active until it is filled or the trader cancels it.
How does Good Till Cancelled (GTC) work in practice?
In practice GTC is rarely literally forever. Many brokers and venues impose a maximum life, commonly thirty, sixty or ninety days, after which unfilled orders are purged; others cancel resting orders when an instrument's contract rolls or when an account becomes dormant. Corporate actions on share CFDs and contract expiries on futures-based instruments routinely cancel or adjust GTC orders. The terms are set in the broker's execution policy rather than by any universal standard, so they should be checked.
What is an example of Good Till Cancelled (GTC)?
A trader places a GTC buy limit on GBP/USD at 1.2500 while price is at 1.2700; the order remains live across sessions and weekends until the level is reached or the trader deletes it, subject to any broker expiry period.
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