GTC stands for Good-Til-Canceled order.
If you can’t look at the screens but you’re trying to get a good order price, certain stock, or equity, this is something to consider.
Let’s say McDonalds is trading at $75, fictitiously speaking, and you’re looking to purchase it for $55 and you want to get it at a good rate. You’re willing to wait for it to come down to purchase shares.
What you can do is set up your order type to be a limit order at $55 for that stock.
Whatever you’re willing to pay, you can put in a limit order with GTC order type attached to that order. If the stock plays around, your order is still in the queue until it hits that $55 or until you cancel it.
The great advantage is that if you are busy or working, but you see a good price and you want to get into a stock at a lower level, and you’re willing to wait, you can to do it at work.
You can wait for the stock to come to you rather than chasing it. I recommend you check up on your stock to make adjustments when needed.