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What is a GTC Order Type and How to Use it to Your Advantage!

July 7th, 2015

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.

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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.

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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.

Author: Sasha Evdakov

Sasha is the creator of the Tradersfly and Rise2Learn. He focuses on high-level education speaking at events, writing books, and publishing video courses on business development, internet marketing, finance, and personal growth.

I'm Sasha, an educational entrepreneur and a stock trader. In addition to running my own online businesses, I also enjoy trading stocks and helping the individual investor understand the stock market. Let me share with you some techniques & concepts that I used over the last 10+ years to give you that edge in the market. Learn More

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