Just realized a lot of newer traders don't really understand what is gtc in trading, so let me break this down because it's actually pretty useful once you get it.

So basically a GTC order, which stands for Good 'Til Cancelled, is when you tell your broker "hey, buy this at this price" or "sell this at that price" and it just stays there. Unlike a regular day order that disappears when the market closes, a GTC order keeps sitting there waiting to execute. You could set it and literally forget about it for weeks or months until the price hits your target. Most brokerages will auto-cancel them after 30 to 90 days though, so they don't stick around forever.

Why would you actually use this? Say you're looking at a stock trading at 55 bucks but you think it's overpriced. You'd rather grab it at 50. Instead of staring at your screen all day waiting for that dip, you just throw in a GTC buy order at 50 and go about your day. When it hits 50, boom, order executes automatically. Same thing works for selling - you're holding something at 80, you set a GTC sell order at 90, and whenever it pumps to 90, you're out with your profits locked in.

The real advantage here is you're not chained to your monitor. GTC orders in trading basically automate the whole thing. You set your target price and let the market do its thing. Perfect if you're playing for longer-term moves instead of day trading.

But here's where you gotta be careful. These orders can bite you if you're not paying attention. Market gaps are the big one - stock closes at 60, then news drops overnight and it opens at 50 the next day. Your GTC sell order at 58 might fill way lower than you expected. There's also the risk of random price spikes triggering your order at the wrong time. Like a stock dips briefly, fills your buy order, then tanks even further. Sucks when that happens.

Another thing - people set these orders and just forget about them. Market conditions change, your thesis changes, but that GTC is still sitting there waiting to execute. That's why you should probably check on them periodically and adjust if needed.

Compare this to day orders - those expire at market close, so you've got more control over timing but you gotta re-enter if you want it to run the next day. GTC orders let you set it and forget it across multiple sessions, which is better if you're targeting a specific price point over days or weeks. Day orders are more for people hunting short-term moves.

Bottom line: GTC is solid for traders who know what price they want and are willing to wait. Just don't set it and completely ghost it - check in once in a while and make sure it still makes sense with where the market is at. It's a useful tool but like everything in trading, it comes with tradeoffs.