Just realized a lot of traders don't really understand how good til cancelled orders actually work, so figured I'd break this down.

Basically, a good til cancelled order (or GTC order) lets you set a buy or sell price and just... leave it. Unlike day orders that disappear when the market closes, a GTC order stays active across multiple trading sessions until either the price hits your target or you manually cancel it. Most brokerages will auto-cancel them after 30-90 days to keep things clean, but that's the general idea.

Why is this useful? Say a stock is trading at 55 but you think 50 is a fair entry. Instead of watching the charts all day like some kind of maniac, you just set a good til cancelled order at 50 and go about your life. When it hits that price, boom, order executes automatically. Same thing works for taking profits - set your sell target and let the order do the work.

Here's where it gets tricky though. A good til cancelled order will execute automatically, which sounds great until the market does something weird. You might get filled on a temporary dip that keeps going lower, or worse, catch a gap down overnight. I've seen people get stopped out on flash crashes that recovered minutes later. And yeah, if you forget about an old good til cancelled order sitting there for months, market conditions might've completely changed by the time it triggers.

Compare this to day orders - those expire at market close, so you avoid the risk of random executions days later. But if you're actually trying to wait for a specific price over weeks or months, a good til cancelled order saves you from having to re-enter the same trade constantly.

Basic risk management: periodically review your open orders, maybe use stop-losses alongside them, and don't just set it and forget it forever. The good til cancelled order is a solid tool when used right, but it's not a set-and-forget magic button.