Just realized a lot of traders don't fully understand how GTC orders actually work, especially when it comes to what does 60 day GTC mean and the whole expiration thing.

So here's the deal - a Good 'Til Cancelled order lets you set a buy or sell price and basically just sit back. The order stays active across multiple trading sessions until either the price hits your target or you manually cancel it. The thing most people miss is that brokerages don't let these orders live forever. Most will auto-cancel after 30 to 90 days, so if you set a GTC order and forget about it, don't be shocked when it disappears.

Let me break down a practical scenario. Say you're watching a stock at $55 but think it's overpriced. You believe it could dip to $50 and want to grab it there. Instead of staring at charts every day, you place a GTC buy order at $50. When it hits that level, boom - order executes automatically. No daily monitoring needed. Same logic works for selling. If you're holding something at $80 and want to lock in profits at $90, set a GTC sell order and let it run.

Now the risks. GTC orders execute automatically, which sounds great until the market does something weird. A stock might gap overnight - closes at $60, opens at $50 the next day after earnings. Your GTC sell order placed at $58 could fill way lower than you expected. Or you get a flash crash that triggers your order at the worst possible time. These orders also have that time limit thing - after 30 to 90 days (depends on your broker), they just vanish if not filled.

Compared to day orders, which expire at market close, GTC orders give you way more flexibility for longer-term targets. But that flexibility comes with the downside of potential unexpected fills during volatile moves. The key is staying aware of what you have open and adjusting periodically rather than setting it and completely forgetting about it.

If you're using a platform like Gate to trade, understanding how their GTC mechanics work is pretty useful for setting up your entry and exit points without being glued to the screen all day.