Recently, I’ve seen many people in trading communities ask the same question: How can I buy or sell at a target price without having to watch the market every day? Actually, many traders have run into this dilemma.

That’s why good till cancel orders (also known as GTC orders) are so useful. Simply put, GTC means you tell the exchange, “Help me buy or sell at a certain price. Execute it whenever it’s reached, and I don’t need to monitor it every day.” Unlike day orders, if a day order isn’t filled on the same day, it’s automatically canceled—but GTC orders can remain valid across multiple trading days until your target price is triggered or you manually cancel them.

Let’s take a real example. Suppose a certain stock is trading at $55 right now. You think this price is a bit high, but if it drops to $50, you want to enter. Instead of opening your market data app every day to keep watching, you can simply place a GTC limit order with a price set at $50. Once the stock falls to that level, the order is filled automatically, and you secure the position at your ideal price. No manual intervention is needed, and you don’t have to worry about missing the opportunity.

The same idea can work in the opposite direction. For example, suppose you hold a stock you bought at $80 and you want to take profit when it reaches $90. Rather than watching the ups and downs every day, you can set a GTC sell order at $90. When the stock rises to that price, the order executes automatically, and the profit is locked in. This is the core advantage of good till cancel orders—automated execution that frees your hands.

However, you should note that this convenience also comes with risks. First is the issue of market volatility. The stock price might be triggered by short-term fluctuations and activate your order, but then it continues to fall—meaning you could end up buying at an undesirable price. Second is the overnight gap risk. If a stock closes at $60 today and tomorrow, due to major news, it gaps down directly to $50 at the open, your GTC sell order could execute at a price far lower than you expected. Another problem that’s easy to overlook is that GTC orders may get forgotten. Although most exchanges automatically cancel unfilled orders after 30 to 90 days, if you set it and then ignore it, market conditions may change, and your order could execute under conditions that are no longer suitable.

That’s why some traders manage risk by using limit orders together with stop-loss orders, or by regularly checking and adjusting their standing orders. GTC orders do provide convenience, but the prerequisite is that you periodically review whether they still match your trading strategy.

In general, if you’re the kind of trader with a clear target price—someone willing to wait days or even weeks for the price to be reached—good till cancel orders can save you a lot of trouble. The key is to understand the risks and not set it and forget it. Regularly review and adjust—this is how you can make better use of this tool.