Setting Good Till Orders: A Trader's Guide to Automated Price Execution

Ever set a target price for a coin or stock and wished you could just let the market do the work? That’s exactly what a good till cancelled order does. Whether you’re trading on centralized exchanges or monitoring crypto markets, understanding how good till orders function can transform your strategy from reactive to proactive.

What Makes a Good Till Order Different?

A good till cancelled (GTC) order is your standing instruction to a broker or exchange: execute a buy or sell transaction at a specific price point, whenever the market reaches it. The key difference from standard day orders? This one doesn’t expire at market close. Your GTC order just sits there, active across multiple trading sessions, waiting patiently for conditions to align.

Unlike day orders that vanish when the trading bell rings, a GTC order extends its lifespan indefinitely—or at least until you manually cancel it or your brokerage’s time limit kicks in (typically 30-90 days). This persistence is what makes good till orders attractive for traders who have a clear price target but uncertain timing.

How GTC Orders Work in Real-World Trading

Imagine this scenario: You’re tracking Bitcoin and think the current price of $45,000 is too high. Your analysis suggests strong support at $42,000. Rather than obsessively refreshing price charts, you place a GTC buy order at $42,000. Now you can go about your day. The moment Bitcoin dips to $42,000, your order executes automatically—no manual intervention needed.

The same applies to taking profits. You hold Ethereum at $2,500 and want to lock in gains if it rallies to $3,000. Set a GTC sell order at that level. When Ethereum climbs to $3,000, your position is automatically closed, and profits are secured.

This automated execution removes the emotional component from trading. You’re not tempted to second-guess your target or miss opportunities because you weren’t watching the screen. Good till orders handle the timing logistics, letting your predetermined strategy execute with discipline.

The Real Risks You Need to Know

Convenience has a price, and that price is vulnerability to market surprises. Here are the genuine threats lurking in GTC order execution:

Flash Crashes and Volatility Spikes: Markets can dip unexpectedly due to liquidations, sudden news, or algorithmic trading. Your $42,000 buy order might fill during a brief panic dip, only to watch the asset rebound sharply afterward—leaving you wondering if the timing was optimal.

Gap Risk: This is the killer scenario. An asset closes at $50 and opens the next morning at $46 following overnight news or earnings. Your GTC sell order set at $48 executes at a far worse price than expected because the market gapped through your target.

Forgotten Orders: Many traders set good till orders and then lose track of them. Market conditions shift. Your strategy evolves. But that dormant GTC order is still lurking, ready to execute under circumstances that no longer match your current thesis. Periodically reviewing your open orders prevents nasty surprises.

Execution at Unintended Times: The order doesn’t judge whether conditions are optimal—it just executes when price hits the trigger. Sometimes that’s perfect timing. Sometimes it’s terrible.

Good Till Orders vs. Day Orders: When to Use Each

The comparison is straightforward but important:

Day orders expire when the market closes. They’re ideal if you’re hunting for short-term price moves within a single session. They naturally cap your exposure to one trading day, preventing unintended fills on future dates when circumstances have changed. If a move doesn’t happen today, the order vanishes, and you maintain control.

GTC orders remain active across multiple days or weeks. They suit traders with specific price targets they’re willing to wait for. You set the price and forget it—the order stays alive until filled, canceled, or the brokerage expires it.

Choose day orders for quick tactical plays. Use good till orders when you have conviction about a price level and patience to wait for it.

Practical Tips for Smart GTC Implementation

Don’t just fire off good till orders blindly. Treat them strategically:

• Combine with stop-losses: Use GTC buy orders alongside separate stop-losses to protect downside if your thesis is wrong
• Set calendar reminders: Many brokerages expire GTC orders after 60-90 days. Mark your calendar to review or renew them
• Review market conditions weekly: Check if your GTC orders still align with current technical levels and fundamental developments
• Use realistic price targets: Setting a good till order at an absurd price that might never be reached wastes a valuable tool

The Bottom Line

Good till orders automate one of the most difficult aspects of trading: patience combined with discipline. Instead of monitoring charts obsessively, you define your price and let the market come to you. The tradeoff? You accept some execution risk from volatility spikes and market gaps. But for traders with defined targets and the patience to wait, GTC orders are an underrated edge.

The key is treating them with respect—review them regularly, understand the risks, and use them as part of a coherent strategy rather than a set-and-forget mechanism.