Good-Til-Cancelled Order

Unlike day orders, a good-til-cancelled (GTC) order is an order to buy or sell a security at a specific or limit price that lasts until the order is completed or cancelled. A GTC order will not be executed until the limit price has been reached, regardless of how many days or weeks it might take. Investors often use GTC orders to set a limit price that is far away from the current market price. Some brokerage firms may limit the time a GTC order can remain in effect and may charge more for executing this type of order.

For more information on the different types of orders you can place when you buy or sell a stock, please read "Brokerage Orders" in our Fast Answers databank.

Source: http://www.sec.gov/answers/gtcord.htm