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Stake Academy AUS: Good-til-cancelled (GTC)

When you find a company to invest in, the price you have in mind isn't always the current price. The same goes for selling a stock. Getting the right price can be a waiting game, and good-til-cancelled (GTC) orders allow you that time without requiring you to keep an eye on the markets.

On the equity markets, there are two main order types: market and good-til-cancelled (GTC). A market order is the most straightforward. An investor places a buy or sell order for a specific number of shares, but no price. The trading platform will fulfil the order at the market price at that moment. With fast-moving markets or heavily traded securities, there could be a difference between the price you were quoted and the final transaction value. Plus, if there’s a specific price you want, you might have to monitor the markets until the timing is right. If you place a market order and it’s still not executed by the end of that trading day, it expires.

Name Your Price And Wait

On the other hand, GTC orders allow you to specify a target price. This sets a minimum price (for a sell order) or a maximum price (for a buy order) that you’ll accept to fulfil the transaction. These are also respectively known as a floor or ceiling.

A GTC order stays active until the price requirements are met – or until you cancel it, hence the name. On the Stake platform, if neither of those things happen in 30 days, that’s when your GTC order will expire.

GTC orders allow you to automate your price-sensitive trades, which can be extra handy for overseas markets like Wall St, given the difference in time zones. But they also help you stick to your strategy, as you decide your buy or sell price rationally, and remove heat-of-the-moment decisions from your trading.

Comparing Your Order Options

Market Order Good-til-cancelled (GTC) order
Time limit End of Day (EoD) 30 Days
Determine shares transacted Yes Yes
Determine share price No Yes
The transaction value might be different from the order quote Yes No

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Stakeshop Pty Ltd, trading as Stake, ACN 610105505, is an authorised representative (Authorised Representative No. 1241398) of Sanlam Private Wealth Pty Ltd (Australian Financial Services Licence No. 337927) ('Sanlam') and an authorised representative (Authorised Representative No. 1241398) of Airwallex Pty Ltd (Australian Financial Services Licence No. 487221) ('Airwallex'). Stake is not authorised by Airwallex under Airwallex’s AFSL to arrange for clients to be issued with securities as Airwallex is not authorised under its AFSL for this purpose. Stake is not authorised by Sanlam under Sanlam’s AFSL to arrange for clients to be issued with a non-cash payment facility as Sanlam is not authorised under its AFSL for this purpose. Stake SMSF Pty Ltd (‘Stake Super’) is not licensed to provide financial product advice under the Corporations Act. This specifically applies to any financial products which are established if you instruct Stake Super to set up a self managed super fund (‘SMSF’). When you sign up to Stake Super, you are contracting with Stake SMSF Pty Ltd who will assist in the establishment of a SMSF under a ‘no advice model’. You will also be referred to Stakeshop Pty Ltd to enable your trading account and bank account to be set up in order to use the Stake Website and/or App. Stakeshop Pty Ltd will also run marketing and promotions to you under. For more information about SMSFs, see our SMSF Risks page.The information on our website or our mobile application is not intended to be an inducement, offer or solicitation to anyone in any jurisdiction in which Stake is not regulated or able to market its services. At Stake and Stake Super, we’re focused on giving you a better investing experience but we don’t take into account your personal objectives, circumstances or financial needs. Any advice given by Stake is of a general nature only. As investments carry risk, before making any investment decision, please consider if it’s right for you and seek appropriate taxation and legal advice. Please view our Financial Services GuideTerms & ConditionsPrivacy Policy and Disclaimers  before deciding to invest on or use Stake or Stake Super. By using our website or service in any way, you agree to our Privacy Policy and Terms & Conditions. All financial products involve risk and you should ensure you understand the risks involved as certain financial products may not be suitable to everyone. Past performance of any product described on this website is not a reliable indication of future performance. Stake and Stake Super are registered trademarks in Australia.

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