What is open order?

Open order is also know as good until canceled order or in short GTC. Whenever an investor wants to buy or sell a given security when he places his order then it will become and open order. This order remains open until either it’s fulfilled or it’s canceled. If the investor has a sudden change of hart he can cancel his order, or he can wait until the time of the order expires and also he has the option to approve the order and then the transaction will be executed.