Speculative means the whole book, and the desk takes risk when told

What changed for people using Bellwether

• Speculative limits are the whole book. One order or one holding may now be 100% of the book, up from 40%. The daily loss stop moves from 10% to the whole book and the drawdown brake from 35% to 100%, so neither one protects the book any more.
• Your book changes only if you accept. If your book is already on Speculative, its limits stay exactly as they are. You get one card in your Inbox that offers the new limits. Taking it means applying Speculative again, with your code and the typed acknowledgment under the new list of risks.
• Ask for more risk on any posture. Write "get really risky", or a goal such as doubling your money by June, on the Guidance tab of Strategy. The card that comes back has a piece named Take more risk inside your limits. Confirm it and the desk takes bigger positions, holds more names and keeps more of the book invested.
• Limits never move on their own. Taking more risk uses the room your limits already give, so on a Conservative book it stays inside Conservative's limits. If your goal needs more room, the card lists the exact limits a bolder posture would change as a separate box. Ticking it asks for your code.
• What never changes. Nothing is sold short and nothing is bought on borrowed money. A stop still rests at the broker behind every managed exit. Your approval line, the kill switch and any stop you typed work as before, and Speculative stays for paper books only.

What you may notice

• On Risk, a Speculative book's limits are shown as the book. A loss stop that cannot stop trading says so and never promises a halt. Only a daily stop under about half the book ends a day earlier, and the page gives that figure in dollars.
• On a Speculative book, Reset to posture on a stop you typed is a loosening. It asks for MORE RISK and your code, and the dialog says the row will follow the whole book and that this is no real stop.
• Lab's what-if on a Speculative book no longer says the book halts. It says both loss stops are set to the whole book and do not protect it.
• The Take more risk card says what changes in your book's own dollars. It never promises a full-size entry that a limit already holds flat, and it names the limits in force on your book.
• Every other posture's limits are exactly as they were.

Switched on

• Nothing to switch. The new Speculative limits reach an existing book through the Inbox card you accept, and the Take more risk piece appears when you write such an instruction.

Known gaps and what’s next

• A Take more risk instruction has no end date. It stays in force until you revert it on the Guidance tab.
• On a margin account you can still type an invested limit above 100% yourself. No posture sets one. Whether that stays allowed is decided before any real money trades.
• The daily loss stop is measured against the book's value at that moment, so at 100% it ends a day that lost about half the opening book. Measuring from the opening value is planned.