Order pacing

Until now a book could send only a handful of orders a day (two on Preservation, six on Moderate, ten on Aggressive) and the account-size band could cut that further. A count is a poor bound: it stopped a weekly rebalance of a thirty-name sleeve outright, yet said nothing about how much money was actually moving. From this release the day's order count is no longer what paces the desk. What bounds activity is how much of the book changes hands, and two high ceilings stay behind it as a tripwire for a loop that has run away. The day-trading rule is untouched.

Turnover budget

25, 50, 75, 100 or 200% of equity a session by posture, buys and sells together; a buy past it is refused, a sell never.

Runaway ceilings

36 order decisions in any rolling hour and 200 in a day, on every posture; the next buy is refused until the hour rolls.

Day trading

Unchanged: three same-day round trips in five sessions under $25,000 on a margin account.

Account size

Order ceiling 40% of equity under $250,000; the loss stop keeps its dollar band; any clamp is labeled. Speculative books are outside the band.

The account-size row in one sentence: below $250,000 the ceiling on an order is 40% of equity, so no posture's order size is cut, while the daily loss stop keeps its dollar ceiling per band (Speculative is the exception: the band does not apply to it at all); wherever the band holds a number lower than your posture gives, the row on Risk reads overridden by account size; the section below has the details.

The turnover budget

Every order the book sends in a session counts at what it traded: a filled order at its fill price, a working order at its limit for the part not yet filled, a canceled or expired order at nothing. Buys and sells both count (turnover is two-way), so a morning of selling uses the same budget as a morning of buying. A protective stop resting at the broker is not trading and does not count until it fills.

The budget is your posture's share of the equity your broker reports, worked out fresh on every order:

• Preservation 25%, Conservative 50%, Moderate 75%, Aggressive 100%, Speculative 200% of equity a session;
• an inception day or a full rebalance up to the posture's whole exposure band fits inside one session's budget on every posture;
• when a buy would take the session past the budget the Executor refuses it and says so ("the day's turnover budget was used up"); with clamping switched on for this installation it trims the buy to the room that is left instead, and refuses only when less than a dollar remains;
• a sell is never refused for the budget (or for either ceiling below): a stop that fires, the PM closing a position or your own sell after a busy day still goes out, because refusing a sell can only keep risk on. It still counts toward the budget, so the next buy sees it.

The row Turnover budget on Risk › Limits shows the percentage in force. Type your own number (10% to 400%) and it becomes an override like any other limit: the row says so, the Executor uses your number, and raising it asks for your authenticator code and the words MORE RISK. Re-applying a posture on Strategy › Posture puts the posture's number back.

The two runaway ceilings

The old orders-per-day row is still on Risk › Limits, now worded Daily order ceiling and set to 200 on every posture, the most the code allows. It counts order decisions: a corrected resubmit or a re-priced protective exit is the same decision as the order it replaces, and a stop resting at the broker is not a decision at all. A second ceiling, 36 decisions in any rolling hour, is fixed in code (this installation can be set to a lower number, never a higher one). Both exist for one reason: if a session ever starts emitting orders in a loop, the count stops it within the hour even when every single order is small enough to pass every dollar limit. The densest legitimate hour the platform can produce today (a Speculative book's four fifteen-minute check-ins at eight orders each plus a core-sleeve pass) is 35.

You may still type a lower daily number if you want a hard count; it is enforced exactly as typed and the row reads as your override. Nothing else reads it: the desk's own pace (new ideas a session, quick round trips a week) is part of the posture's mandate and is graded, not enforced by a count.

Account size no longer changes the posture

The account-size band exists so a very small account is not handed a dollar floor it cannot honor (Moderate's $500 smallest-order floor is more than half of a $900 book). It used to do that with fixed dollar ceilings per band, and those ceilings had a side effect: a $10,000 Speculative book, whose posture gives a $4,000 order, was quietly held to $1,000 an order and eight orders a day, which is roughly Moderate. From this release, for books under $250,000:

• the band's ceiling on the order size is 40% of equity, well above the share Preservation, Conservative, Moderate or Aggressive sets, so an order size that follows your posture is never cut above its dollar floor; only a floor larger than that share of a small book is trimmed;
• the daily loss stop keeps its dollar ceiling per band ($50 under $2,000, $150 under $10,000, $750 under $25,000, $1,500 under $50,000, $7,500 under $250,000): where that holds your posture's stop lower the row on Risk › Halts says overridden by account size, names the band, and says what your posture alone would give, instead of showing only the smaller number;
• a Speculative book is outside the band altogether. Its owner said they can lose the whole book, so its largest order and its daily loss stop are the book's value at any size (one order may be the whole book; the loss stops are the whole book too and do not protect it), and the Speculative disclosure says so. See Speculative mandate;
• a number you typed yourself is enforced as typed, as before;
• from $250,000 up nothing changed: there the size of an order is bounded by what the name trades in a day, and the same wording appears if that ever trims a number.

The one-time change to the numbers in force on your book (the order count becoming a ceiling, and on some books a larger order size) is written to Activity with the before and after and lands in your Inbox as one card that says what got looser, why, and how to keep the old number.

What did not change

Every other check and every other number: the position and exposure caps, the price and quote sanity rules, the earnings blackout, the duplicate window, settled cash, the daily loss and drawdown halts (the loss stop's dollar ceilings by account size included), the approval line, and the pattern-day-trader rule. The order-size ceiling under $250,000 is the only account-size number that moved. The Executor still runs every check on every order, in the same order, and the first one that fails still decides.