Max order and position size
There are two size limits. Max order size caps the contracts in a single order. Max position size caps how big a position can get in one instrument. You set both per account, in contracts.
Set the limits
- Open Risk Manager from the + menu.
- Click the Max order or Max pos cell on the account row.
- Type a number of contracts and press Enter.
- Tick Enabled on the row if Risk Manager isn't on yet.
An empty cell (it shows a dash) means no limit. To remove a limit, clear the cell and press Enter. Limits only count while Enabled is ticked.
Max order size
An order is rejected when its quantity is above the limit. An order equal to the limit goes through. This covers new orders and order changes, so you can't bump a working order past the limit either.
With Max order at 5, a buy of 5 ES goes out and a buy of 6 ES is rejected with Order size exceeds Risk Manager max (5).
Max position size
Risk Manager takes your net position in the instrument and works out what it would be after the order. It rejects the order if that new position (long or short) is bigger than the limit and bigger than what you hold now.
| Max pos = 3, you hold | Order | Result |
|---|---|---|
| Flat | Buy 3 | Goes out. You end up long 3. |
| Long 3 | Buy 1 | Rejected. You'd be long 4. |
| Long 2 | Sell 6 | Rejected. You'd be short 4. |
| Long 5 (over the limit) | Sell 2 | Goes out. It makes the position smaller. |
The rejection says Position would exceed Risk Manager max (3).
Good to know
- It's per instrument. Each instrument is checked on its own, not against the account total. ES and MES are separate.
- Working orders don't count. The check uses the position you hold when you place the order. With a limit of 3 and a flat account, two buy orders of 2 both go out, even though they could fill to 4.
- Changing a working order is only checked when you raise the quantity, and only for the increase.
- Closing is never blocked here. Liquidate and other position closes always go through.
Orders from Trade Copier
When Trade Copier copies an order to a follower, the order goes through that follower account's own limits. If a limit stops it, that follower doesn't get the order. The other followers aren't affected.
Tip. Set Max order a bit above the size you normally trade. Then a typo like 50 instead of 5 gets stopped before it reaches the exchange.
Careful. After your first fill of the session, the Risk settings lock stops you from raising or removing a limit that's already set. Get the numbers right first.
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