A daily loss limit is useful only when you know which account it governs, which P&L it measures, and what happens when the threshold is reached. PickMyTrade documents daily and weekly loss and profit settings for selected Tradovate trading accounts. Start with the account selector, then verify the calculation and action.
Table of Contents
- Key takeaways
- Which risk limits does PickMyTrade document?
- How do you set a daily loss limit for the correct account?
- What exactly does the daily loss limit measure?
- Does reaching a limit close existing positions?
- What should you check immediately after a limit triggers?
- How do daily and weekly limits interact?
- PickMyTrade limits versus broker and prop firm limits
- Do limits cover manual trades and copier followers?
- What if the value does not save or an order is blocked?
- Which details need confirmation before live use?
- How should you verify risk limits in demo?
- Frequently asked questions
- Check the account, the calculation and the action
This guide covers PickMyTrade-side controls on pickmytrade.trade. It separates those controls from Tradovate or prop firm restrictions and provides a setup, verification and troubleshooting checklist. A configured threshold is not a guarantee that losses cannot exceed that amount.
Key takeaways
- Apply and verify limits for each intended account.
- Daily and weekly loss and profit settings address different periods and conditions.
- Confirm realized/unrealized P&L, fees, reset time and affected trading routes.
- Blocking new trades is different from closing exposure and canceling orders.
- Check broker and prop firm rules separately.
- Use a demo verification plan; do not create live losses to test a limit.
Which risk limits does PickMyTrade document?
The Risk Settings Overview lists Daily Loss, Daily Profit, Weekly Loss and Weekly Profit. It describes restrictions on further trading after a threshold is reached. The page also documents selecting an account and configuring linked accounts individually.
Daily limits evaluate a daily period, while weekly limits cover a longer period. A daily profit threshold can stop additional trading after gains; it should not be confused with a take-profit order on one position. Weekly loss controls can restrict activity even when the current day alone has not reached its daily threshold.
The documentation does not fully define every calculation input, reset boundary or order-handling detail. Use the documented fields to configure the intended rule, but confirm the items below before relying on them for live enforcement.
| Setting | Period and condition | Do not confuse it with |
|---|---|---|
| Daily Loss | Loss threshold for the defined trading day. | A stop-loss on one trade. |
| Daily Profit | Profit threshold for the defined trading day. | A guaranteed realized profit or position target. |
| Weekly Loss | Loss threshold for the defined trading week. | A rule that necessarily clears at the daily reset. |
| Weekly Profit | Profit threshold for the defined trading week. | A trailing drawdown rule. |
How do you set a daily loss limit for the correct account?
Open Risk Settings in PickMyTrade, select the intended trading account, and verify its identifier before changing a threshold. The layout guide describes the account selector and account-level limit table. Check whether you are working with a demo, evaluation or funded account.
- Identify the PickMyTrade login and the exact broker account that should receive the rule.
- Open Risk Settings and select that trading account.
- Review any existing daily and weekly loss and profit values.
- Enter the intended daily loss limit using the units, sign convention and supported format shown by the current control.
- Save with the available action, then reopen or refresh the same account’s settings.
- Record the value that reappears and repeat the process for each other intended account.
Do not assume that a rule saved for one account also applies to other accounts under the same login. Nor should you infer that an account-wide setting can isolate only one TradingView strategy. Confirm strategy-specific scope if your plan depends on it.
If a value of zero, a blank field or a negative number has an unclear meaning, ask support before using it. Do not assume zero disables a rule, represents zero tolerance, or behaves identically in PickMyTrade and the broker’s interface.
What exactly does the daily loss limit measure?
Confirm the P&L definition used by the specific control. Realized results, unrealized movement, commissions and account adjustments can produce different totals. A dashboard number is not proof that the risk engine uses that exact number or updates at the same time.
Ask whether the setting evaluates net P&L or another measure, includes open-position P&L, and includes commissions and fees. Also ask which trading-day baseline it uses, how frequently the value updates, and how deposits, withdrawals or broker corrections affect the calculation where relevant.
Consider a hypothetical account with a $400 realized trading loss before fees, a $150 unrealized trading loss and a separate $20 in fees. A calculation using only realized trade results would show a $400 loss; one including all three amounts would show a $570 loss. Against a hypothetical $500 threshold, those definitions lead to different outcomes. This arithmetic illustrates why the definition matters; it does not describe PickMyTrade’s confirmed formula.
A recovered unrealized loss creates another question: after a threshold has been touched, does the restriction remain latched, or can trading resume if P&L improves? Confirm that behavior instead of assuming the current displayed balance tells the whole story.
Does reaching a limit close existing positions?
Restricting further trades and liquidating an account are different actions. PickMyTrade’s application-side guide describes trading restrictions, but does not establish automatic liquidation of every open position or cancellation of every working order. Check the actual behavior for the selected account and route.
If automation becomes restricted while exposure remains, inspect the broker’s Positions and Orders views. Identify existing exposure, pending entries, protective stops and targets. A pending entry accepted earlier may still be able to fill unless it is canceled or otherwise expires under broker rules.
Also confirm how close, partial-close, reversal and protection-update webhooks behave once the risk restriction is active. A future exit alert needs a functioning execution route; an accepted broker-held protective order is a different object. Plan for the management of current exposure rather than relying only on the entry restriction.
The threshold cannot be treated as an exact maximum final loss. Existing exposure, price gaps, slippage, delayed updates and orders already in flight can affect the result. An account stop and a per-trade stop-loss serve different purposes.
What should you check immediately after a limit triggers?
First establish the account’s actual exposure and the source of the restriction. Do not raise a limit or repeatedly retry an entry to make a blocked message pass. A reached threshold does not establish that existing positions and working orders have been removed.
- Record the selected account, triggered setting, saved threshold, time and time zone, and exact restriction message.
- Inspect broker Positions for contract, direction and quantity.
- Inspect Orders for unfilled entries, partially filled remainders, stops and targets.
- Establish a supported management route for existing exposure. Confirm final fills and cancellations after corrective actions.
- Check affected followers and other routes, then investigate the calculation and reset before resuming.
How do daily and weekly limits interact?
A new daily period does not necessarily clear a weekly restriction. If a weekly rule remains active, a reset daily P&L figure alone does not establish permission to trade. Review all four settings and the actual restriction message.
For example, imagine net weekly results of −$300 on one day and −$250 on the next. The combined result is −$550 under that simplified calculation. A hypothetical $500 weekly loss threshold could therefore matter even though neither day individually reached a $400 daily threshold. These are illustrative values, not suggested limits or verified platform test results.
Confirm the exact daily and weekly reset times, time zones and week definition for PickMyTrade-side limits. Do not import a Tradovate session schedule into the application rule simply because both controls are used on the same account.
Daily and weekly profit rules also need a clear definition. Ask whether the trigger uses current net period profit, a peak value or another measure. A profit threshold is not automatically a trailing drawdown rule, and stopping new trades does not necessarily preserve the displayed profit on exposure that remains open.
PickMyTrade limits versus broker and prop firm limits
PickMyTrade-side risk management and Tradovate account controls are distinct layers. The layout guide expressly distinguishes them. A broker or firm can restrict an account even while PickMyTrade allows an alert to proceed.
PickMyTrade’s Tradovate risk guide describes broker-side controls with their own calculation, liquidation and locking behavior. Do not transfer those details to the application’s Risk Settings page. Check the current broker interface and account terms for the controls available to you.
A prop firm’s rule may use a different P&L definition, reset time, drawdown calculation or consequence. Choosing a smaller application-side number alone does not prove compliance. Compare the definitions, exposure already open, fees, enforcement action and timing, as well as the numerical threshold.
This guide does not recommend a universal dollar value based only on nominal account size. The usable loss allowance, firm rules, position sizing and strategy’s tested behavior all matter. A daily loss limit is a boundary in a broader trading plan, not a substitute for that plan.
| Layer | Where to verify | Key distinction |
|---|---|---|
| PickMyTrade application | Selected account’s Risk Settings and product support. | An application restriction does not establish broker-wide liquidation or blocking of every route. |
| Broker controls | Current broker account settings and broker support. | May apply account locking, order rejection or liquidation according to the specific rule. |
| Prop firm policy | Current account agreement and firm rulebook. | Can impose separate definitions and consequences, whether or not an app setting matches the dollar amount. |
Do limits cover manual trades and copier followers?
Confirm calculation scope and execution scope separately. A manual trade could contribute to an account’s P&L without necessarily being prevented by an application-side entry restriction. Conversely, a rule might govern only a particular route. The reviewed guide does not fully specify these cases.
List the routes that can affect each account: direct TradingView webhooks, manual broker trades, copier activity and other integrations. Ask which activity contributes to the limit and which actions are actually blocked. Do not assume one pause or risk state disables every route.
Followers can have different fills, quantities, fees or earlier trades, so their period results can differ from the master. Check each account’s saved limits and broker state. The account management guide helps locate linked account information, but a master’s P&L is not a substitute for checking followers.
What if the value does not save or an order is blocked?
Reopen the same selected account and compare the saved value with what you entered. Check the field label, units, format, current account and any validation message. A different account selection can make a correct save look like a missing setting.
If the value differs, preserve a screenshot of the selected account and setting, with unrelated or sensitive details removed. Send support the intended value, the value displayed after reopening, the time and time zone, and any error. Do not keep increasing the threshold until an order passes.
A blocked order may also come from a manual pause, trading-hours window, news restriction, broker rule or account permission. Use the exact Alert Log error and broker rejection reason to identify the source. Repeated retries can add exposure if an earlier request’s outcome is uncertain.
Which details need confirmation before live use?
Keep one record for the selected account and connector. The reviewed application documentation does not fully define the items below. Ask support for the current behavior and record the answer beside your demo result; do not substitute details from a broker-level setting.
| Detail | Answer to obtain |
|---|---|
| Field format | Currency/units, sign convention, and the meaning of zero or blank. |
| P&L calculation | Realized and unrealized components, fees, baseline and update frequency. |
| Enforcement | What is blocked or closed, pending-order handling, and exit/update exemptions. |
| Scope | Which accounts, strategies and routes contribute P&L and which routes are restricted. |
| Reset and resumption | Daily/week boundary, time zone, threshold-touch behavior and supported resumption process. |
How should you verify risk limits in demo?
Use a support-confirmed calculation and a suitable demo workflow to verify saved settings, threshold behavior and reset handling. Do not generate live losses merely to force a test. The following is a proposed verification plan, not a claim of firsthand test results.
- Confirm the account identifier and the saved values for all relevant rules.
- Record the P&L definition, reset time, time zone and affected routes.
- Check behavior below, at and beyond a threshold using a supported test method.
- Inspect existing positions and working orders when restriction occurs.
- Verify required closing and protection-management actions.
- Check whether a daily reset leaves a weekly restriction active.
- Verify how authorized resumption works and whether improving P&L changes a triggered state.
- Check each affected follower separately.
Use PickMyTrade’s monitoring guide to preserve the event history. Record expected and observed results side by side. A saved setting confirms configuration; it does not prove that every route and boundary has been tested.
Frequently asked questions
The application guide documents account selection and individual configuration. Verify the saved rule on each intended account rather than assuming a login-wide or copier-wide limit.
The reviewed application-side guide does not fully specify that calculation. Confirm the exact basis with support for your route. Do not substitute the broker risk rule’s definition.
The application guide describes restricting trading, which is not sufficient evidence of automatic flattening. Check positions and orders, and confirm the exact enforcement action before relying on it.
Confirm the application’s trading-day boundary and time zone. A broker session reset, local midnight and a PickMyTrade reset should not be assumed to be the same event.
A daily reset alone does not establish that a weekly restriction has cleared. Check the active weekly rule and the displayed status, and use only the supported resumption process.
Check the account, the calculation and the action
A useful risk rule has a known account scope, a defined P&L calculation, an understood enforcement action and a verified reset process. Keep those details alongside the saved daily and weekly values.
Start with the PickMyTrade Risk Settings Overview, then confirm unresolved details with support and verify your intended workflow in demo. If trading stops while exposure remains, manage the broker positions and orders as a separate task.
Disclaimer:
This content is for informational purposes only and does not constitute financial, investment, or trading advice. Trading and investing in financial markets involve risk, and it is possible to lose some or all of your capital. Always perform your own research and consult with a licensed financial advisor before making any trading decisions. The mention of any proprietary trading firms, brokers, does not constitute an endorsement or partnership. Ensure you understand all terms, conditions, and compliance requirements of the firms and platforms you use.
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