TL;DR: Risk Settings in your Tradovate account can be customized, including an option to lock them until the session ends. However, for Futures Challenge and FundedNext Accounts, these risk parameters are pre-configured for you. FundedNext strongly recommends not adjusting them, as doing so may cause account issues (e.g., liquidation errors or unexpected pauses). If modified, FundedNext is not liable for any resulting problems.
Risk parameters can be configured on your Tradovate account to automatically "lock" it once specific profit or loss thresholds are reached through the application's Risk Settings. Daily and weekly profit targets and loss limits are available.
Daily profit and loss is calculated based on net profit and loss, starting at 5:00 PM Central Time and ending at 3:10 PM Central Time, Sunday through Friday, with real-time updates that include all fees and commissions.
If the set risk limit is reached, all open positions are closed, and any working orders are canceled. No new positions can be established until the start of the next trading session: 5:00 PM Central the same day for daily limits or 5:00 PM Central on the following Sunday for weekly limits.
How to Edit Risk Settings
Log in to your Tradovate account.
Navigate to the Application Settings by clicking the button in the upper right-hand corner.
On the Application Settings page, click the "Risk Settings" button to access and configure your risk parameters.
The available Risk Settings include:
Daily Loss Limit
Weekly Loss Limit
Daily Profit Trigger
Weekly Profit Trigger
Lock Risk Settings if Trading Locked: The Lock Risk Settings feature will lock the Account Risk Settings until the end of the session. Once the lock has been enabled and the set limit is hit, the Account Risk settings cannot be changed until the end of the session (Will be unlocked between 4–5 PM CT).
Exercise caution when locking your Risk Settings, as Tradovate or FundedNext representatives are not able to unlock them.
Each setting can be toggled on or off individually. After enabling a setting, enter your desired value in the provided box, ensuring it is not left at zero. Then, scroll down and click "Save" to apply your risk settings.
Note: The Daily Loss Limit and other risk-related settings are already configured on your behalf by FundedNext during the setup of both Challenge and FundedNext Accounts. As these settings are pre-applied, we kindly advise against making manual changes from your end. Adjusting these values may unintentionally interfere with the risk management parameters, potentially leading to issues such as liquidation errors due to a low net liquidating value, which can cause the account to be paused under the Daily Loss Limit criteria.