Risk discipline

Every trade passes through a fixed sequence of risk gates before the order leaves the executor. Failing any one of them marks the signal skipped_* rather than placing the trade.

The gates, in order

• Master switch: active and auto_trade_enabled must both be true.
• Drawdown brake: agent_paused_drawdown must be false.
• Mode: mode determines which eToro environment is hit.
• Confidence: signal's confidence ≥ min_confidence_to_trade.
• Tradability: ticker resolves to an eToro instrument.
• Conflict: no open position pointing the other way.
• Caps: open count below max_simultaneous_positions; session spend below session_budget_usd.
• Leverage: clamped to max_leverage regardless of AI proposal.
• SL/TP: applied from brief, or default_stop_loss_pct / default_take_profit_pct if absent.

Drawdown auto-pause

Whenever equity falls more than max_drawdown_pct from peak_portfolio_value, the agent sets agent_paused_drawdown = true and stops opening new trades. Existing positions are still monitored and may close on SL/TP. You must manually un-pause once you've reviewed why.