No trades today
The honest list of reasons a day ends with no orders, most common first, with where to look and what to do about each.
- Who it is for
- Everyone on the book
- Reading time
- 5 min read
- Updated
A day with no orders is usually the system doing what it was told. The PM (shown as on ) is not paid by the trade, and the never invents an order. The reasons, roughly in the order you will meet them:
The PM proposed nothing
The most common reason. The PM proposes only when it has a it can defend; "no trade" is a valid output.
- Where to look: Agent. Open the latest session; the Summary says why and Decisions reads "No orders". The on Review says the same in more words.
- What to do: nothing. If you think it missed something, leave a on Strategy › Guidance, or ask Consult for its read; when your question amounts to "should we buy or sell", offers an Ask for analysis card, and confirming it queues a PM run with your question at the top (at the next open if the market is closed).
The Scheduler skipped a quiet check-in
After the first intraday session of the day, the Scheduler skips an intraday check-in when nothing changed: no held position is within about 2% (or 1.5 ATR) of a stop, target or , nothing is pending or awaiting you, no steering note is unacknowledged, no new brief from the and no regime change since the last run, the previous intraday session proposed nothing, and nothing filled since. If it cannot read one of those inputs, it runs.
- Where to look: nowhere urgent. The slot is simply absent from the Agent timeline, nothing was spent, and there is no alert. The day report's Runs section lists it as skipped with the reason "quiet".
- What to do: nothing. The premarket session and the day's first intraday session are never skipped for quiet.
Market closed, holiday or half day
The top bar says CLOSED (and, on a wide screen, when the market opens next). On an exchange holiday the Agent screen says so; nothing runs and nothing is spent. On a half day the market closes at 12:00 CT, so nothing new is sent after 11:45 and the last intraday check-in is at 11:30.
The no-trade window
No new order is sent in the first or last 15 minutes of the session (NO_TRADE_MINUTES, default 15): on a regular day nothing goes before 08:45 or after 14:45 CT. The one exception is the Executor's own stop and target exits, which use a 1-minute window so a stop hit at 08:31 or 14:50 still gets out. Premarket ideas are not rejected by this; they wait in the Executor's queue until 08:45, and only then run the and, if over your threshold, appear in the Inbox. Until then they sit on Agent under the session's with no check results yet. A proposal the Executor evaluates after 14:45 fails check 2 (market_open_outside_no_trade_window) and is rejected, not sent.
Trading is halted
A banner on every screen says so, and its colour tells you which of the three kinds of halt it is: amber "Trading paused" for a person's pause (your , a request), crimson "Trading halted by a risk rule" for the or , crimson "Trading halted: executor error" for a broker or environment problem. The reason and the history are on the Kill switch card on Risk. While halted the book is reduce-only: every buy in the Executor's queue, approved-but-unsent ones included, is blocked and shows as in the Inbox with the halt as its note, and buy orders already resting at the broker are cancelled (they show as Expired with a halt_cancel: note). Sells still go out (a trim or close the PM proposed, and the Executor's own stop and target exits), so a halted day can still show sell orders, never a buy. A halt never clears itself, not even the daily-loss one at the next open; press Resume in the banner and enter your .
Every proposal was rejected, expired or is still waiting
- Rejected by a risk check, a , or because a bracket buy's working price would have landed on top of its own stop (the note begins
arrival_breached_stop; the owner also gets a "Not placed" mail): Decided today in the Inbox shows Rejected · policy with the reason; Agent › proposal checks lists all risk checks with the one that failed. Order rejected explains the numbers and the rejections that are not one of the 17. - Expired: a card you did not decide before its closed (nothing was sent), or an order whose day limit did not fill and was cancelled, whether at its window's end, by a halt (resting buys), or by a hard constraint you added after it went out. Either way nothing more was bought or sold.
- Waiting: a proposal whose order window has not opened yet sits in the queue with no verdict; Activity › Orders has the full trail.
Every rejection reason is handed to the PM for its next session; you do not need to relay it.
The daily token budget is spent
Once the day's model spend for your book reaches the per-day budget ($25 by default), the PM refuses to start. The refused session shows on Agent as an error costing $0.00, and Activity › Alerts carries "Daily token budget exceeded". The budget resets at midnight CT. It is a deployment setting, not a console one; the Model spend tile on Overview shows today's spend against it.
A session failed
An error chip on the Agent timeline means the session ended without output: nothing was saved or sent, and the next scheduled session runs as normal. Session failed covers the causes.
The threshold was too low for your day
If Decided today shows several Expired cards with no note, the PM did propose, but you were not there to say yes. Accept that some ideas pass by, or raise the Semi threshold a little on Strategy › Profile › Autonomy so small orders clear on their own (raising it asks for your code). The approval email reaches the owner whenever mail is set up; per-kind routing under Settings › Notifications and phone push are coming soon.