This page defines the 20 terms used across the PAMM guides and answers the questions that are about wording rather than mechanics. If you want to know how something works rather than what it is called, each definition links to the guide that explains it.

If you are new to the model entirely, start with what is a PAMM account, and the product is set out on the ThinkMarkets PAMM money manager page.

Four concepts worth understanding first

Most PAMM terminology is structural. It describes accounts, shares and timing rather than strategies, and four ideas carry most of the weight.

Four concepts worth understanding first

These four explain most of what new PAMM users ask about

When things happen

Rollover

The periodic process that recalculates shares and applies approved requests. Hourly by default. Nothing changes between rollovers.

How fees work

High-water mark

Performance fees apply only to new profit above the previous peak, so a loss has to be recovered before fees resume.

What you own

Share of pool

You hold a percentage of one account rather than individual positions, which is why your balance moves in steps.

How you exit

Partial close by owned share

When you withdraw with trades open, only your proportional part of each position is closed.

The 20 terms, grouped

The full glossary below runs in a logical order rather than alphabetically. If you are looking for one term, this grouping shows where it sits.

The 20 terms, by theme

Where each word sits, if you are looking for one

Accounts

Four terms

Owner account, master trading account, PAMM investor account, and the money manager and investor roles that use them.

Money and fees

Six terms

Share of pool, performance fee, management fee, high-water mark, equity-based fee, pending performance fee.

Timing

Three terms

Rollover, trading interval, and the stop-out level that can interrupt both.

Actions and requests

Four terms

Investment request, withdrawal request, partial close by owned share, invitation link.

The agreement

Three terms

PAMM itself, the offer that sets your terms, and the share of pool that results from it.

Terms people mix up

Five pairs cause most of the confusion, usually because the two words sound related but refer to different things.

Terms people mix up

Five pairs that sound related but are not

This	Is not this	The difference
Rollover	Trading interval	Rollover applies results, hourly by default. The interval decides when fees are calculated
Balance	Equity	Balance is settled. Equity includes floating results, and fee tiers are assessed on equity
The offer	The account	The account holds your money. The offer holds the terms you accepted
Detach	Withdraw	Withdrawing moves money out. Detaching ends the arrangement with that manager
Owner account	Master trading account	The owner account funds and administers. The master account is where trading happens

When you meet each term

Terminology arrives in a sequence. Knowing which stage a word belongs to makes most of them self-explanatory.

When you meet each term

Terminology arrives in a sequence

Before you join

Offer, invitation link, performance fee, management fee, trading interval, minimum initial investment.

As you join

Investment request, PAMM investor account, share of pool.

While you are invested

Rollover, equity, high-water mark, equity-based fee, stop-out.

When you leave

Withdrawal request, partial close by owned share, pending performance fee, detach.

PAMM glossary

PAMM Percentage Allocation Management Module. A managed account model in which investor funds are pooled into one trading account run by a single money manager, with results allocated by proportional share.
Money manager The trader who runs a PAMM pool and places every trade on the master trading account. Also called a PAMM manager.
Investor A participant who allocates funds to a money manager's offer and holds a percentage share of the pool. Investors do not place trades.
Owner account A money manager's non-tradable account, visible in ThinkPortal, used for deposits, withdrawals and access to the PAMM portal. It is treated as the first investor in the pool.
Master trading account The account created by the PAMM system where investor funds are pooled, where all trading takes place, and where trading costs and fees are charged.
PAMM investor account The account an investor funds and allocates from. Trading is disabled on it by design.
Offer The set of conditions an investor accepts on joining a pool, covering fees, trading interval, minimum investment, minimum deposit, minimum withdrawal and whether the offer is public or private.
Share of pool The percentage of the master trading account an investor owns. It determines the proportion of profit or loss allocated to them.
Rollover The periodic process that recalculates every share, allocates profit and loss, and applies approved deposit and withdrawal requests. At ThinkMarkets it runs hourly by default.
Trading interval The period over which fees are calculated, configurable in days, weeks, months, calendar months or on rollover. All durations are calculated in UTC+0.
Performance fee A fee charged out of profit only, at the end of each trading interval, paid from the investor to the money manager.
Management fee A recurring fee charged on investor equity each trading interval regardless of performance. Capped at 10 per cent at ThinkMarkets.
High-water mark A performance fee basis under which fees apply only to new net profit above the highest profit level previously reached. Losses are carried forward and must be recovered first.
Equity-based fee A fee whose percentage depends on the investor's equity, allowing a manager to set tiers where a larger investment attracts a lower rate.
Pending performance fee A performance fee calculated when an investor withdraws part way through a trading interval, applying only to profit made for them during that interval.
Partial close by owned share The mechanism that closes only an investor's proportional part of each open position when that investor withdraws, leaving the remainder running for the pool.
Investment request An instruction to allocate funds to an offer. The amount is reserved from the available balance until the money manager approves it and the next rollover runs.
Withdrawal request An instruction to remove funds from a pool. It requires approval and takes effect at the next rollover rather than instantly.
Invitation link The private link a money manager issues so an investor can join their offer. Required because PAMM managers are currently private.
Stop-out The automatic closure of positions when the master trading account's margin level reaches the stop-out level. The resulting losses are distributed across all shares in the pool.

Frequently asked questions

Why is PAMM called percentage allocation?

Because the percentage is the mechanism. Each investor holds a percentage of one pooled account rather than any individual position, and the system allocates the account's result to those percentages. The name describes how results are distributed, not a strategy or a market.

Is a PAMM account the same as a managed account?

PAMM is one type of managed account, not a synonym for the category. Managed account covers any arrangement where someone trades on your behalf. PAMM specifies how: funds are pooled into one account and results are allocated by percentage share.

Is the offer the same as the PAMM account?

No, and the distinction matters. The account is where your money sits. The offer is the set of commercial terms you accepted when you joined, covering fees, trading interval and minimums. One money manager can run several offers against the same master trading account.

How is a trading interval different from rollover?

Rollover is when results are applied to your share, running hourly by default. The trading interval is when fees are calculated, set by the manager in days, weeks or months. Rollover happens many times inside one trading interval.

Balance or equity: which number matters in a PAMM account?

Equity, in almost every case that affects you. Balance is the settled figure. Equity includes the floating result of open positions, and it is the number fee tiers are assessed against at the end of a trading interval. Two investors with the same balance can sit in different fee tiers.

What does it mean to detach from a PAMM account?

Detaching separates your investor account from the money manager's pool, ending the arrangement. It is distinct from a withdrawal, which moves money out while the relationship can continue. Investors can detach as well as withdraw.

Where should I start if I am new to PAMM?

Read what a PAMM account is first, then follow the route that matches you. Investors go to choosing a money manager and then the risks. Money managers go to becoming a money manager. Anyone comparing options goes to PAMM against MAM and copy trading.

Where to read more

Every term defined above is explained in full on one of the seven other pages in this cluster.

Which guide answers what

Every definition here is explained in full somewhere else

If you want to know	Read
What the model is and how it works	What is a PAMM account
How to assess a money manager before allocating	How to choose a PAMM money manager
How to register and run a pool yourself	How to become a PAMM money manager
How fees are calculated, with worked examples	PAMM fees explained
How PAMM compares with MAM and copy trading	PAMM vs MAM vs copy trading
What can go wrong and what you control	PAMM account risks
How a result becomes your share, with the arithmetic	How PAMM profit and loss sharing works