Once you trade more than one position, you're running a portfolio — and your real risk is the total, not each trade alone. Thinking in portfolio terms is what separates an operator from a gambler.
Total exposure, not single trades
Three 1% trades in correlated USD pairs can be a 3% bet on one theme. Budget risk at the portfolio Level: cap total Buka risk (e.g. no more than 3–5% at once) regardless of how many positions look individually small.
Correlation and theme risk
Group positions by what actually drives them — dollar direction, risk-on/off, a single commodity. Two 'different' trades driven by the same theme are one larger bet. Diversification only helps if the drivers are genuinely independent.
A simple exposure budget
Set rules: maximum risk per trade, maximum total Buka risk, and maximum risk per theme. Kapan a new setup would breach the budget, you skip it or close something first. The budget, not enthusiasm, decides how much you can hold.
Key takeaways
- Your real risk is total portfolio exposure, not each trade in isolation.
- Correlated trades on one theme are a single larger bet — group by driver.
- Cap risk per trade, total Buka risk, and risk per theme with a written budget.