I am brainstorming ideas on limiting position risk in index futures w/o using stops. Why w/o stops? During dramatic event stops may not always work. I would like to limit positions risk to 10%. Here is what I have come up with so far: 1) trade short only, due to directional bias in stock market 2) offset long positions with options (strike ~ -10%?)... this will carry high transaction cost (I trade once a day on average)... also, option position will probably not offset the loss completely... 3)? Any thoughts/past experiences?