"Risk is a no-fooling-around game; it does not allow for mistakes. If you do not manage the risk, eventually they will carry you out." Wise words. In the early days of my trading career i used to leverage up and risk 10% of my account on a really bad day. That gave me some crazy wild swings in my account. Made a lot, lost a lot.. luckily i kept a big chunk of what i made. But i have grown a bit older and wiser, 3 or 4% daily risk is the most i can take these days. But i'm going to be starting with a much smaller daily risk than that as i have been a long losing streak recently and need to get my rhythm back. So i'm starting off this journal with just a 0.5% daily risk limit, if i make money i can increase that limit slowly. Might take 6 months before i can get to the point of risking 3% of my account in one day.
I try to avoid trading a size that'll mean I'll have to reduce that size in an extended losing streak. Reducing size when you're down gives you a much bigger hill to climb back up.
Lost 0.12% of the account today. Risk remains at 0.5% a day. When the daily risk level is hit, all positions are closed and no new positions are initiated.