For those who have been trading a portfolio for a while, what do you think is the line that divides portfolio management and trading strategy. Sometimes the answer is obvious when there are few factors involved and scaling isn't an option. I am finding that as my strategies increase, my dimensionality becomes hazy because I feel like I have account for every dimension (strategy, asset, exogenous factors and especially multiple factors accounting for price shocks) . A very simple example would be trading an anomaly... so in this case you buy 1 lot and then sell when the anomaly is over. Now let's say you realize the anomaly is not black and white, but grey. But later you realize the grey areas have more to do with another anomally that you can't define. On one hand, I feel like I should make the agent dealing with the original model turn off the strategy at the grey parts because I don't feel like I've adequately accounted for this dimension. On the other hand I feel like I should let the portfolio deal with it. If this grey area were random, then it would be like dealing with any portfolio that didn't fully span the profit space and I would add more asset classes or dimensionality. So here's the question: Under the case I've specified, how do you manage those grey areas,?