I had a question for the more veteran spreaders out there - how do you approach risk management? Usually I take longer term views when trading spreads and will usually take trades where the reward outweighs the risk, for example 1:1.5 risk:reward but of course each trade is unique. Once a level is reached (target or stop) the trade is closed. Pretty mechanical. I know of some techniques which use stat-arb and in those cases the traders will often average in/average down positions. How does this approach work with regards to RM? Do you run stats that tell you your hit rate (say 70% winners, 10% scratch, 20% losses) and then work backwards from there tweaking certain variables?