I realize most people here are short term traders. I am a longer term investor who looks at things like fundamentals and earnings esimates, debt. etc. I would like to hear some of your views on risk management as it relates to longer term trading or investing. For example are stops necessary if a portfolio is spread over 20 to 30 stocks in various sectors. Averaging down is a no no in trading, but what about averaging down into a well researched company you intend to hold for 3+ yrs. I ask for your insight on this borad because it seems to me that you short term traders have some of the best ideas about risk and how to manage it.