When bad news hits the tape everything is correlated and it always works against you.

You have to be careful that parts or segments of your portfolio don't become "one big trade."

Study the correlation risk between instruments and modify your position sizes in your trading system and portfolio accordingly.

Since instruments can behave similarly, you can inadvertently end up with the financial effect of over 100% of the risk you think you have. 

This will cut your vol and smooth out your equity curve.

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Tony Saliba's Options Playbook 

Inner Voice of Trading Audiobook