A small allocation is a strategy. A large allocation is a business. How you handle yourself in market corrections instructs allocators how you will handle yourself with their money. 

Have a game plan ahead of time. The market is always right - don't deflect blame. Really good traders understand themselves very well. They have ownership of their emotions and trading. 

Pairs trading is a good way to have a hedge that you can actually make money on. Simultaneously long one name and short another. Both "legs" can profit, whereas if you have a married put with a long stock, you're bullish on the stock but if you make on the hedge, it's because you're losing on the stock.