The following is forex specific:
risk management for individual positions
1) I will only risk between 0.10 - 0.20% of my NAV per position. The closer my entry is to my SL, the less I risk.
I know most traders recommend 1-2% but thats way to much for me based on my style. Especially since i'm trading multiple positions.
2) I use a trailing stop but only after price moves in my direction and starts to trade in a new range. After this im looking for a failed pullback with signs of price exhaustion that creates a new temporary swing high/low, then a subsequent resumption of price back in my direction. The new swing high/low will then become my new SL. It's also important to note that this new swing high/low must be somewhat significant on higher timeframes in order to be validated
3) Once the above conditions are met, I'll consider pyramiding additional size into my position as long as the current trend/momentum remain in place. I dont pyramid out.
risk management at the portfolio level
1) I keep track of net currency exposure and correlations and try to limit this as much as possible
2) Ideally, I try to have no more than 10 open positions but my absolute max is 14.
3) I spread my entries out over time in order to avoid over trading during a drawdown
4) I dont enter positions prior to high impact economic releases
5) I stop entering new positions during prolonged drawdowns and will resort to only managing current positions during these times