If you don't take a hard look at risk, it will take you. My philosophy is that all stocks are bad. There are no good stocks unless they go up in price. Letting losses run is the most serious mistake made by most investors. Michael taught me about making your best judgement, being wrong, making your next best judgement, being wrong, making your third best judgement, and then doubling your money.
Risk control is the most important thing in trading.
Get out, because you can always get back in. If you can follow these three rules, you may have a chance. It doesn't matter at all where the market is trading. If you stick around when the market is severely against you, sooner or later they are going to carry you out. My money management techniques are extremely conservative.