ditto, the system is great and makes a profit 99% of time. What is important is the trade size dedicated to entries 1 and 2. These make the most entries and profit.  But occasionally every couple of years there are black swans (2 in 2018) and it is these events that require risk management. AS STEVE and MATT have constantly said, don't trade all of your acct in spy system.   I have allotted 10% of my spy acct to entry 1. 15% to entry 2. 20% to entry 3. ETC    because entries 3 to 5 far less frequent (some only occur every few years)  I will leave that reserve $$ in the spy and use Matt's 120 min system to get out and have that cash available for the black swan event at lower levels. The draw downs for entry 4 and 5 are a lot less.  Thanks Matt for the great systems and please keep them going. It is the correct allocation of trade size to entry 1 and 2 that matter in the long run. And if is makes a loss once every ten years, it is more than made up for by the 70% average annual gain by the appropriate modest entry size for entry 1 and 2.