Mundy - my lack of big risk appetite lead me to trading credit spreads, not the other way around. I was sick of the ups and downs. My basic trading plan involves having 1% of net liq in premium on the board at any one time - usually, but not always, in a delta neutral way....so it's not really 1% exposed. I target 12% return annually with this strategy, although I have been exceeding that in actual practice. The downside risk on my trades is typically between 8 and 10% (of net liq), but again, my trading plan calls for defense, roll, etc at a 200% loss....I would never let it go to max loss.  During the really bad days in 2022, I had to defend a lot (strikes got touched and/or losses approached 200%). Even though that often involves "doubling down" (the way I sometimes do it), my net liq exposure never got above 5%....and there were some really hectic periods to deal with. So, no, I don't really have a big risk appetite. Quite the opposite.