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Random Entry + Good Risk Management: What Happens?

Random-entry experiments are useful because they separate entry selection from the rest of the trading process. If entries are random, any persistent performance difference must come from other components: exits, payoff structure, costs, position sizing, or risk controls. This does not mean risk management can turn any random strategy into a profitable one. Without positive expectancy after costs, disciplined sizing only controls the rate at which losses occur. The broader lesson is that a trading process should be evaluated as a complete structure: entry + exit + payoff distribution + costs + position size + execution.