Great post there about sizing Cabbie.
Agree there Infidel, when it comes to spec markets most are dead men walking, or at least until they rise from the ashes again riding the bandwagon of the next hot sector. Holding a spec stock presents certain risks that are much less prevalent in the large and mid caps. There is a reason people go for large caps of course, one of which is the lower risks and lower volatility in price (another being much greater liquidity and being able to trade much larger amounts). I'd say it's a bit like trading stocks in a long and strong downtrend, you want to trade the bounce a get out, because the risk of it carrying on down is high. The longer you hold onto stocks without solid fundamentals I do think = increasing risk. If it doesn't have something tangible to fall back on like an business that is generating revenue and a profit, CR's and dilution will kill your holdings as surely as a GFC. There is not that some safety net to value a company by, more perceived value and potential, and if those are large factors in the valuation and not assets, the price can change very quickly as we all have seen.
It does depend on what type of stock and what stage of the move, what time-frame you have entered for, as to what types of risks you are exposing yourself to. When buying the bottom of a fall like the some STT'ers do, your risk is less of a large retracement that you get buying after buying a large climb in SP (although that is still present), and more of a opportunity cost having your money tied up on something that can be very iliquid, a risk getting stuck until liquidity returns. With the fast moving and volatile stocks that are popular with scalpers/pip traders, the risks both positive and negative are obvious in that loses and gains can stack up quickly, discipline is very important in minimizing those downside risks and taking profit when appropriate.
And yes quite often DT'ers are often jumping in without knowing all the cards that are currently in play, often up against others that know a whole lot more about the stock and the potential announcements that are on the horizon. So you are betting yourself being able to outsmart them one way or another. When it comes to what is causing the move, a DT'er doesn't necessarily need to be aware of everything so long as we get in and out fast (but I am of the opinion any potential piece of information about a stock that can give you and edge is valuable). Holding on in situations where you haven't researched a stock well, and had only intended to be in for a pip or 2 is seriously inviting trouble. That is how you can become of the the infamous "Trapped Ones" wandering the wasteland praying for rain, but only getting more dilution and CR's as your holding gets whittled away to nothing.
In the end you need to find a trading strategy that suits you, if don't have the discipline to do high frequency pip trading, you don't need to do it. Likewise if you lack the patience to hold on during a long accumulation period, little point doing a strategy the revolves around that. Find something works for you, that is a fits for your personality. Read about other peoples strategies, and take out of it what appeals to you. Ignore anyone that tells you there is only one was to trade. There very many ways to do it successfully and unsuccessfully, I think a lot of it can come down down to how well you implement the strategy. Know your limitations and your strengths, and be aware of the effects emotions have on you, quite often they are the cause of one making a poor and illogical decision. I think it's important to find your niche in the markets, you don't need to master everything.
I think risk management is something that Retail Traders really struggle with. Things like throwing all you money on one stock, leaves you very vulnerable. Or betting all your hard earned $$$ on the lithium market for example. While you may get lucky a few times, betting everything on one things is not a strategy that will end well in the end, because one day you will be wrong it's all gone. I think most struggle to understand the concept behind managing risk, and how to apply that. I know trying to adjust strategies designed for the other end of the market has and is still something I work a lot on, especially how best to manage risk. What works for trading TLS & CBA may leave you broke if you did the same thing with mining speccie #734.
Another thing I thought I'd mention is the old "Sell the News" thing, while it's thrown around, we don't talk about why that it is. When it comes to the spec market, the big thing is liquidity. You see so much selling on good news, and will see people on the threads asking "why are they selling when it is such good news". Those with large holdings will typically be well aware of what sort of news is expected, and need the liquidity of a large and positive news catalyst to be able to sell their shares at a profit, and without tanking the price. This is less of an issue at the pointy end of the market, but you still see the phenomenon with long periods of distribution. In the spec market that will typically be a shorter and sharper. It is not necessarily anything deliberately malicious, just something that comes this end of the market. Perhaps part of the problem of trying to trade announcements if you don't know what you are doing, and certainly a reason to be careful about buying on opens when there is a large gap up. It is not always the case and breakaway gaps do still happen, but quite often those gaps are designed to create FOMO and greater liquidity to be sold into.
Just some of my thoughts and opinions on trading strategies and risk management, and all just opinion of course. Thanks for the question Thesardoz, think many of us are quite happy to ramble on about our thoughts on trading when prompted, especially on a lazy Sunday after a slow week. 
