A version of this article was published in the April 2019 issue of Morningstar ETFInvestor. Download a complimentary copy of Morningstar ETFInvestor by visiting the website.

Risk is anything that could threaten your ability to achieve a goal. Many portfolio risks that capture our attention are those that we can’t control. How will stock market movements, changing interest rates, or the price of oil affect our investments? Investing is a probabilistic exercise. The key to increasing your odds of investment success is to make sound decisions. Most investors could improve their portfolio risk management by turning the spotlight on themselves and recognizing when their behavioral biases may lead to bad decisions that hurt performance.