My general goal is to keep only my super high conviction bets at 4-5% and not have more than 3 of them. rest of the portfolio is very fragmented with a goal of keeping concentration at 0.5-3%. most are under 1% .
And by size I mean notional of unlevered trade. So if I sell CSP for $10 strike I take 1000 to be my concentration, that would be 1% of 100K portfolio.