Capital first.
Every decision starts with the question of risk, not return. If the risk assumed isn't bounded, known, and acceptable, the trade isn't executed.
Bounded means the maximum loss on a position is defined before it is opened, not discovered afterward. The downside is a decision, not an outcome.
And the ordering is deliberate. A loss requires a disproportionately larger gain to recover, so avoiding deep drawdown is not caution for its own sake — it is how capital compounds over time. Because the capital at risk belongs to clients, a large drawdown costs more than money. It costs trust.