As formby says risk management comes from diversification. I could give some vague tips, but I would honestly recommend talking with a professional when it comes to risking real money.

Pensions outside of those lucky enough to have a final pension scheme are pretty much dead.

You only need to read The Telegraph's regular column where they wheel out celebrities, actors and faded rock stars to know that, at least in the UK, any investment outside of bricks and mortar is a disaster. Everyone complains about losing money, bad advice with the exception every time is the property they purchased, invariably in London.

The only advice I know on this subject: if you can't afford to lose it, don't invest it in the stock market.

My grandfather lost everything at the time of oil crisis back in 1973, on the advice of his Barclay's bank manager he invested his lump-sum and lost everything in about 3 months, except for his monthly pension and he did live until 88, so it was really much of a loss. Well, kind of.