Correlated tickets are one bet
Five open coins can still be a single directional risk if they all lean on the same move.
Retail desks often celebrate diversification by counting tickers. Three alts and two majors feel like five ideas. If four of them rise and fall with BTC on the same session, the account has one dominant bet with decorative labels.
Before adding another ticket, ask how much equity would move if BTC shifted a fixed percent while every current position stayed open. You do not need a perfect model — a rough table of notional times a beta guess is enough to see whether the new ticket adds a different risk or only more of the same.
When the table shows concentration, the remedy is rarely a clever hedge you do not understand. It is usually size reduction on the redundant legs until total risk fits the unit you already chose for a single idea.
That exercise is the core of an account risk audit. The uncomfortable part is closing something that is still green. The useful part is surviving the next correlated drop with a drawdown you had already accepted on paper.