How do you split long-term money and “play” money, and what keeps the play part from eating the rest?

I keep most of my money in broad ETFs and a smaller part for picking stocks and trading. What I haven’t figured out is the rules around it: What split do you use, and do you keep a separate cash reserve on top? Do you rebalance, and when: on a schedule or when it drifts by some amount? If the trading part grows a lot, do you move gains into the core? If it shrinks, do you refill it or let it shrink? Curious what actually worked for people over a few years, not the textbook answer.

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