Tip 1. Don't take unnecessary risk
First off, let's remember a prime rule of CFD trading strategies, don't take unnecessary risk. Why spend the weekend worrying about what's going on in Syria when you could have closed your positions out and come to it with a fresh mind when the markets reopen?
So, if the risk is that bad news is going to make markets unpredictable when you can't trade, then it's generally better to be out than in. That's the underlying basis for day trading strategies. Of course, if the piece of news that your trading strategy is based on is going to come out when markets are closed, then you're going to have to set up your position beforehand and holding it through to the open becomes a necessary risk.
Tip 2. Stop-loss orders and/or alerts provide (some) protection
You can place a stop-loss when you place a CFD trade and you can adjust it again later. If the price falls or rises above the set level, then an order to close the position will be automatically placed in the market and you will get the market price at that point.
However, you need to be aware of the limitations of a stop-loss. A stop-loss is simply an order into the market and so, apart from the automation, it is no different from you placing an order in response to price movements. If an overnight event causes the market to reopen at a much lower level, then you will get the price that the market next trades at. That could well be lower than the stop-loss level that you set.
An alternative is simply to place alerts to notify you when the price moves and then to assess the situation and place the order yourself. The latter approach is preferable, but its not always possible and the discipline of a stop-loss may be an important part of your CFD trading strategies.
Tip 3. Market neutral strategies hedge out some of the risks
Can you remove the unwanted market volatility? What about 'market neutral' CFD trading strategies? You've got a handle on the next set of company results, but the market's move could leave the stock flat on the day. So, hedge out the risk that you don't want to take. Go long on the stock and short the market or short the stock and go long on the market. You need to do a bit of math to make sure that you've got the scale right.
Clearly there aren't always good hedges; they either don't complement or contrast or the volatility is different, so that equal amounts invested don't produce the right balance of outcomes. However, it is nearly always a useful process to identify the elements of your trading strategies that you are happy with, but also the trailing edges of the trade, whether it be equity markets, currency or volatility, that could trip you up even if your central case comes good.
Tip 4. Understand the source of the volatility to understand the risk
So far, we've looked at volatility in markets and some trading strategies to avoid it. The next part is to understand the source of volatility. You want to distinguish the political crisis, which tends to lead to prices being marked down on thin volume as investors stay on the sidelines, from a market or economic crisis where investors rush for the exits. The best way is to look at the level of activity in the markets, using the appropriate set of data that is available for the market that you're looking at.