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>Bill Williams also talked about "trading the market not
your wallet" in connection with stop
>placement.
I was a student of Bill years ago. Back then I had a fairly
small account and I told him I thought it was too risky for
me to trade bonds with this size of account. He said I
should trade the market and not my wallet. I agree that
stops should be calculated based on market considerations.
But if a stop entails too much risk relative to your account
then you shouldn't take the trade. It's a simple money
management principle, but Bill didn't agree with it.
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