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There is not much to add to the fact that trading without money
management is kind of like sky diving without a parachute. But, Williams
might be alluding to something that I have found over the years
regarding most trading systems. THEY ALL DO BETTER WITHOUT STOPS. That
is, systems that go long often do best staying long until there is a
sell signal (or some other way that you determine that it is time to go
flat). Money management stops will virtually always give you poorer
overall results. BUT, that is only when you assume that you have
unlimited capital and does not consider risk of ruin etc. I am not
familiar with William's course, but that might be what he is alluding.
If he is not, well, the previous messages say it all!
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