How the RTL Book works
The RTL Book is the hypothetical model portfolio that runs through every letter and every members' post. This page says exactly what it is, how it is kept, and what it is not.
What it is
A hypothetical model portfolio. RTL alone determines its entries, exits, weights and stops, following the method we publish. No subscriber assets are held, traded or managed through it. It is not a brokerage account, and it does not reflect the author's personal trading.
How a change is booked
When we decide to open, add to, trim or close a position, the change is booked at the price in our post at the time we post it, with a timestamp, and every position is marked at the official close each session. Changes post in the members' chat and the members' Discord as reports with the reasoning, and every one is reported again in that night's letter. The ledger is never edited after the fact. A correction is a new entry that points to the original.
Sizing and stops
A new position starts small and is added to when it works. Every position carries one reference stop, stated once. A stop that trades through is an exit. Stops can move in either direction when the chart calls for it, and every change posts the same day with its reason.
The record
Every trade stays in the record, winners and losers alike, each with its booked entry, its exit and its result. Results are hypothetical. They exclude commissions, taxes and slippage, and a booked price may not have been available to you. We do not publish a Book-level return figure.
What it is not
A Book change is a report of a model decision, not an instruction to trade. Nothing about the Book is tailored to any reader's circumstances, account or risk tolerance. It is not a trade-copying service, and we do not monitor, place or manage anyone's orders or stops. Members make their own decisions. The author trades separate personal accounts, may hold securities discussed, and may buy or sell them before or after publication.
Where to read it
In the nightly letter, five evenings a week, where every Book position appears with its weight, entry and stop for members. In the members' chat on Substack and the members' Discord during the session. In the free Sunday Letter, where the Book appears with its names and the cash line.