A method for transmitting a stream of data symbols in a multiple-input/multiple-output (MIMO) wireless communications system including N.sub.r transmitting antennas. The stream of data symbols is first demultiplexed into M sub-streams, where M=N.sub.r/2. Then, space-time transmit diversity encoding is applied to each sub-stream to generate a pair of transmit signals. Power is allocated dynamically to each transmit signal of each pair of transmit signals according to a corresponding feedback signal received from a receiver of the transmit signal. The feedback signal including a ratio of magnitude sums of channel coefficients for channels used for the transmit signals.