Learning path · Intermediate
Performance Metrics
Learn to read the numbers — what each metric means, what it does not mean, and why no single one tells the whole story.
Net P&L
Net P&L is your bottom-line profit or loss after costs like commissions and fees. It is the real result, not the rosy figure before costs.
Win rate
Win rate is the share of trades that made money. It is intuitive but easy to misread — a high win rate can still lose money if the losers are large.
Profit factor
Profit factor divides everything you won by everything you lost. Above 1.0 means net positive overall; it is a quick health check that win rate alone cannot give.
Drawdown
Drawdown measures how far your account has fallen from a peak before recovering. Managing it — sitting through losing stretches — often matters more than chasing returns.
R-multiple
R-multiple measures a trade in units of the risk you took. Risk 100 and make 200, that is +2R — a way to compare trades regardless of position size.
Expectancy
Expectancy is the average result you can expect per trade over many trades, combining win rate with the size of wins and losses. Positive expectancy tends to make money over volume.
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