Win rate: how often, not how much
Win rate shows the share of recorded trades that finished positive. It does not tell you whether the winners were large enough to cover losses and costs.
Use it with average win, average loss and trade count. A high win rate can still lose money when occasional losses are much larger.
Profit factor: gross profit relative to gross loss
Profit factor compares the total of winning trades with the absolute total of losing trades. It is a compact view of payoff across the sample.
Inspect the contributor trades. One exceptional winner can dominate a small sample and make the ratio look more stable than it is.
Expectancy: the average recorded outcome
Expectancy combines win rate and average payoff into an average result per trade. It can help compare periods or setups recorded at a consistent scale.
Changing position size, missing fees and a handful of extreme trades can distort it. Treat it as a description of the sample, not a forecast.
Average win and average loss: the payoff shape
The relationship between average win and average loss shows how much pressure your win rate must carry. Review whether the gap comes from the strategy or inconsistent exits.
Drawdown: the cost of the path
Drawdown describes the decline from a prior equity peak. It helps make the risk of a process visible even when the long-range result remains positive.
Trade count: the reliability guardrail
Every comparison needs a sample size. Put the trade count next to the metric and be slower to act when the sample is small or concentrated in one market condition.
Trading return: separate performance from cash movement
Deposits, withdrawals and payouts change equity without representing a trade result. Keep those cash adjustments separate when reviewing return and P&L.