The most important trading metrics are net P&L, win rate, profit factor, expectancy, average winner, average loser, maximum drawdown, average holding time, and performance by time of day. No single metric tells the full story — they need to be evaluated together.
Win rate tells you how often you win. Profit factor tells you how much you make versus how much you lose. Expectancy combines both into an average result per trade. Drawdown tells you the risk you took to achieve your returns. Performance by time of day tells you when your edge actually exists.
The goal is not to optimize any single metric but to understand the relationships between them. A high win rate with poor profit factor, a strong expectancy with extreme drawdown, or good overall results that disappear in the afternoon are all patterns worth knowing.
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