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Performance reports: R-multiples, drawdown and expectancy

Updated September 6, 2026

Performance, then Reports. One page of the statistics you would otherwise rebuild in a spreadsheet, over whatever window, phase and accounts you have selected. There is an Export button that prints it.

Nothing renders until there is something to report. With no decisions in scope you get an empty state rather than a table of zeros, because a zeroed stats table looks like a finding.

R, in plain terms

R is your result measured in units of what you risked. Risk one and make two, that is 2R. Risk one and lose it, that is minus 1R. It is the only way to compare a trade you sized small against one you sized large.

Propfy shows two of them.

Planned R is the trade you intended: the distance from entry to target, divided by the distance from entry to stop. It is what the setup was offering before you took it.

Realized R is what actually happened: your net result divided by the dollars that were genuinely at risk, which is the stop distance times the contract value times your size.

Why some trades have no R

R needs a stop distance recorded on the trade, and Propfy will not invent one.

A trade with no stop saved in the journal is left out of the R average entirely. It is not counted as zero, because a missing stop is not a result of zero, and it is not used as a denominator either.

A stop typed at exactly the entry price is treated the same way. Zero risk is not zero, it is undefined, and dividing by it would produce a number that looks authoritative and means nothing.

The instrument matters too: a contract Propfy does not have a point value for cannot be turned into dollars at risk, so it contributes to planned R but not to realized R.

Every R average carries its own denominator beside it, so you always see how much of your record it was built from. There is a real difference between 1.8R over four decisions and 1.8R over a hundred and eighteen, and the page will not hide which one you are reading. Where nothing at all can be computed it says so instead of showing a figure.

The practical takeaway: record your stop when you journal the trade, and R starts working.

The four tables

Averages. Hold time overall and split by winners, losers and scratch trades, average net per trade, average winner, average loser, and average daily volume. A trade with no usable hold time is left out rather than shown as zero seconds.

Extremes. Best and worst month, largest winning and largest losing day, and the longest runs of consecutive wins and consecutive losses. A period that never finished green simply has no best month, and the page says so.

Risk and drawdown. Maximum drawdown in dollars and percent, average drawdown, how many drawdown episodes there were, and your average planned and realized R.

Totals. Decisions, contracts traded, total fees, trading days, winning days against trading days, and expectancy per decision.

Expectancy

Your net result divided by your number of decisions, after fees. It is what one decision is worth to you on average. A negative expectancy with a good win rate is the most useful thing this page can tell you, because it means your losers are bigger than your winners and no amount of extra trading fixes it.

Drawdown, measured two ways

The underwater curve draws how far below your running peak you have been, ordered by the time each decision closed.

Maximum drawdown is the single deepest point you reached. Average drawdown is averaged per episode, where an episode runs from a peak to the next new high, not per point on the chart. That is deliberate: it answers what a normal drawdown feels like for you, which per-point averaging would flatten into meaninglessness.

Outliers

Two scatter plots, P&L by time of day and P&L by hold duration. They are there for one question: is there a time or a holding period where your results fall apart. Most traders find one.

Counts and money

Every count on this page is a decision, so a setup mirrored across several accounts counts once. Every dollar is real and is summed across every account it happened in. Counts are deduplicated, money never is.

Days

A trade belongs to the day it closed, in New York time, on the futures rollover. That is the day your firm counts it on.

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Risk Disclosure

Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Hypothetical Performance Disclosure

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect trading results.

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