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Before you start
One check. Tick it as you go.
Words you'll see. Closed trade = a trade with both an entry and an exit. Sample = how many trades a figure is based on.
Guide · Journal and dashboard · about 15 minutes
Understand your numbers.What each figure means, in the journal's own words.
The journal shows several figures about your trades. This guide explains the main ones the way the journal defines them. A figure describes what happened in your recorded trades. It does not say what will happen next. Read the sample size beside it.
~15 minstart to finish
7 stepstick each one off
In-app wordsthe journal's definitions
Freefor the journal
✓
Figures are a summary, not a verdict.
Each one depends on the trades you recorded. If a step doesn't look like the picture, that's normal: open the "Not seeing it?" box under it.
1
Net P&L
What the account actually made or lost.
- Net P&L is profit after commission, swap and fees.
- It counts closed trades only. An open trade is not in it yet.
Net P&L is the figure to check against your broker's statement.
Not seeing it?
It doesn't match my statement. Check the period and account are the same, and that fees and commission are recorded.
2
Profit factor
Winners compared with losers, after costs.
- Profit factor is the winning net P&L divided by the absolute losing net P&L, after costs.
- A figure above 1 means the winners outweighed the losers over this sample. It says nothing about the next trade.
Profit factor is only as good as the sample. Read it with the number of trades beside it.
Not seeing it?
It shows a dash. The journal shows a dash when it cannot work the figure out for this period.
3
Expectancy
The average result of a trade, in money.
- Expectancy is the average net result per closed trade, in money.
- It is your average edge over this sample. A small sample can swing a lot.
Expectancy is an average. One trade can move it far more than it should. Check the number of trades first.
Not seeing it?
Expectancy is negative. Over this sample, the average trade lost money after costs. Look at why before changing anything.
4
Max drawdown
The biggest fall from a peak, on closed trades.
- Max drawdown is the largest decline from the running peak, based on closed trades.
- It shows how far the account fell before it recovered, if it did.
Drawdown is measured on closed trades only. Open losses are not in it yet.
Not seeing it?
Drawdown is zero. The journal shows zero when closed trades never fell below an earlier peak in this period.
5
R: a trade's result in risk units
R needs a stop price to work out.
- The R result gives a trade its result in R, its size against the risk you planned.
- The R result is worked out from the trade. Add a Stop price when you record it, so the trade can be measured against its planned risk.
Stop price is optional, and it is ignored for a market order. Gaps can make a loss bigger than the planned risk.
Not seeing it?
There is no R figure. Add the stop price to the trade, then look again.
6
Hold time, and small samples
How long trades were open, and how far to trust a figure.
- Hold time is the average time in a trade. The journal notes that holding losers longer than winners is a common leak.
- Always read a figure beside its sample. A few trades are observations, not an established edge.
Watch the sample grow before you decide anything. Give a figure time to settle.
Not seeing it?
The figures keep changing. That is normal while the sample is small. Look again after more closed trades.
Your safety nets
Three ways to read figures honestly.
1
Read the sample
A figure over a few trades is an observation, not a result you can rely on.
2
Closed trades only
Net P&L, drawdown and expectancy use closed trades. Open positions are not in them.
3
Check against the statement
Your broker's statement is the reference for money.
Risk warning: Figures summarise recorded trades. They are not investment advice and do not predict future results. MetaTrader and MQL5 are trademarks of MetaQuotes Ltd.; PrecisionFX is not affiliated with or endorsed by MetaQuotes.