[{"data":1,"prerenderedAt":1283},["ShallowReactive",2],{"\u002Fglossary\u002Fwhat-is-a-trading-portfolio":3,"\u002Fglossary\u002Fwhat-is-a-trading-portfolio-related":225},{"id":4,"title":5,"body":6,"category":209,"date":210,"description":211,"draft":212,"extension":213,"meta":214,"navigation":212,"path":215,"related":216,"seo":221,"stem":222,"term":223,"updated":210,"__hash__":224},"glossary\u002F5.glossary\u002Fwhat-is-a-trading-portfolio.md","What Is a Trading Portfolio? Accounts as One Curve",{"type":7,"value":8,"toc":201},"minimark",[9,13,18,21,32,46,58,62,65,73,77,92,111,115,135,149,157,161,194],[10,11,12],"p",{},"A trading portfolio is a set of connected accounts merged into a single equity curve, with every statistic recomputed on that curve as though it had always been one account. It is not a summary screen sitting on top of several accounts; it is one account rebuilt from all of their trades.",[14,15,17],"h2",{"id":16},"how-it-works","How it works",[10,19,20],{},"The distinction that matters is between combining the results and combining the data.",[22,23,28],"pre",{"className":24,"code":26,"language":27},[25],"language-text","Wrong:  portfolio return = (R₁ + R₂ + R₃) \u002F 3\n\nRight:  merge every closed trade and every daily equity point\n        into one curve, then compute TWR, drawdown and the\n        ratios on that curve\n","text",[29,30,26],"code",{"__ignoreMap":31},"",[10,33,34,35,40,41,45],{},"The merge happens server-side, and its rules explain most of the surprises. Trades from every selected account are pooled and sorted by close time. Daily balance and equity are summed date by date, and an account that reported nothing that day contributes its last known value, not a zero. Gain is a ",[36,37,39],"a",{"href":38},"\u002Fglossary\u002Fwhat-is-time-weighted-return","time-weighted return"," recomputed on the merged curve, never an average of members. Drawdown is recomputed there too, as equity against the running peak of merged balance. Broker, currency and account name resolve to the shared value when every member agrees, and to ",[42,43,44],"strong",{},"Mixed"," when they do not.",[10,47,48,49,52,53,57],{},"Between 1 and 50 accounts go into a portfolio, and a user can hold up to 30; MT4, MT5, cTrader and TradeLocker can mix freely. Currencies are ",[42,50,51],{},"not"," converted: balance, equity and profit are summed as the brokers report them, so a EUR account beside a USD one gives a total that is not money in any currency. ",[36,54,56],{"href":55},"\u002Fglossary\u002Fwhat-is-a-cent-account","Cent accounts"," are worse — USC is normalised to USD for the label, so the portfolio will not even mark itself Mixed while reporting totals a hundred times too large.",[14,59,61],{"id":60},"why-it-matters","Why it matters",[10,63,64],{},"Because the three intuitive ways to combine accounts are all wrong. Summing balances rewards you for moving your own money around. Averaging percentages lets +40% on a $500 account cancel −5% on a $50,000 one, when the money says roughly −4.6%. Quoting the best account is survivorship bias applied to yourself.",[10,66,67,68,72],{},"The merged curve also answers what the individual pages cannot: whether the second account diversified anything. A combined drawdown in percent cannot be worse than your deepest single account — a blend cannot fall further than its worst component. Where it lands under that ceiling is decided by ",[36,69,71],{"href":70},"\u002Fglossary\u002Fwhat-is-correlation-risk","correlation"," and little else. Correlated accounts land beside the worst one, and in cash the loss is the sum of all of them.",[14,74,76],{"id":75},"what-the-data-shows","What the data shows",[10,78,79,80,83,84,87,88,91],{},"Running several accounts is the normal case on ShowMyTrades: ",[42,81,82],{},"699 users have more than one account"," and ",[42,85,86],{},"429 of those hold accounts at more than one broker",". Yet only ",[42,89,90],{},"182 portfolios"," exist platform-wide (August 2026) — a fraction of the people the feature was built for.",[10,93,94,95,83,98,101,102,106,107,110],{},"Correlation is the default, because the accounts are usually automated: across the published accounts with history the ",[42,96,97],{},"median autotrading share is 99%",[42,99,100],{},"53.9% are more than 90% automated",". The same ",[36,103,105],{"href":104},"\u002Fglossary\u002Fwhat-is-an-expert-advisor","EA"," on three accounts is one strategy with three sets of costs. For scale, median deepest drawdown is ",[42,108,109],{},"9.7%"," and 38.2% of accounts have been more than 20% underwater.",[14,112,114],{"id":113},"where-you-see-it-on-showmytrades","Where you see it on ShowMyTrades",[10,116,117,118,121,122,125,126,129,130,134],{},"Portfolios live under ",[42,119,120],{},"Dashboard → Portfolios",", built by naming one and ticking accounts from a checkbox list. The page reuses the account layout — stats panel, charts viewer, Monthly Returns, Advanced Statistics, currency pair breakdown, trades table — every figure computed on the merged data. Publishing one produces a public page on the same ",[29,123,124],{},"\u002Faccount\u002F"," path, under a slug generated from the name and prefixed ",[29,127,128],{},"ptf-"," — fixed once created, where an account slug can be edited. Visibility offers the same three states as an account: private, published or ",[36,131,133],{"href":132},"\u002Fglossary\u002Fwhat-is-an-unlisted-account","unlisted",".",[10,136,137,138,144,145,148],{},"One control exists only here: ",[36,139,141],{"href":140},"\u002Fguides\u002Fcustom-analysis-and-filter-presets",[42,142,143],{},"Custom Analysis"," gains an ",[42,146,147],{},"Accounts"," section, one chip per member labelled with the short account ID. Deselect one and every statistic recomputes without it, answering \"what does this look like without the martingale account\" in a click.",[10,150,151,152,156],{},"Two things do not carry over. A ",[36,153,155],{"href":154},"\u002Fglossary\u002Fwhat-is-a-verified-track-record","verified track record"," is not shown: it belongs to a single account and its investor password, and the portfolio record does not store the field at all. Terminal Info is requested but the backend has no aggregate to return, so the section stays empty — ping, build and autotrading state stay on the individual account pages.",[14,158,160],{"id":159},"common-misunderstandings","Common misunderstandings",[162,163,164,171,177,183],"ul",{},[165,166,167,170],"li",{},[42,168,169],{},"\"My portfolio gain should match the average of my accounts.\""," It should not. It is one time-weighted return on one curve, so a large account dominates and a small account with a spectacular percentage barely registers.",[165,172,173,176],{},[42,174,175],{},"\"Adding accounts reduces drawdown.\""," Only if their troughs fall on different dates. Compare dates on each account's drawdown chart, not depths.",[165,178,179,182],{},[42,180,181],{},"\"Shifting money between my own accounts distorts it.\""," Gain will not move: time-weighted return treats a transfer as a balance change, not a return. If both accounts sit in the same portfolio, one side's withdrawal offsets the other's deposit in the merged balance too.",[165,184,185,188,189,193],{},[42,186,187],{},"\"A dead account in the portfolio is harmless.\""," Its last equity is carried forward as a flat line, which dilutes the return and softens the ",[36,190,192],{"href":191},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","drawdown"," percentage. Reconnect it or remove it.",[10,195,196,197,134],{},"The build flow, the correlation test and the five ways people flatter themselves are in ",[36,198,200],{"href":199},"\u002Fguides\u002Ftracking-multiple-accounts-portfolio","the multi-account portfolio guide",{"title":31,"searchDepth":202,"depth":202,"links":203},2,[204,205,206,207,208],{"id":16,"depth":202,"text":17},{"id":60,"depth":202,"text":61},{"id":75,"depth":202,"text":76},{"id":113,"depth":202,"text":114},{"id":159,"depth":202,"text":160},"Metrics","2026-08-19T00:00:00.000Z","A portfolio merges several trading accounts into one equity curve, so gain and drawdown are recomputed on the whole thing instead of averaged across accounts.",true,"md",{},"\u002Fglossary\u002Fwhat-is-a-trading-portfolio",[217,218,219,220],"what-is-time-weighted-return","what-is-correlation-risk","what-is-maximum-drawdown","what-is-an-unlisted-account",{"title":5,"description":211},"5.glossary\u002Fwhat-is-a-trading-portfolio","Trading Portfolio","Zv3ZB8Usns1vud6prYE4fy7T7XX2Hlb8SPJXWTRXpK4",[226,412,736,1058],{"id":227,"title":228,"body":229,"category":400,"date":210,"description":401,"draft":212,"extension":213,"meta":402,"navigation":212,"path":132,"related":403,"seo":408,"stem":409,"term":410,"updated":210,"__hash__":411},"glossary\u002F5.glossary\u002Fwhat-is-an-unlisted-account.md","What Is an Unlisted Account? Link-Only Records",{"type":7,"value":230,"toc":393},[231,234,236,243,250,270,273,284,286,299,309,312,314,321,323,345,355,357,386],[10,232,233],{},"An unlisted account is a published ShowMyTrades account that has been removed from every listing on the platform: the page renders in full for anyone holding the URL, but nothing on the site points to it. It sits between private, where nobody but the owner can load the page at all, and published, where the page is both readable and discoverable.",[14,235,17],{"id":16},[10,237,238,239,242],{},"Unlisted is not a separate kind of page, and not a separate value in the visibility field. Internally the account stays ",[29,240,241],{},"published"," and carries a boolean link-only flag, which is why the page, the statistics, the widgets, the followers and the slug all behave exactly as they did before the switch — no public endpoint had to change to support it. Only listings change.",[10,244,245,246,249],{},"Three public listings filter unlisted entities out, each by the same ",[29,247,248],{},"unlisted = false"," condition on its query:",[162,251,252,258,264],{},[165,253,254,257],{},[42,255,256],{},"Your public trader profile",", which is the same endpoint that fills the \"other accounts by this trader\" suggestions at the foot of every account page.",[165,259,260,263],{},[42,261,262],{},"The Explore feed",", and the community counters that sit on it.",[165,265,266,269],{},[42,267,268],{},"The public account search"," used by the Widget Builder, so nobody can find the account by name or ID and embed it.",[10,271,272],{},"Two more places exclude them by choice rather than by listing logic: the referral page will not offer an unlisted account as the link you share publicly, and the AI analysis job filters them out, so no new analysis is generated. Analyses produced before the switch stay on the page.",[10,274,275,276,280,281,134],{},"Everything else is untouched. The account page loads for anyone with the address, the widget endpoints serve it, the ",[36,277,279],{"href":278},"\u002Fglossary\u002Fwhat-is-a-trading-widget","widgets"," you already embedded keep rendering, and a custom slug change still leaves a 301 redirect behind. The same option and the same semantics apply to ",[36,282,283],{"href":215},"portfolios",[14,285,61],{"id":60},[10,287,288,289,293,294,298],{},"Because \"show one person\" and \"publish to the world\" are different requests, and most platforms only offer the second. An unlisted page is the version you send to ",[36,290,292],{"href":291},"\u002Fglossary\u002Fwhat-is-a-prop-firm","a prop firm"," reviewing your application, to an investor doing due diligence, or to one client of the twenty you track — without that account joining your public profile, ",[36,295,297],{"href":296},"\u002Fguides\u002Ffinding-real-trading-accounts","appearing in the community feed",", or turning up in a widget somebody else builds.",[10,300,301,302,304,305,308],{},"Be precise about what it does not do. It is ",[42,303,51],{}," private: anyone holding the link sees the whole page, trades included. It carries no ",[29,306,307],{},"noindex"," tag and stays in the sitemap, which is a deliberate decision rather than an oversight — an unlisted page that Google indexes is an accepted outcome. Followers who followed the account before the switch keep seeing it under Following, because they already have the link. Platform counters keep counting it as published. And the owner does not see their own unlisted accounts on their own public profile; they are managed from the private dashboard.",[10,310,311],{},"If a page must not be readable by a stranger who guesses or is forwarded the URL, the correct setting is private, not unlisted.",[14,313,76],{"id":75},[10,315,316,317,320],{},"Of the 10,000+ accounts published on ShowMyTrades, ",[42,318,319],{},"37 are unlisted"," (August 2026). It is a deliberately narrow tool used by a small number of owners, and the shape of that usage matches the design: people who track many accounts and want to hand out one of them.",[14,322,114],{"id":113},[10,324,325,326,329,330,333,334,83,337,340,341,344],{},"In ",[42,327,328],{},"Account Settings → General → Visibility"," the dropdown holds exactly three entries, each prefixed with a small icon: ",[42,331,332],{},"Private - Only you can view",", ",[42,335,336],{},"Published - Visible to others",[42,338,339],{},"Unlisted - Only via direct link",". On the dashboard page for that account an amber ",[42,342,343],{},"Unlisted"," badge sits next to the copy-link and open-page buttons. In the dashboard Accounts and Portfolios tables it is a third state in the Status column, in amber, with a matching entry in the Status filter. The admin panel's Visibility column distinguishes it too, though its filter does not yet offer it as a choice.",[10,346,347,348,83,351,354],{},"One behaviour worth knowing: the bulk ",[42,349,350],{},"Publish",[42,352,353],{},"Hide"," actions in those tables always clear the flag. Publishing something is meant to make it genuinely public, and hiding it is not meant to leave a link-only flag armed for the next time it is published.",[14,356,160],{"id":159},[162,358,359,365,374,380],{},[165,360,361,364],{},[42,362,363],{},"\"Unlisted means private with a link.\""," It means published, minus discovery. The page is fully public to anyone who has the address.",[165,366,367,370,371,373],{},[42,368,369],{},"\"Search engines will not find it.\""," They can. There is no ",[29,372,307],{},", and the page stays in the sitemap.",[165,375,376,379],{},[42,377,378],{},"\"Making an account unlisted breaks my embeds.\""," It does not. Widgets serve published accounts, and unlisted accounts are published. Setting the account to private is what breaks them.",[165,381,382,385],{},[42,383,384],{},"\"Nobody can see it any more.\""," Existing followers still can, and so can anyone the link was forwarded to.",[10,387,388,389,134],{},"For how visibility, slugs and the public profile fit together, see ",[36,390,392],{"href":391},"\u002Fguides\u002Fpublic-profile-and-custom-slugs","the public profile and custom slugs guide",{"title":31,"searchDepth":202,"depth":202,"links":394},[395,396,397,398,399],{"id":16,"depth":202,"text":17},{"id":60,"depth":202,"text":61},{"id":75,"depth":202,"text":76},{"id":113,"depth":202,"text":114},{"id":159,"depth":202,"text":160},"Verification","Unlisted is a third visibility state: the account page works for anyone holding the link, but it is absent from Explore, search and your public profile.",{},[404,405,406,407],"what-is-a-trading-widget","what-is-a-verified-track-record","what-is-a-trading-portfolio","what-is-a-prop-firm",{"title":228,"description":401},"5.glossary\u002Fwhat-is-an-unlisted-account","Unlisted Account","FVRTTzXCzFmko9mbcQK10j8smAzQsA1wr0gslNmswe0",{"id":413,"title":414,"body":415,"category":724,"date":210,"description":725,"draft":212,"extension":213,"meta":726,"navigation":212,"path":70,"related":727,"seo":732,"stem":733,"term":734,"updated":210,"__hash__":735},"glossary\u002F5.glossary\u002Fwhat-is-correlation-risk.md","What Is Correlation Risk? Why Diversification Fails",{"type":7,"value":416,"toc":717},[417,420,422,430,436,439,506,509,512,553,556,558,566,574,581,583,600,608,622,624,678,680,711],[10,418,419],{},"Correlation risk is the exposure created when positions or accounts that look independent are driven by the same factor and therefore lose together. It is why an apparently diversified book produces a single, undiversified drawdown: the risk was counted once per position, but it arrives all at once.",[14,421,17],{"id":16},[10,423,424,425,429],{},"The pairwise coefficient belongs to ",[36,426,428],{"href":427},"\u002Fglossary\u002Fwhat-is-forex-pair-correlation","forex pair correlation",". At book level what matters is how many independent bets it leaves you with.",[22,431,434],{"className":432,"code":433,"language":27},[25],"Independent bets = n ÷ ( 1 + (n − 1) × ρ )\n\nn = number of positions\nρ = average correlation between them\n",[29,435,433],{"__ignoreMap":31},[10,437,438],{},"Three positions each risking 1% of the account:",[440,441,442,458],"table",{},[443,444,445],"thead",{},[446,447,448,452,455],"tr",{},[449,450,451],"th",{},"Average correlation",[449,453,454],{},"Combined risk",[449,456,457],{},"Independent bets",[459,460,461,473,484,495],"tbody",{},[446,462,463,467,470],{},[464,465,466],"td",{},"ρ = 0",[464,468,469],{},"1.73%",[464,471,472],{},"3.0",[446,474,475,478,481],{},[464,476,477],{},"ρ = 0.7",[464,479,480],{},"2.68%",[464,482,483],{},"1.25",[446,485,486,489,492],{},[464,487,488],{},"ρ = 1",[464,490,491],{},"3.00%",[464,493,494],{},"1.0",[446,496,497,500,503],{},[464,498,499],{},"ρ = −0.5 (the floor for three)",[464,501,502],{},"≈ 0%",[464,504,505],{},"—",[10,507,508],{},"The trader believed they had risked 1% three times. At ρ = 1 they risked 3% once. Nothing on the platform announces the difference.",[10,510,511],{},"Correlated exposure arrives through five channels, and most books carry several at once:",[162,513,514,520,530,536,547],{},[165,515,516,519],{},[42,517,518],{},"A shared currency leg."," Long EUR\u002FUSD, GBP\u002FUSD and AUD\u002FUSD is one short-dollar position in three costumes.",[165,521,522,525,526,529],{},[42,523,524],{},"One strategy across many symbols."," A single ",[36,527,528],{"href":104},"Expert Advisor"," trading twelve pairs generates twelve positions from one signal condition.",[165,531,532,535],{},[42,533,534],{},"One strategy across many accounts."," The same EA copied onto four accounts is one bet at four times the size; total capital at risk is what matters, not capital per account.",[165,537,538,541,542,546],{},[42,539,540],{},"A shared regime dependency."," Every ",[36,543,545],{"href":544},"\u002Fglossary\u002Fwhat-is-trend-following","trend-following"," system in a book suffers the same choppy market, whatever it trades.",[165,548,549,552],{},[42,550,551],{},"A shared venue."," Same broker, same price feed, same execution. A feed outage or a requote storm hits every position at once.",[10,554,555],{},"And ρ is not a constant: in quiet markets the components decouple and the book genuinely looks diversified, then in a liquidity event they converge toward 1.",[14,557,61],{"id":60},[10,559,560,561,565],{},"Correlation risk breaks the arithmetic ",[36,562,564],{"href":563},"\u002Fglossary\u002Fwhat-is-position-sizing","position sizing"," depends on. A 1%-per-trade rule is a promise about the worst case, and it only holds if the trades are independent. Ten correlated positions at 1% is a 10% day through a rule followed exactly.",[10,567,568,569,573],{},"It hits ",[36,570,572],{"href":571},"\u002Fglossary\u002Fwhat-is-margin-level","margin level"," the same way: correlated positions move into floating loss together, so equity falls across the whole book while used margin stays put, and the stop-out threshold approaches faster than any single-position analysis predicted.",[10,575,576,577,580],{},"It also makes track records misleading. Four accounts each showing a modest ",[36,578,192],{"href":579},"\u002Fglossary\u002Fwhat-is-drawdown"," may have printed all four on the same three days: four data points read separately, one in fact.",[14,582,76],{"id":75},[10,584,585,586,83,589,592,593,83,596,599],{},"On ShowMyTrades (August 2026), ",[42,587,588],{},"699 users run more than one account",[42,590,591],{},"429 run accounts at more than one broker",". Across the public accounts with trading history, median autotrading share is ",[42,594,595],{},"99%",[42,597,598],{},"53.9% run above 90% automated",". These describe accounts published here, not traders in general.",[10,601,602,603,607],{},"Those figures set the scale. More than half of all users hold multiple accounts and roughly a third spread them across brokers, usually to avoid depending on one counterparty. That diversifies the counterparty, not the strategy: if the same automated system runs on both, ",[36,604,606],{"href":605},"\u002Fguides\u002Fsame-strategy-different-brokers","two brokers deliver one equity curve twice",", and a near-total autotrading share makes that the default case.",[10,609,610,611,614,615,617,618,621],{},"The outcomes are consistent. ",[36,612,613],{"href":191},"Median deepest drawdown"," is ",[42,616,109],{},", yet ",[42,619,620],{},"17.6% of accounts have passed 50%",". Falls of that depth are rarely one position going wrong; they are a set of positions that turned out to be the same position.",[14,623,114],{"id":113},[162,625,626,643,657,663,672],{},[165,627,628,629,632,633,637,638,642],{},"The ",[42,630,631],{},"Breakdown Statistics"," module and its ",[634,635,636],"em",{},"By Magic Number"," tab, which splits the record by strategy rather than by instrument. Two ",[36,639,641],{"href":640},"\u002Fglossary\u002Fwhat-is-a-magic-number","magic numbers"," with the same good and bad stretches are one system wearing two labels.",[165,644,645,649,650,83,653,656],{},[42,646,647],{},[36,648,143],{"href":140},", which filters by ",[42,651,652],{},"Symbols",[42,654,655],{},"Magic Numbers",". Recomputing the figures with one magic number excluded shows how much of the record depended on it. The saved preset list is hidden on public pages; the filters are not.",[165,658,628,659,662],{},[42,660,661],{},"Growth"," view in the charts viewer, read across two account pages. Two curves with the same peaks and troughs on the same dates are one strategy whatever they are called.",[165,664,665,666,671],{},"A ",[42,667,668],{},[36,669,670],{"href":215},"portfolio",", which merges several accounts into one aggregated view — equity curve, statistics and metrics combined. That total is what correlation risk applies to, not the per-account figures.",[165,673,628,674,677],{},[42,675,676],{},"trades table"," with its Magic Number and Comment columns, showing which system opened what and when.",[14,679,160],{"id":159},[162,681,682,688,694,700],{},[165,683,684,687],{},[42,685,686],{},"\"I trade eight pairs, so I am diversified.\""," If seven quote against the dollar, you hold one dollar position sized eight times.",[165,689,690,693],{},[42,691,692],{},"\"Different brokers means diversified risk.\""," It diversifies counterparty and execution, which is worth having. It does not diversify a strategy running identically on both.",[165,695,696,699],{},[42,697,698],{},"\"Correlation is stable enough to plan around.\""," It is measured in normal conditions and converges toward 1 in the conditions that create large drawdowns.",[165,701,702,705,706,710],{},[42,703,704],{},"\"Long one pair and short a correlated one cancels the risk.\""," It replaces a directional bet with a cross bet, and you pay two ",[36,707,709],{"href":708},"\u002Fglossary\u002Fwhat-is-a-spread","spreads"," and two swaps to hold it.",[10,712,713,714,134],{},"For how to see combined exposure rather than four separate pages, read ",[36,715,716],{"href":199},"tracking multiple accounts in a portfolio",{"title":31,"searchDepth":202,"depth":202,"links":718},[719,720,721,722,723],{"id":16,"depth":202,"text":17},{"id":60,"depth":202,"text":61},{"id":75,"depth":202,"text":76},{"id":113,"depth":202,"text":114},{"id":159,"depth":202,"text":160},"Risk","Correlation risk is running several positions or accounts that are really one bet. How correlated exposure multiplies drawdown, and what thousands of traders show.",{},[728,729,730,731],"what-is-forex-pair-correlation","what-is-drawdown","what-is-position-sizing","what-is-margin-level",{"title":414,"description":725},"5.glossary\u002Fwhat-is-correlation-risk","Correlation Risk","GNhwqG_ozOXL3dDKSqbVGKoxSZ4aW1o00RqKg9Mychw",{"id":737,"title":738,"body":739,"category":209,"date":210,"description":1049,"draft":1050,"extension":213,"meta":1051,"navigation":212,"path":191,"related":1052,"seo":1054,"stem":1055,"term":1056,"updated":210,"__hash__":1057},"glossary\u002F5.glossary\u002Fwhat-is-maximum-drawdown.md","What Is Maximum Drawdown? Formula and Recovery Maths",{"type":7,"value":740,"toc":1042},[741,748,750,753,759,762,814,821,840,842,845,907,910,917,919,925,932,937,948,975,977,992,1007,1009,1035],[10,742,743,744,747],{},"Maximum drawdown is the largest ",[36,745,746],{"href":579},"peak-to-trough decline"," an account has recorded over its entire history, expressed as a percentage of the peak. It is the worst loss the strategy has actually inflicted, as opposed to the worst loss its owner expects. It never decreases: once printed, a 34% maximum drawdown stays at 34% through every subsequent new high.",[14,749,17],{"id":16},[10,751,752],{},"Walk the equity curve forward one point at a time, keeping the highest value seen so far. At each point, measure the fall below that running high. The maximum drawdown is the deepest fall found anywhere on the walk.",[22,754,757],{"className":755,"code":756,"language":27},[25],"MaxDD % = max over t of [ (Peak(0..t) − Value(t)) \u002F Peak(0..t) ] × 100\n",[29,758,756],{"__ignoreMap":31},[10,760,761],{},"The result depends entirely on which curve you walk, and ShowMyTrades publishes both.",[440,763,764,780],{},[443,765,766],{},[446,767,768,771,774,777],{},[449,769,770],{},"Metric",[449,772,773],{},"Measured on",[449,775,776],{},"Open positions counted?",[449,778,779],{},"What it tells you",[459,781,782,798],{},[446,783,784,789,792,795],{},[464,785,786],{},[42,787,788],{},"Drawdown",[464,790,791],{},"Equity (balance + floating P&L)",[464,793,794],{},"Yes",[464,796,797],{},"The real fall in what the account was worth at that moment",[446,799,800,805,808,811],{},[464,801,802],{},[42,803,804],{},"DD on Balance",[464,806,807],{},"Closed balance only",[464,809,810],{},"No",[464,812,813],{},"The fall in realised results",[10,815,816,820],{},[36,817,819],{"href":818},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance","Balance drawdown"," is the more flattering figure, and it is flattering by construction: an unrealised loss is invisible to it. That is the mechanism behind grid, martingale and averaging-down systems — they keep the balance curve smooth by never closing losers.",[10,822,823,824,83,827,830,831,834,835,839],{},"So an account showing ",[42,825,826],{},"Drawdown 41%",[42,828,829],{},"DD on Balance 6%"," is not broken. It was 41% underwater while its closed results claimed a rough patch of 6%. The equity figure is the honest one, and the ",[634,832,833],{},"gap between the two"," is a description of the strategy. When the two sit close together, positions are being closed near the point where damage is taken — which is what a ",[36,836,838],{"href":837},"\u002Fglossary\u002Fwhat-is-a-stop-loss","stop-loss"," is for.",[14,841,61],{"id":60},[10,843,844],{},"Recovery is asymmetric, because the gain has to compound off a smaller base than the loss did.",[440,846,847,857],{},[443,848,849],{},[446,850,851,854],{},[449,852,853],{},"Maximum drawdown",[449,855,856],{},"Gain needed to reach the old peak",[459,858,859,867,875,883,891,899],{},[446,860,861,864],{},[464,862,863],{},"10%",[464,865,866],{},"11.1%",[446,868,869,872],{},[464,870,871],{},"20%",[464,873,874],{},"25.0%",[446,876,877,880],{},[464,878,879],{},"30%",[464,881,882],{},"42.9%",[446,884,885,888],{},[464,886,887],{},"50%",[464,889,890],{},"100.0%",[446,892,893,896],{},[464,894,895],{},"70%",[464,897,898],{},"233.3%",[446,900,901,904],{},[464,902,903],{},"90%",[464,905,906],{},"900.0%",[10,908,909],{},"Under 20% the asymmetry is a nuisance. Past 50% it becomes the dominant fact of the account: you have to double your money with the same strategy that just halved it.",[10,911,912,913,916],{},"Maximum drawdown is also the number that sets your practical leverage ceiling. If a system has historically drawn down 30%, running it at double ",[36,914,915],{"href":563},"position size"," implies a 60% drawdown you have no evidence you can sit through.",[14,918,76],{"id":75},[10,920,921,922,924],{},"The numbers here come from accounts published on ShowMyTrades, not from traders at large. Across the published accounts that have trading history (August 2026), the median deepest drawdown is ",[42,923,109],{},", and the spread around that median is wide in both directions.",[10,926,927],{},[928,929],"img",{"alt":930,"src":931},"Deepest drawdown across public ShowMyTrades accounts: 38.5% under 5%, 23.3% between 5% and 20%, 20.6% between 20% and 50%, 17.6% over 50%","\u002Fimages\u002Farticles\u002Fdrawdown-distribution.svg",[10,933,934],{},[634,935,936],{},"Median 9.7%, and the tail is longer than most published claims allow for.",[10,938,939,940,943,944,947],{},"At the far end, ",[42,941,942],{},"17.6% have fallen more than 50%"," below their peak and ",[42,945,946],{},"38.2% have been more than 20% underwater",". Roughly one account in six has therefore faced the 50% row of the recovery table above: a 100% gain required just to get back to level.",[10,949,950,951,954,955,958,959,963,964,967,968,972,973,134],{},"The near end deserves the same scepticism: ",[42,952,953],{},"38.5%"," record a maximum drawdown under 5%. Some of those are genuinely conservative. Many are simply young. The median published account holds ",[42,956,957],{},"171 closed trades"," at a ",[36,960,962],{"href":961},"\u002Fglossary\u002Fwhat-is-average-trade-length","median trade length"," of ",[42,965,966],{},"2.4 hours","; on a sample that size, a small maximum drawdown records what has not happened yet rather than what cannot. A maximum drawdown is a claim about the tail of a distribution, and ",[36,969,971],{"href":970},"\u002Fguides\u002Fhow-much-history-a-track-record-needs","tails need history behind them"," — which is why the figure is only worth much on a ",[36,974,155],{"href":154},[14,976,114],{"id":113},[10,978,628,979,982,983,83,985,987,988,991],{},[42,980,981],{},"Account Stats"," panel on every published account page shows ",[42,984,788],{},[42,986,804],{}," on consecutive rows below ",[42,989,990],{},"Avg Monthly %",", both derived from the broker feed rather than self-reported. Compare them first; the divergence is the fastest read on the page.",[10,993,994,995,997,998,1001,1002,1006],{},"The charts module includes a dedicated ",[42,996,788],{}," view, which plots daily drawdown as bars and so answers the question the headline percentage cannot: how ",[634,999,1000],{},"long"," the account stayed below its high-water mark. A 25% drawdown recovered in seven weeks and a 25% drawdown still open fourteen months later print the identical number and are not the same account. The ",[36,1003,1005],{"href":1004},"\u002Ftools\u002Fdrawdown-calculator","drawdown calculator"," runs the recovery table above against your own balance.",[14,1008,160],{"id":159},[162,1010,1011,1017,1023,1029],{},[165,1012,1013,1016],{},[42,1014,1015],{},"\"My maximum drawdown improved this year.\""," It cannot improve. It is a historical maximum, and a good year cannot un-print it.",[165,1018,1019,1022],{},[42,1020,1021],{},"\"The two drawdown figures should match.\""," They match only when positions are closed near the loss. A wide gap is the signature of held losers, not a data error.",[165,1024,1025,1028],{},[42,1026,1027],{},"\"Small max drawdown, low risk.\""," Not on a short history. Ask how many trades and how many months produced it before treating it as a risk measure.",[165,1030,1031,1034],{},[42,1032,1033],{},"\"Percentage drawdown and money drawdown are interchangeable.\""," A 30% fall on a $2,000 account and on a $200,000 account are the same risk profile and very different experiences — but only the percentage is comparable between accounts.",[10,1036,1037,1038,134],{},"For maximum drawdown in context with every other metric on a live account page, read ",[36,1039,1041],{"href":1040},"\u002Fguides\u002Freading-a-trading-account-dashboard","how to read a trading account dashboard",{"title":31,"searchDepth":202,"depth":202,"links":1043},[1044,1045,1046,1047,1048],{"id":16,"depth":202,"text":17},{"id":60,"depth":202,"text":61},{"id":75,"depth":202,"text":76},{"id":113,"depth":202,"text":114},{"id":159,"depth":202,"text":160},"Maximum drawdown is the deepest peak-to-trough fall an account ever recorded. The formula, the recovery table, and the real spread across thousands of accounts.",false,{},[729,730,405,1053],"what-is-a-profit-factor",{"title":738,"description":1049},"5.glossary\u002Fwhat-is-maximum-drawdown","Maximum Drawdown","ApNMddCmg0QCLnuOwuyL_buXf8nvEi3z-WICzHc5jDU",{"id":1059,"title":1060,"body":1061,"category":209,"date":210,"description":1274,"draft":212,"extension":213,"meta":1275,"navigation":212,"path":38,"related":1276,"seo":1279,"stem":1280,"term":1281,"updated":210,"__hash__":1282},"glossary\u002F5.glossary\u002Fwhat-is-time-weighted-return.md","What Is Time-Weighted Return (TWR)?",{"type":7,"value":1062,"toc":1267},[1063,1070,1072,1075,1081,1084,1091,1097,1102,1112,1118,1121,1123,1126,1137,1139,1150,1172,1185,1187,1204,1228,1230,1260],[10,1064,1065,1066,1069],{},"Time-weighted return, or TWR, measures the return produced by trading decisions alone, with deposits and withdrawals removed. It cuts the account's history at every cash flow, measures each piece separately, and compounds the pieces together. It is the number shown as ",[42,1067,1068],{},"Gain"," on ShowMyTrades account pages.",[14,1071,17],{"id":16},[10,1073,1074],{},"Money moving in or out changes the balance without anyone trading. TWR handles that by never letting a cash flow enter a return calculation:",[22,1076,1079],{"className":1077,"code":1078,"language":27},[25],"TWR = [(1 + r₁) × (1 + r₂) × … × (1 + rₙ)] − 1\n\nrᵢ = Profit in period i \u002F Balance at the start of period i\n",[29,1080,1078],{"__ignoreMap":31},[10,1082,1083],{},"Each period runs between cash flows. A deposit ends one period and starts the next at the new, larger balance; it never appears in a numerator. On ShowMyTrades the sub-periods are days: each day's return is measured against the balance standing at its start, net of the costs charged inside it, and the days are compounded.",[10,1085,1086,1087,1090],{},"Worth stating plainly. Fund an account with $10,000 and make $2,000: the first period returned 20%. Deposit another $10,000, taking the balance to $22,000, then make $2,000 again: the second period returned 9.1%, because the base was larger. The balance shows +$4,000 on $20,000 put in. TWR shows (1 + 0.20) × (1 + 0.091) − 1 = ",[42,1088,1089],{},"+30.9%",". The deposit itself earned nothing.",[10,1092,1093],{},[928,1094],{"alt":1095,"src":1096},"A $10,000 deposit steps the balance line up while the time-weighted return line stays exactly where it was","\u002Fimages\u002Farticles\u002Fdeposit-vs-twr.svg",[10,1098,1099],{},[634,1100,1101],{},"The balance jumps the day money arrives. Gain does not.",[10,1103,1104,1105,1111],{},"This is what separates it from ",[42,1106,1107],{},[36,1108,1110],{"href":1109},"\u002Fglossary\u002Fwhat-is-absolute-gain","Abs. Gain",", the other percentage on the same panel:",[22,1113,1116],{"className":1114,"code":1115,"language":27},[25],"Abs. Gain = Net closed P&L \u002F Total deposits × 100\n",[29,1117,1115],{"__ignoreMap":31},[10,1119,1120],{},"Abs. Gain answers what the account returned on the money put in; TWR answers how well the money was traded. Both are honest, but only one is comparable across accounts of different sizes and funding patterns.",[14,1122,61],{"id":60},[10,1124,1125],{},"TWR is the reason a track record can be compared at all. Without it, a percentage can be improved by depositing into a drawdown: a $5,000 loss on a $10,000 account is −50%, and a $10,000 top-up the next day makes the same unrecovered hole read as −33% of the new balance.",[10,1127,1128,1129,1133,1134,1136],{},"It cuts the other way too, which is why it is the fair number rather than the flattering one. A withdrawal does not raise TWR, and a well-timed deposit before a good month does not either. What remains is the ",[36,1130,1132],{"href":1131},"\u002Fglossary\u002Fwhat-is-an-equity-curve","equity curve"," of decisions — the only part a reader of a ",[36,1135,155],{"href":154}," can hold the trader responsible for.",[14,1138,76],{"id":75},[10,1140,1141,1142,1145,1146,1149],{},"The figures below describe accounts published on ShowMyTrades, not traders in general. Across the published accounts that have trading history (August 2026), the ",[42,1143,1144],{},"median time-weighted return is +3.2%",", and ",[42,1147,1148],{},"63.0%"," of them are positive on a time-weighted basis.",[10,1151,1152,1153,1159,1160,1163,1164,1167,1168,1171],{},"Two readings follow. First, a majority of published accounts do make money by this measure — the distribution is not the wasteland the internet claims. Second, the middle of that distribution is small: +3.2% against a ",[42,1154,1155,1156,1158],{},"median deepest ",[36,1157,192],{"href":579}," of 9.7%",", so the typical account gave up about three times its eventual return along the way. The same set shows ",[42,1161,1162],{},"38.2%"," of accounts having been ",[36,1165,1166],{"href":191},"more than 20% underwater"," at some point, and ",[42,1169,1170],{},"17.6%"," more than 50%.",[10,1173,1174,1175,1177,1178,1181,1182,134],{},"The median account here has ",[42,1176,957],{},", drawn from ",[42,1179,1180],{},"15,436,464 synchronised trades"," overall. A large TWR on a short history is ",[36,1183,1184],{"href":970},"a statement about a few weeks, not about a method",[14,1186,114],{"id":113},[10,1188,1189,1191,1192,1194,1195,1197,1198,83,1201,1203],{},[42,1190,1068],{}," is the first and boldest row of the ",[42,1193,981],{}," panel on every published account page, and it is TWR. ",[42,1196,1110],{}," sits directly beneath it so the funding-sensitive figure is never far from the funding-neutral one. ",[42,1199,1200],{},"Avg Daily %",[42,1202,990],{},", the next two rows down, are derived from the same time-weighted series.",[10,1205,628,1206,1209,1210,1212,1213,1216,1217,1220,1221,1227],{},[42,1207,1208],{},"charts viewer"," — one panel that switches views rather than a stack of charts — plots it two ways. ",[42,1211,661],{}," shows daily compounded TWR over the life of the account; ",[42,1214,1215],{},"Growth by Trade"," plots the same series against trade number instead of the calendar, which makes frequency visible: two accounts at +40% look identical on a calendar and completely different when one took 90 trades and the other 9,000. The ",[42,1218,1219],{},"Balance"," view shows the raw money, deposits and withdrawals included, which is exactly the picture TWR is designed to correct. The ",[42,1222,1223],{},[36,1224,1226],{"href":1225},"\u002Fguides\u002Fmonthly-returns-table-explained","monthly returns table"," breaks the same time-weighted series into months and years.",[14,1229,160],{"id":159},[162,1231,1232,1238,1248,1254],{},[165,1233,1234,1237],{},[42,1235,1236],{},"\"TWR is how much money I made.\""," It is not a currency figure. An account can show +80% TWR and a small profit if it was traded at a small size for most of its life.",[165,1239,1240,1243,1244,1247],{},[42,1241,1242],{},"\"My deposit lowered my Gain.\""," It cannot. A deposit ends one measurement period and starts another; it contributes no return in either direction. What people usually notice is that the deposit failed to ",[634,1245,1246],{},"raise"," the percentage the way the balance chart did.",[165,1249,1250,1253],{},[42,1251,1252],{},"\"TWR and Abs. Gain should agree.\""," They agree only on an account with a single deposit and no withdrawals. Any divergence is information about funding, not an error.",[165,1255,1256,1259],{},[42,1257,1258],{},"\"It is an annual figure.\""," It is cumulative since the account's first trade, and it is not annualised. A +3.2% over three years and a +3.2% over three months are different results.",[10,1261,1262,1263,134],{},"For worked examples, including how a deposit hides a drawdown, see ",[36,1264,1266],{"href":1265},"\u002Fguides\u002Ftime-weighted-return-explained","time-weighted return explained",{"title":31,"searchDepth":202,"depth":202,"links":1268},[1269,1270,1271,1272,1273],{"id":16,"depth":202,"text":17},{"id":60,"depth":202,"text":61},{"id":75,"depth":202,"text":76},{"id":113,"depth":202,"text":114},{"id":159,"depth":202,"text":160},"Time-weighted return compounds sub-period returns so deposits and withdrawals drop out. The formula, how it differs from Abs. Gain, and public accounts.",{},[1277,729,405,1278],"what-is-an-equity-curve","what-is-expectancy",{"title":1060,"description":1274},"5.glossary\u002Fwhat-is-time-weighted-return","Time-Weighted Return","xsUg8bgIFRZ18pjGPDUe3u66QKPQWOoj4hi9EmB2Cow",1787415695425]