Rischio e money management
What is maximum drawdown and what is acceptable?
Maximum drawdown is the largest peak-to-trough equity decline over a period — the worst stretch of sitting underwater. It measures the pain a strategy inflicts on the way to its returns, and it's the statistic most correlated with traders abandoning systems at the bottom.
What's 'acceptable' is personal, but two anchors help: recovery is nonlinear (a 20% drawdown needs +25% to recover; 50% needs +100%), and live drawdowns routinely exceed backtested ones — treat the backtest's max drawdown as a floor, not a ceiling, and size so you'd survive roughly double it.
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Contenuto educativo, non consulenza finanziaria. Le cifre da backtest e storiche descrivono solo periodi passati; i rendimenti passati non garantiscono risultati futuri.