Drawdown tolerance. A trader can survive a low win rate and still be profitable if expectancy is positive, but if they can't handle drawdowns, they'll eventually abandon their edge, overtrade, or increase risk at the worst possible time. Most traders don't fail because their strategy stops working—they fail because they stop trusting it during inevitable losing periods.
Drawdown tolerance, easily. Win rate and even expectancy don’t matter if a trader can’t survive the emotional and financial pressure of losing phases. The real separator is who stays consistent when the system is under stress.
