You can’t scale variance
Trader 1 wins the challenge
Trader 2 wins the career
Once some degree of profitability is found, the instinct is to scale aggressively, but without controlling variance, the PnL swings become unsustainable alongside the development of psychological scars that undermine future performance.
Once an edge is established, variance is what tests your discipline.

Which trader would you choose to be, considering both returns and risk?
Both traders start with $100,000 and actively trade over a 3-month period:
Trader 1 achieves a 70% return, but endures a maximum drawdown of 38% during the period.
Trader 2 delivers a 24% return, with a

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