What is Breakeven Win Rate?
The breakeven win rate is the win rate at which the average wins exactly pay for the average losses, before costs. It equals the average loss divided by the sum of the average win and the average loss. A strategy needs to win more often than this to have a positive expected value.
Why Breakeven Win Rate matters
The gap between the real win rate and the breakeven win rate is the whole edge, and costs shrink it.