In my experience is that
Trading is a 50% probability Game
So, Min Loss - Max Gain ( Risk Reward Ratio).
If i made 20 trades than 12 trades are loosing trades 8 are profitable, I loose -100 rupees on loosing trade, and gain +200 rupees on winning trade
10012= -1200
2008=+ 1600
I think you answered it yourself as far as the mathematical equation is concerned ( risk/reward overlaid with success rate ). But at an individual level, what it really comes down to is figuring out and then staying put with a strategy that works for you at an emotional level.
These days with all kinds of backtesting made possible, I would expect a large number of people trading strategies that have had a positive expectancy. Yet, a large majority struggle to make money consistently simply because they are not wired for those strategies.
A well tested and rounded strategy that you can persist with that offers you favourable accuracy, risk reward metrics and bounded with in a robust risk management framework.
Backtesting is not a simple exercise. To do it properly one needs bit of experience and insight.
An audit report requires an UDIN number which can be allotted only if the CA is registered as a member of ICAI.
I tired to sound like a bot. But I guess I failed.