Planned against realised R

Planned R is the return your plan targeted; realised R is what the trade delivered.

Planned R comes from the entry, stop and target you wrote down; realised R from the prices you actually got. The gap between the two is tracked per trade and over time.

A worked example

Your plan works out to 2R from its entry, stop and target. The trade stalls, you exit, and the review records 1.2R realised. The gap on that trade is 0.8R, and the exit reason you logged says why.

Where the gap comes from

• Exits taken before the target, each logged with an exit reason in the review
• Runs past the target, where realised R lands above planned
• Commissions on imported fills, kept beside the trade: they change the money the trade made, not the multiple of planned risk

Realised R below plan isn't automatically an error; some exits are the right call on the day. The gap exists so the right calls and the expensive habits stop looking the same.