R-Multiple Journal Reviews: A Worked Crypto Example With Fees Included
R-multiples express every result as a multiple of the risk planned before entry. Losses larger than −1R are the first thing a review should explain.
Short answer
An R-multiple is net result ÷ planned risk (R). With R = $200, ten trades of +2.1, −1, −1.15, +0.4, −1, +3.0, −0.3, −1.2, +1.5 and −1 sum to +1.35R (≈ +$270), averaging +0.135R. Two losses exceeded −1R (−1.15R and −1.2R): those are cost or execution leaks, such as stop slippage or fees not included in sizing. A review should tag every loss beyond −1R with its cause.
Worked example
| Step | Value |
|---|---|
| Planned risk (R) | $200 |
| Trades | 10 |
| Sum | +1.35R (≈ $270) |
| Average | +0.135R |
| Losses beyond −1R | 2 (−1.15R, −1.2R) |
| Largest win | +3.0R |
What to tag
| Pattern | Likely cause |
|---|---|
| Loss < −1R | Slippage, fees not in sizing, moved stop |
| Many −0.1R to +0.1R | Break-even stops too early |
| Wins far below target R | Early exits |
| One win = most of total | Outlier dependence |
Conclusion
Related: Trading Expectancy: A Worked Crypto Example With Fees Included, Profit-Factor Journal Reviews: A Worked Crypto Example With Fees Included.
Plan the same calculation with ChartsPod's position planner.
Open the ChartsPod terminalAn R-multiple is net result ÷ planned risk (R).
Check R-Multiple Journal Reviews against a live market before relying on it.
Try it in ChartsPodQuestions readers ask
What is an R-multiple?
Net result divided by planned risk.
Why do losses exceed −1R?
Slippage, fees or stop changes.
How many trades for a review?
Enough to see patterns; 30+ is a start.
Sources and methodology
Arithmetic uses standard sizing formulas. Fee rates (0.05% taker, 0.02% maker), slippage and funding values are illustrative; check your venue's schedule. Liquidation figures are simplified approximations; exchanges calculate them with their own maintenance-margin rules (see Bybit's documentation).
- Bybit: Liquidation process — mark price and margin modes.
- ChartsPod: product overview, pricing and FAQ — free terminal, venues, modules, no order placement; checked 17 Oct 2026.
This article explains research tools and workflows. It is not financial advice, does not recommend buying or selling any asset and does not predict prices. Crypto derivatives carry a risk of rapid and total loss of margin.
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