Drawdown: harder to win back than to lose

You had $1,000, now you have $500 — minus 50%. To get back to $1,000, you need to make $500 on the remaining $500, which is plus 100%. Losing half is easy, but doubling the account is very hard.

- Lost 10% — to get back, you need plus 11%. - Lost 20% — you need plus 25%. - Lost 50% — you need plus 100%.