The gain-to-pain ratio as mentioned in Jack Schwager's "Hedge Funds market wizards" book would be a good measure of consistency and how serious is the drawdown.
Use sharpe and sortino ratios. Understand the theoretical distribution of your strategy. Is it positive skew, negative skew, high or low kurtosis. Obtain the parameters and simulate using monte carlo. You may also use boostrapping to create a non parametric distribution to understand the risk involved.
good one that is a fantastic point yes trading is not about making huge money.........an edge will give you steady profits.......on the casino model
this is the best thread/ post i have seen in ET i love this you have really exposed something how about beating the market or benchmark....if they did it consistently that would not be luck................what do you think about that