I'm currently reading Smarter Trading. He defines risk as volatility. Volatility = Risk seems to be the approach from what I've read on trading. For instance - maximum drawdown is equated with risk, and that's not anything more than a measure of volatility.

But here is the thing I can't get out of my mind - should not we be a lot more worried about the likelihood that a egy will recuperate than we are with how volitile the equity curve is? I'd much rather trade a volatile system having an 95% likelihood of recovering from any drawdown compared to a smooth system using a 70% likelihood of recovering from any drawdown (other factors being equal).

Are there some helpful metrics out there which quantify a systems capacity to recoup from drawdown (without caring how volatile the item is?)

Are there some other basic approaches to defining risk?

Thank you in advance.

James