Assume, I monthly invest a fixed part of my income. I strictly transfer this money to my broker account and never take money off (transfer-rule). There, I usually (but not always) immediately add to a long position in stocks.
Hence, as I follow this transfer-rule, I don't have as my own portfolio-manager control over money flows. Yet, I do have control over how much I go long and how much I keep in cash (and all other possible manoeuvres).
Is Money-Weighted-Return (MWR) or Time-Weighted-Return (TWR) the more accurate method to assess my performance as portfolio-manager? Why?