Individual Values is what the same species of pokemon do not have in common. For example, Salamence vs Salamence. Let's name it A and B. A uses Dragon Claw, it whittles the opponent's health to half HP, and B uses the same move Dragon Claw but it faints the opponent. It is due to the Individual Values.
Traits are what the user can do, for example Wonder Guard, it is not affected by non-super Effective attacks.
Effort Values are what can enhance the Pokemon's stats. For example, if you defeat a pokemon, it may give you 1 or 2 effort points for one or two stats. This affects the battle situation.
My favourite part is when you are battling Shadow Lugia ( you didn't say battling is not included...)
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