[{"data":1,"prerenderedAt":894},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-are-interest-rates":3,"\u002Fzh\u002Fglossary\u002Fwhat-are-interest-rates-related":243,"\u002Fzh\u002Fglossary\u002Fwhat-are-interest-rates-langs":891},{"id":4,"title":5,"body":6,"category":226,"date":227,"description":228,"draft":229,"extension":230,"meta":231,"navigation":232,"path":233,"related":234,"seo":238,"stem":239,"term":240,"updated":241,"__hash__":242},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-are-interest-rates.md","什么是利率？利率如何决定您的库存费成本",{"type":7,"value":8,"toc":218},"minimark",[9,19,23,26,37,40,69,72,75,88,101,104,115,122,125,129,180,183,210],[10,11,12,13,18],"p",{},"利率就是资金的价格，每种货币的利率由各自的央行决定。宏观评论谈利率往往谈得很大，落到交易者身上，影响其实具体得多，也算得清楚：一个货币对里两种货币的政策利率之差，决定了您隔夜持仓时要付出或能拿到多少",[14,15,17],"a",{"href":16},"\u002Fglossary\u002Fwhat-is-a-swap-in-forex","库存费","。利率的其他方面都属于预测，唯独这一块是实打实的算术，会直接落到您的对账单上。",[20,21,22],"h2",{"id":22},"工作原理",[10,24,25],{},"每个外汇仓位都同时涉及两种货币：做多一种，做空另一种。持仓过了经纪商的展期时间（rollover，通常是纽约时间 17:00），交割日就顺延一天，利差也随之扣除或计入。",[27,28,33],"pre",{"className":29,"code":31,"language":32},[30],"language-text","隔夜库存费 ≈ 名义金额 × (买入货币的利率 − 卖出货币的利率) ÷ 365\n             − 经纪商加价\n","text",[34,35,31],"code",{"__ignoreMap":36},"",[10,38,39],{},"关键在于以下四点：",[41,42,43,51,57,63],"ul",{},[44,45,46,50],"li",{},[47,48,49],"strong",{},"方向反过来，正负号也反过来","。做多高息货币、做空低息货币，就能赚到利差；同一个货币对反向做空，则要支付利差。",[44,52,53,56],{},[47,54,55],{},"周三按三倍计算","，大多数外汇品种都是如此，因为这一次展期包含了周末的交割。对其他资产类别，有些经纪商改在周五收取三倍。",[44,58,59,62],{},[47,60,61],{},"加价两个方向都收","。正利差扣掉加价后，未必还是正的。所以很多账户不管做多还是做空，最后都在净支付融资成本。",[44,64,65,68],{},[47,66,67],{},"利率调整不是渐进的","。央行一做出决议，所有相关品种的库存费从下一次展期起就会变，而不是在之后几周里慢慢调整。",[20,70,71],{"id":71},"为什么重要",[10,73,74],{},"库存费按时间累积，与交易笔数无关。它不在开仓订单上，不计入毛利润，您离开电脑时它也不会停。持仓只有几个小时的系统，几乎可以不管它；持仓几周的波段或网格系统，策略是成是败，往往就差在它身上。",[10,76,77,78,82,83,87],{},"失败的方式很具体：策略毛利为正，净利却为负，",[14,79,81],{"href":80},"\u002Fguides\u002Ftrading-cost-percentage","中间的差额全进了经纪商的口袋","。融资成本和",[14,84,86],{"href":85},"\u002Fglossary\u002Fwhat-is-a-spread","点差","、佣金并列，是让回测结果和对账单对不上的三项成本之一。",[10,89,90,91,95,96,100],{},"反过来的陷阱是",[14,92,94],{"href":93},"\u002Fguides\u002Fswap-and-carry-trade","套息交易","。正库存费确实是一笔收入，但利差大到值得去赚的，往往是贬值风险最大的货币。收入每天一点点，回调却又大又突然。",[14,97,99],{"href":98},"\u002Fglossary\u002Fwhat-is-leverage","杠杆","会把这两头同时放大。",[20,102,103],{"id":103},"数据显示了什么",[10,105,106,107,110,111,114],{},"截至 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Rates)","2026-08-29T00:00:00.000Z","TnXv469C5SSMGLOT9N9aeM7mb4wAsL2LUbArnnCouns",[244,465,665],{"id":245,"title":246,"body":247,"category":226,"date":227,"description":454,"draft":229,"extension":230,"meta":455,"navigation":232,"path":456,"related":457,"seo":461,"stem":462,"term":463,"updated":227,"__hash__":464},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-spread.md","外汇中的点差（Spread）是什么？定义与真实成本",{"type":7,"value":248,"toc":447},[249,252,254,257,263,271,282,298,300,308,311,313,319,326,329,336,343,345,405,407,440],[10,250,251],{},"点差是卖出价（bid，您卖出时的价格）和买入价（ask，您买入时的价格）之间的差额。这是经纪商为您成交订单收取的费用，不管这笔交易是赚是亏，每一笔都要付。在大多数零售账户上，点差是最大的单项交易成本，也是唯一一项从不在对账单上单独列出的成本。",[20,253,22],{"id":22},[10,255,256],{},"假设 EUR\u002FUSD 报价 1.08432 \u002F 1.08442，点差就是 1.0 点。买入按买入价（ask），卖出按卖出价（bid），所以仓位一开出来，就带着一笔与点差相等的浮亏。价格得先走完这段距离，交易才能回到不赚不亏。",[27,258,261],{"className":259,"code":260,"language":32},[30],"点差（点）   = (买入价 − 卖出价) \u002F 点的大小\n每笔交易成本 = 点差（点） × 点值 × 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点点差，就是 $1,710。这笔钱不会出现在任何地方，只会让净值曲线稍微差一点。",[20,312,103],{"id":103},[10,314,106,315,318],{},[47,316,317],{},"$4,782,670 的佣金","。这只是执行成本中看得见的那一半；点差没法用同样的方式汇总，因为它包含在成交价里，而不是单独收取。",[10,320,321],{},[322,323],"img",{"alt":324,"src":325},"经纪商的三项成本：点差在每次开仓和平仓时收取，在盈亏列中看不见；佣金逐笔列出；库存费按持仓时间收取：ShowMyTrades 公开账户共支付 $4,782,670 佣金和 $862,547 库存费","\u002Fimages\u002Farticles\u002Fwhere-costs-hide.svg",[10,327,328],{},"三项成本里，只有一项会带着数字出现。",[10,330,331,332,335],{},"看不见的这一半有多大，不难估算。这些账户共交易了 ",[47,333,334],{},"1,724,575 手","。在每点 $10 的品种上，这么大的交易量，平均点差哪怕只差 0.2 点，也大约是 340 万美元，超过平台上有记录以来全部佣金的三分之二。",[10,337,338,339,342],{},"而且各家的交易条件确实不一样：这些账户连接了 ",[47,340,341],{},"703 个不同的经纪商服务器","，还有 429 位用户特意在多家经纪商开户，就是为了相互比较。",[20,344,128],{"id":127},[41,346,347,369,378,399],{},[44,348,349,352,353,355,356,359,360,363,364,368],{},[47,350,351],{},"高级统计","显示",[47,354,140],{},"、",[47,357,358],{},"总手数","和",[47,361,362],{},"总点数","。用第一项除以第二项，就得到",[14,365,367],{"href":366},"\u002Fguides\u002Fbroker-cost-audit","该账户每手的真实佣金","，经纪商很少用可比较的形式公布这个数字。",[44,370,371,372,374,375,217],{},"最有用的检查，是把",[47,373,362],{},"和净利润放在一起看。账户按点数是赚的，按金额却持平甚至亏损，说明执行成本正在吃掉优势。",[14,376,377],{"href":80},"这个差距就是点差和佣金的账单",[44,379,380,383,384,387,388,391,392,359,395,398],{},[47,381,382],{},"交易历史与余额变化","下的",[47,385,386],{},"已平仓交易","表格，每个订单都有一列",[47,389,390],{},"佣金","，旁边是",[47,393,394],{},"开仓价",[47,396,397],{},"平仓价","，每一笔成交实际花了多少钱，一看便知。",[44,400,401,404],{},[47,402,403],{},"账户头部","显示经纪商标识（提示框里有交易服务器名称），旁边是账户货币和杠杆。正因为有这些信息，运行同一策略的两个账户才谈得上比较。",[20,406,182],{"id":182},[408,409,410,416,422,428],"ol",{},[44,411,412,415],{},[47,413,414],{},"“零点差”不等于免费","。零点差或原始点差账户只是把成本挪到了佣金上。要比总成本，别看宣传口号。",[44,417,418,421],{},[47,419,420],{},"广告上的点差是最理想的情况","。经纪商报的是流动性充足时段测得的典型点差或最低点差。利率决议期间您拿到的成交价，完全是另一回事。",[44,423,424,427],{},[47,425,426],{},"点差不在对账单上，于是人们以为自己没付","。其实它在开仓时就扣掉了，那时这笔交易还没成为表格里的一行。",[44,429,430,217,433,359,435,439],{},[47,431,432],{},"光看点差，排不出经纪商的高下",[14,434,17],{"href":16},[14,436,438],{"href":437},"\u002Fglossary\u002Fwhat-is-slippage","滑点","也要放进同一个比较里；点差窄但执行差，反而更贵。",[10,441,442,443,217],{},"想用您自己的品种和手数算出真实数字，请参阅",[14,444,446],{"href":445},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",{"title":36,"searchDepth":219,"depth":219,"links":448},[449,450,451,452,453],{"id":22,"depth":219,"text":22},{"id":71,"depth":219,"text":71},{"id":103,"depth":219,"text":103},{"id":127,"depth":219,"text":128},{"id":182,"depth":219,"text":182},"点差是买入价与卖出价之间的差距，也就是您开仓要付的成本。本文介绍点差的原理、每手成本，以及各家经纪商为何不同。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-spread",[235,458,459,460],"what-is-slippage","what-is-a-regulated-broker","what-is-a-profit-factor",{"title":246,"description":454},"zh\u002F5.glossary\u002Fwhat-is-a-spread","点差 (Spread)","pmILRTUEL-hRknwSO9zZZssKW8sK6YY1FwEoFE5VfCc",{"id":466,"title":467,"body":468,"category":226,"date":227,"description":656,"draft":229,"extension":230,"meta":657,"navigation":232,"path":658,"related":659,"seo":661,"stem":662,"term":663,"updated":241,"__hash__":664},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-swap-in-forex.md","外汇中的库存费（Swap）是什么？隔夜成本详解",{"type":7,"value":469,"toc":649},[470,473,475,483,489,500,506,515,517,525,528,530,540,546,549,563,565,608,610,639],[10,471,472],{},"库存费（swap），也叫展期费（rollover）或隔夜利息，是仓位持有超过经纪商每日展期时间后，从您账户扣除或计入的利息。之所以有这笔费用，是因为每笔外汇交易都是借入一种货币去买另一种货币：做空的那种货币要付利息，做多的那种货币能拿利息。仓位只拿一个下午，库存费无足轻重；拿三个月，它可能比这笔交易本身的盈亏还大。",[20,474,22],{"id":22},[10,476,477,478,482],{},"根本的驱动因素，是货币对中两种货币的",[14,479,481],{"href":480},"\u002Fglossary\u002Fwhat-are-interest-rates","利率","之差，再扣除经纪商自己的加价，按全年天数摊开，最后乘以您的仓位规模。",[27,484,487],{"className":485,"code":486,"language":32},[30],"每晚库存费 ≈ 仓位规模 × (利差 − 经纪商加价) \u002F 365\n",[34,488,486],{"__ignoreMap":36},[10,490,491,492,495,496,499],{},"实际上，经纪商不会以利率的形式公布库存费，而是在每个品种的合约规格里，按每手给出",[47,493,494],{},"多头库存费","（swap long）和",[47,497,498],{},"空头库存费","（swap short）两个数字，单位是 point 或账户货币。您持有哪个方向，就按哪个方向收取，每晚一次，在展期时扣，通常是 UTC 21:00 或 22:00，具体取决于经纪商的服务器时间。",[10,501,502,505],{},[47,503,504],{},"周三三倍库存费","并不是惩罚。即期外汇在两个工作日后交割，周三晚上持有的仓位要到周一才交割，等于背了三天的融资成本，一次性收取。有些经纪商对贵金属、指数和 CFD 改在周五收三倍，所以哪一天收很关键，这条规则也并非处处通用。",[10,507,508,511,512,514],{},[47,509,510],{},"正利差收益","确实存在，但空间很小。做多高息货币，可能赚到库存费而不是付出库存费，这正是",[14,513,94],{"href":93},"的原理。可经纪商的加价两个方向都收，所以很多货币对两个方向都是负的；真正能拿到正套息的货币对，往往正是那个货币在贬值的货币对。",[20,516,71],{"id":71},[10,518,519,520,524],{},"库存费惩罚的是持仓，尤其是死扛亏损单。网格或马丁格尔系统不肯平掉浮亏仓位，只要还拿着，每晚都要为这些仓位付融资成本，成本跟着错误一起涨。",[14,521,523],{"href":522},"\u002Fglossary\u002Fwhat-is-an-equity-curve","净值曲线","看上去风平浪静，账户却在一点点失血。",[10,526,527],{},"它甚至会改变一个策略的性质。两天内有正优势的系统，拉长到两周，光是融资成本就可能让它净亏，期间却连一笔新的亏损交易都没有。",[20,529,103],{"id":103},[10,531,106,532,535,536,539],{},[47,533,534],{},"$862,547"," 库存费。在有库存费记录的账户中，",[47,537,538],{},"86.3% 的账户净库存费为负","：赚到套息是例外，不能当成计划。",[10,541,542],{},[322,543],{"alt":544,"src":545},"价格不动，账户却每晚下跌，周三扣三倍：ShowMyTrades 上有库存费的账户中，86.3% 是在付库存费，而不是赚库存费","\u002Fimages\u002Farticles\u002Fswap-bleed.svg",[10,547,548],{},"融资成本按持仓时间累积，与交易次数无关：图表可以一直平坦，余额却在往下沉。",[10,550,551,552,555,556,559,560,562],{},"这个总额之所以惊人，是因为典型的持仓时间很短。这些账户的持仓时间中位数为 ",[47,553,554],{},"2.4 小时","，中位数账户有 ",[47,557,558],{},"171 笔已平仓交易","。这里的大多数账户几乎碰不到展期，库存费却仍相当于 ",[47,561,113],{}," 佣金的约 18%。可见这笔账单集中在少数长时间持仓的账户身上。",[20,564,128],{"id":127},[41,566,567,578,593,601],{},[44,568,569,571,572,574,575,577],{},[47,570,136],{},"位于",[47,573,351],{},"面板，就在",[47,576,140],{},"旁边。融资净额为负时显示红色，为正时显示绿色，方向一眼就能看出。",[44,579,580,383,582,387,584,391,586,588,589,592],{},[47,581,382],{},[47,583,386],{},[47,585,17],{},[47,587,390],{},"。注意盈利列的名称是",[47,590,591],{},"盈利（毛额）","：融资成本单独列出，没有算进去。",[44,594,595,597,598,600],{},[47,596,174],{},"里有一个开关：",[47,599,178],{},"。打开、关闭各算一次，两组统计之间的差异，就是经纪商的融资成本给这份业绩记录带来的影响。",[44,602,133,603,607],{},[14,604,605],{"href":165},[47,606,168],{},"，让您还没看具体数字，就能判断库存费对这个账户该不该有影响。平均只持仓两小时，却有一大笔库存费账单，这两件事对不上。",[20,609,182],{"id":182},[408,611,612,618,624,633],{},[44,613,614,617],{},[47,615,616],{},"库存费不是服务费","。它是融资成本，也可能是付给您的钱。经纪商的加价才是费用，而且两个方向都收。",[44,619,620,623],{},[47,621,622],{},"三倍库存费是交割惯例，不是周三交易要多收的钱","。在展期前平仓，就能完全避开。",[44,625,626,629,630,632],{},[47,627,628],{},"套息不是白捡的钱","。利差相比汇率波动很小，而汇率波动通常会把它整个抹掉；",[14,631,99],{"href":98},"放大波动的幅度，也远远超过放大套息。",[44,634,635,638],{},[47,636,637],{},"图表平坦，不代表这个月没有成本","。不管有没有交易平仓，持仓的融资成本都在累积。",[10,640,641,642,644,645,217],{},"想了解库存费如何与",[14,643,86],{"href":85},"以及公开账户上的其他指标一起解读，请阅读",[14,646,648],{"href":647},"\u002Fguides\u002Ftracking-trading-performance","交易表现追踪指南",{"title":36,"searchDepth":219,"depth":219,"links":650},[651,652,653,654,655],{"id":22,"depth":219,"text":22},{"id":71,"depth":219,"text":71},{"id":103,"depth":219,"text":103},{"id":127,"depth":219,"text":128},{"id":182,"depth":219,"text":182},"库存费是外汇仓位持有过夜时收取或支付的利息。本文讲解它怎么算、周三为什么收三倍，以及数千个账户实际付了多少。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-swap-in-forex",[236,660,237,458],"what-are-interest-rates",{"title":467,"description":656},"zh\u002F5.glossary\u002Fwhat-is-a-swap-in-forex","库存费 (Swap)","yIgwXRve5oDzb43RhHA8KKSEvofJAFq296eXB3MNHfg",{"id":666,"title":667,"body":668,"category":879,"date":227,"description":880,"draft":229,"extension":230,"meta":881,"navigation":232,"path":882,"related":883,"seo":887,"stem":888,"term":889,"updated":227,"__hash__":890},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-leverage.md","外汇中的杠杆是什么？公式与真实数字",{"type":7,"value":669,"toc":872},[670,673,675,678,684,687,741,744,747,759,761,764,767,785,787,790,798,801,803,806,839,841,867],[10,671,672],{},"杠杆（leverage）是仓位规模与持仓所需资金之间的比率。经纪商提供 1:100 杠杆，您拿出 $1,000 作保证金，就能控制 $100,000 的货币。杠杆是一种借款工具，不是策略：它只改变一笔交易占用多少资金，其他一概不变。",[20,674,22],{"id":22},[10,676,677],{},"保证金是持仓期间经纪商冻结的押金。算法很简单。",[27,679,682],{"className":680,"code":681,"language":32},[30],"仓位价值   = 合约规模 × 手数 × 价格\n所需保证金 = 仓位价值 ÷ 杠杆\n\n有效杠杆   = 全部持仓价值 ÷ 账户净值\n",[34,683,681],{"__ignoreMap":36},[10,685,686],{},"一标准手 EUR\u002FUSD 是 100,000 单位。价格在 1.0850 时，仓位价值 $108,500。",[688,689,690,706],"table",{},[691,692,693],"thead",{},[694,695,696,700,703],"tr",{},[697,698,699],"th",{},"账户杠杆",[697,701,702],{},"冻结的保证金",[697,704,705],{},"50 点不利波动的成本",[707,708,709,721,731],"tbody",{},[694,710,711,715,718],{},[712,713,714],"td",{},"1:30",[712,716,717],{},"$3,616.67",[712,719,720],{},"$500",[694,722,723,726,729],{},[712,724,725],{},"1:100",[712,727,728],{},"$1,085.00",[712,730,720],{},[694,732,733,736,739],{},[712,734,735],{},"1:500",[712,737,738],{},"$217.00",[712,740,720],{},[10,742,743],{},"三行的仓位一模一样。杠杆动的是保证金，从来不是风险。",[10,745,746],{},"真正反映风险敞口的是有效杠杆：所有持仓的名义价值除以净值。在 1:500 的账户上用 $10,000 做 0.05 手，有效杠杆只有 0.54:1，敞口比全额现金买入同样货币的人还小。在 1:30 的账户上用同样的 $10,000 做 2.5 手，有效杠杆是 27:1，已经顶到监管设定的上限。杠杆档位说明不了这两个人的任何问题，说明问题的是仓位大小。",[10,748,749,750,359,754,758],{},"用",[14,751,753],{"href":752},"\u002Ftools\u002Fleverage-calculator","杠杆计算器",[14,755,757],{"href":756},"\u002Ftools\u002Fmargin-calculator","保证金计算器","，拿您自己交易的品种算一算。",[20,760,71],{"id":71},[10,762,763],{},"高杠杆本身不会亏钱。它拿走的是原本能拦住您的那道限制。",[10,765,766],{},"在 1:30 的账户上，$10,000 净值最多只能开约 2.7 标准手 EUR\u002FUSD，再多保证金就不够了：等于经纪商替您设了一个仓位上限。换成 1:500，同样的 $10,000 能撑起 46 手。什么都没变好，只是上限没了。",[10,768,769,770,774,775,779,780,784],{},"把账户掏空的链条从来都一样：杠杆允许开大仓位，大仓位带来扛不住的亏损，由此造成的回撤所需要的收益，算术上根本给不出来：",[14,771,773],{"href":772},"\u002Fguides\u002Fmaximum-drawdown-explained","亏损 50% 需要盈利 100% 才能回本","。杠杆是链条的起点，但真正造成伤害的那一环是仓位规模。所以值得掌握的控制手段是",[14,776,778],{"href":777},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","，而",[14,781,783],{"href":782},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","只是症状，不是病因。",[20,786,103],{"id":103},[10,788,789],{},"截至 2026 年 8 月，连接到 ShowMyTrades 的 1 万+ 个账户分布在 703 个不同的经纪商服务器上，涵盖 MT4、MT5、cTrader 和 TradeLocker。市面上几乎所有杠杆档位都能在其中找到，从受监管的 1:30 上限，到离岸的 1:500 乃至更高。",[10,791,792,793,797],{},"结果并不随档位排序。在有交易历史的公开账户中，",[14,794,796],{"href":795},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","最深回撤","的中位数为 9.7%，但 38.5% 的账户从未回撤超过 5%，38.2% 回吐了峰值的五分之一以上，17.6% 回吐了一半以上。",[10,799,800],{},"两组账户数量几乎一样，来自同一批杠杆设置，结局却差了一个数量级。把它们分开的，不是经纪商允许了什么。这些数字描述的是在 ShowMyTrades 上公开的账户，并不代表全体交易者；在这批账户里，真正起变化的变量是仓位规模。",[20,802,128],{"id":127},[10,804,805],{},"经纪商给的杠杆以徽章形式显示在账户头部，就在经纪商名称和账户货币旁边。这个数值取自账户数据，不是账户主人手动填写的。",[10,807,808,809,811,812,816,817,359,820,826,827,831,832,359,835,838],{},"交易者拿杠杆做了什么，要看别的地方。高级统计里的",[47,810,358],{},"是",[14,813,815],{"href":814},"\u002Fguides\u002Ftrading-volume-analysis","实际交易的累计交易量","。账户统计面板里的",[47,818,819],{},"回撤",[14,821,823],{"href":822},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[47,824,825],{},"余额回撤","显示这些交易量在最糟糕时刻付出的代价：前者按包含持仓的净值计算，后者只按已平仓余额计算。图表模块里的",[14,828,829],{"href":522},[47,830,523],{},"把",[47,833,834],{},"余额",[47,836,837],{},"净值","画在一起，两条线之间的空隙，就是过大的持仓在平仓前藏身的地方。",[20,840,182],{"id":182},[41,842,843,849,855,861],{},[44,844,187,845,848],{},[47,846,847],{},"1:500 比 1:30 风险更大。","”账户设置不等于风险。两个账户持有完全相同的仓位，不管经纪商允许多高的杠杆，风险都完全一样。更高的杠杆只是让您能选错的仓位范围更大了。",[44,850,187,851,854],{},[47,852,853],{},"杠杆越高，赚得越多。","”杠杆高，只意味着被占作保证金的资金更少。盈亏由仓位大小和价格波动决定，两者都和杠杆档位无关。",[44,856,187,857,860],{},[47,858,859],{},"可用保证金是闲着的购买力。","”可用保证金是您离强制平仓还有多远。把它用掉，可控的亏损就是这样变成爆仓的。",[44,862,187,863,866],{},[47,864,865],{},"经纪商把我的杠杆限制在 1:30，所以我很安全。","”监管上限限制的是总仓位的最大规模，而不是任何一笔交易的风险。哪怕远在 1:30 的上限之内，一个仓位开得不当，照样能把账户亏光。",[10,868,869,870,217],{},"上面每个数字背后都有对应的计算器。想了解它们如何配合使用，请参阅",[14,871,446],{"href":445},{"title":36,"searchDepth":219,"depth":219,"links":873},[874,875,876,877,878],{"id":22,"depth":219,"text":22},{"id":71,"depth":219,"text":71},{"id":103,"depth":219,"text":103},{"id":127,"depth":219,"text":128},{"id":182,"depth":219,"text":182},"风险","杠杆是仓位规模与背后所需资金之间的比率。本文给出保证金公式、计算示例，以及数千个账户的回撤数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-leverage",[884,885,886],"what-is-a-margin-call","what-is-position-sizing","what-is-maximum-drawdown",{"title":667,"description":880},"zh\u002F5.glossary\u002Fwhat-is-leverage","杠杆 (Leverage)","1K2tTcEclXFA4muLuzmkGaobTWxAuO3stEO8wQ-6IfM",[892,893],{"path":480},{"path":233},1793898059674]