[{"data":1,"prerenderedAt":1180},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-a-b-book-broker":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-b-book-broker-related":263,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-b-book-broker-langs":1177},{"id":4,"title":5,"body":6,"category":245,"date":246,"description":247,"draft":248,"extension":249,"meta":250,"navigation":251,"path":252,"related":253,"seo":258,"stem":259,"term":260,"updated":261,"__hash__":262},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-b-book-broker.md","什么是 B-book 经纪商？A-book 与 B-book 详解",{"type":7,"value":8,"toc":237},"minimark",[9,13,17,20,27,33,39,50,53,56,65,68,76,79,94,101,105,108,199,202,230],[10,11,12],"p",{},"B-book 经纪商不把客户的订单送往外部流动性提供商，而是自己在账上接下对手盘。A-book 经纪商则把订单转出去，靠这部分订单流的加价或佣金赚钱。两种都是合法、常见的商业模式。多数零售经纪商两者并用，按客户、按交易品种决定哪些订单流走哪条路。",[14,15,16],"h2",{"id":16},"工作原理",[10,18,19],{},"订单到了经纪商那里，只有两种处理方式。",[10,21,22,26],{},[23,24,25],"strong",{},"A-book","。经纪商在流动性提供商那里开一笔对应的仓位。您赚的钱由流动性提供商支付；经纪商的收入来自点差加价和佣金，您盈也好亏也好，它都赚一样多。",[10,28,29,32],{},[23,30,31],{},"B-book","。经纪商直接做您的对手方，仓位留在内部，不会产生外部订单。您亏的钱就是它的收入，您赚的钱就是它的成本。",[10,34,35,38],{},[23,36,37],{},"混合路由","才是常态，而不是例外。经纪商会给订单流分类（按客户、规模、交易品种、历史盈利情况），一部分内部化，其余的对冲出去。内部化的订单流还会互相轧差：一位客户做多一手，另一位做空一手，两笔正好抵消，经纪商没有任何市场敞口，两边的点差却都照收。",[40,41,46],"pre",{"className":42,"code":44,"language":45},[43],"language-text","A-book 收入 = 加价 + 佣金\nB-book 收入 = 加价 + 佣金 + 客户净亏损 - 客户净盈利\n","text",[47,48,44],"code",{"__ignoreMap":49},"",[10,51,52],{},"这里说的是订单路由，不是经营操守，两者不能混为一谈。",[14,54,55],{"id":55},"为什么重要",[10,57,58,59,64],{},"B-book 模式有一个结构性的利益冲突：客户账户越差，公司收入越好。这是激励机制层面的事实，决定把钱放在哪里之前值得弄明白，但单凭这一点，证明不了任何一家经纪商的具体行为。受监管的公司要遵守最佳执行义务、客户资金隔离和报告要求，这些规定正是因为存在这种激励才设立的。所以",[60,61,63],"a",{"href":62},"\u002Fglossary\u002Fwhat-is-a-regulated-broker","监管机构","比路由模式更要紧。",[10,66,67],{},"反过来，这种取舍也有另一面。正因为有内部化，才有微型手，也不会因为下单量大而被拒单。纯 A-book 接入的是真实流动性，也就意味着行情清淡时会真的遇到重新报价、部分成交和最小下单量限制。两种模式谈不上谁优谁劣。",[10,69,70,71,75],{},"麻烦在于，路由从外部看不到。经纪商不必公布每笔订单怎么路由，第三方也无法从交易记录里还原。所以该问的不是您在哪本账簿上，而是您自己的",[60,72,74],{"href":73},"\u002Fglossary\u002Fwhat-is-order-execution","订单执行","实际表现如何。",[14,77,78],{"id":78},"数据显示了什么",[10,80,81,82,85,86,89,90,93],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），账户分布在 ",[23,83,84],{},"703 个不同的经纪商服务器","上，账户所有者在 ",[23,87,88],{},"1,724,575 手","交易上一共付了 ",[23,91,92],{},"$4,782,670 的佣金","。这类成本之所以能衡量，是因为它单独列成一项收费。路由根本不收费，所以本页（以及任何根据经纪商记录汇总的页面）上没有一个数字能说明订单去了哪里。A-book 和 B-book 两边，都有公司采用佣金制报价。",[10,95,96,97,100],{},"能比较的，是一个交易环境和另一个交易环境。",[23,98,99],{},"这里有 429 位用户在不止一家经纪商开有账户","，用同样的规则、在同一时期跑两个账户，就能把成本和成交质量从策略本身中剥离出来。路由标签本来想回答的问题，这样的比较就能回答，而且靠的是数字，不是推测。",[14,102,104],{"id":103},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,106,107],{},"我们不给经纪商贴 A-book 或 B-book 的标签，以后也不会：要诚实地贴这个标签，所需的信息我们拿不到，公司以外的任何人也拿不到。账户页面给您的，是能衡量的那一层。",[109,110,111,123,144,175],"ul",{},[112,113,114,115,118,119,122],"li",{},"账户头部的",[23,116,117],{},"信息","一行有经纪商徽章，提示框里显示",[23,120,121],{},"交易服务器名称","。决定交易环境的是服务器，不是品牌：同一家经纪商如果有几个服务器组，各组的定价和执行往往不一样。",[112,124,125,128,129,132,133,139,140,143],{},[23,126,127],{},"终端","面板（MT5 上为",[23,130,131],{},"终端与已打开的图表","）显示 ",[60,134,136],{"href":135},"\u002Fglossary\u002Fwhat-is-terminal-ping",[23,137,138],{},"Ping"," 和",[23,141,142],{},"重传","，也就是每笔成交背后的连接质量。",[112,145,146,149,150,153,154,153,157,160,161,164,165,169,170,174],{},[23,147,148],{},"高级统计","显示",[23,151,152],{},"佣金合计","、",[23,155,156],{},"总手数",[23,158,159],{},"总点数","和",[23,162,163],{},"已付库存费合计","。佣金除以手数，就是",[60,166,168],{"href":167},"\u002Fguides\u002Fbroker-cost-audit","账户每手的真实成本","；点数是正的、资金却没涨，说明",[60,171,173],{"href":172},"\u002Fglossary\u002Fwhat-is-cost-percentage","执行成本正在吃掉优势","。",[112,176,177,180,181,184,185,160,188,191,192,153,195,198],{},[23,178,179],{},"交易历史与余额变化","下的",[23,182,183],{},"已平仓交易","表格逐笔列出",[23,186,187],{},"开仓价",[23,189,190],{},"平仓价","，可以和",[23,193,194],{},"止损",[23,196,197],{},"止盈","对照。",[14,200,201],{"id":201},"常见误解",[203,204,205,212,218,224],"ol",{},[112,206,207,208,211],{},"“",[23,209,210],{},"B-book 就是经纪商专门在和我对赌。","”内部化的订单流大部分在客户之间轧差掉了。公司持有的是轧差后剩下的部分，并不是您仓位的镜像。",[112,213,207,214,217],{},[23,215,216],{},"A-book 就没有利益冲突。","”A-book 经纪商靠成交量赚钱，它的动力在于交易量，这同样不会天然地与您的生存利益一致。",[112,219,207,220,223],{},[23,221,222],{},"名字里有 ECN、STP 或 NDD，就一定是 A-book。","”这些词是不受监管的营销标签，也没有人审计。",[112,225,207,226,229],{},[23,227,228],{},"连亏一大段，就证明有人操纵。","”通常证明的只是方差。要检验，就在另一家经纪商用同样的规则跑第二个账户，而不是去论坛发帖。",[10,231,232,233,174],{},"想有条理地做这种比较，请阅读",[60,234,236],{"href":235},"\u002Fguides\u002Fsame-strategy-different-brokers","在不同经纪商运行同一策略",{"title":49,"searchDepth":238,"depth":238,"links":239},2,[240,241,242,243,244],{"id":16,"depth":238,"text":16},{"id":55,"depth":238,"text":55},{"id":78,"depth":238,"text":78},{"id":103,"depth":238,"text":104},{"id":201,"depth":238,"text":201},"经纪商","2026-08-19T00:00:00.000Z","B-book 经纪商不把您的订单送到市场，而是自己做您的对手方。A-book 与 B-book 的订单路由有何不同，各自又让您付出什么成本。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-b-book-broker",[254,255,256,257],"what-is-order-execution","what-is-a-regulated-broker","what-is-slippage","what-is-a-spread",{"title":5,"description":247},"zh\u002F5.glossary\u002Fwhat-is-a-b-book-broker","B-book 经纪商 (B-Book Broker)","2026-08-29T00:00:00.000Z","sI_MiwbkIuDlGwV9jblaPEpZ18mS40cCTp7Vl3dz2q0",[264,532,738,971],{"id":265,"title":266,"body":267,"category":245,"date":246,"description":521,"draft":248,"extension":249,"meta":522,"navigation":251,"path":523,"related":524,"seo":528,"stem":529,"term":530,"updated":261,"__hash__":531},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-regulated-broker.md","什么是受监管的经纪商？监管涵盖哪些内容",{"type":7,"value":268,"toc":514},[269,272,274,290,293,370,377,379,387,398,400,406,417,433,435,476,479,481,507],[10,270,271],{},"受监管的经纪商，是指获得某一司法管辖区金融监管机构授权的经纪商。监管机构会就客户资金怎么存放、杠杆最高能给多少、必须披露哪些信息，定下有约束力的规则。监管约束的是经纪商的经营行为和偿付能力，不代表为它的定价、执行或平台背书。它保护的是您账户里的钱，防的是经纪商倒闭或违规；您交易亏掉的钱，它一概不管。",[14,273,16],{"id":16},[10,275,276,277,280,281,284,285,289],{},"牌照通常会附带以下要求中的若干项：最低监管资本；",[23,278,279],{},"客户资金隔离","，即客户的钱与公司自有资金分账存放；定期报告和独立审计；公司破产时负责赔付的",[23,282,283],{},"赔偿计划","；发生纠纷时可以找金融申诉专员；零售",[60,286,288],{"href":287},"\u002Fglossary\u002Fwhat-is-leverage","杠杆","上限；负余额保护；以及对公司广告宣传的限制。",[10,291,292],{},"具体规定因监管制度而异。以下只列事实，不作排名：",[294,295,296,311],"table",{},[297,298,299],"thead",{},[300,301,302,305,308],"tr",{},[303,304,63],"th",{},[303,306,307],{},"司法管辖区",[303,309,310],{},"零售客户的典型规定",[312,313,314,326,337,348,359],"tbody",{},[300,315,316,320,323],{},[317,318,319],"td",{},"英国金融行为监管局 (FCA)",[317,321,322],{},"英国",[317,324,325],{},"资金隔离，英国金融服务补偿计划 (FSCS) 赔偿最高 £85,000，主要外汇货币对杠杆上限 30:1，负余额保护",[300,327,328,331,334],{},[317,329,330],{},"塞浦路斯证券交易委员会 (CySEC)",[317,332,333],{},"塞浦路斯（欧盟）",[317,335,336],{},"资金隔离，投资者赔偿基金最高 €20,000，依欧盟规则同样适用主要外汇货币对 30:1 上限",[300,338,339,342,345],{},[317,340,341],{},"澳大利亚证券与投资委员会 (ASIC)",[317,343,344],{},"澳大利亚",[317,346,347],{},"资金隔离，自 2021 年起主要外汇货币对上限 30:1，无法定赔偿计划",[300,349,350,353,356],{},[317,351,352],{},"美国商品期货交易委员会 (CFTC) \u002F 美国全国期货协会 (NFA)",[317,354,355],{},"美国",[317,357,358],{},"主要外汇货币对约 50:1，FIFO 订单处理，禁止对冲，无赔偿计划",[300,360,361,364,367],{},[317,362,363],{},"德国联邦金融监管局 (BaFin)、南非金融行业行为监管局 (FSCA) 及离岸监管制度",[317,365,366],{},"德国、南非、塞舌尔、伯利兹等",[317,368,369],{},"要求从相当于欧盟水平到明显宽松不等",[10,371,372,373,376],{},"有两点值得注意。第一，杠杆上限和赔偿限额会调整，所以只有监管机构自己的公开登记册才是最新的。第二，",[23,374,375],{},"监管针对的是法律实体，而不是品牌","：大型集团旗下往往有多个实体，各持不同牌照。适用于您资金的，是客户协议上写明的那个实体的规则，而它常常不是广告里出现的那个。",[14,378,55],{"id":55},[10,380,381,382,386],{},"经纪商一旦倒闭，您的余额还在不在，取决于资金隔离。价格走多远会触发",[60,383,385],{"href":384},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","，取决于杠杆上限。破产之后能拿回多少，取决于赔偿计划，但赔付有上限，通常远低于一个已入金交易账户的规模。",[10,388,389,390,394,395,174],{},"这些都和业绩无关。一家完全合规的经纪商，处理亏损策略和处理盈利策略一样高效；牌照也告诉不了您任何关于",[60,391,393],{"href":392},"\u002Fglossary\u002Fwhat-is-a-spread","点差","、库存费或执行质量的信息，而",[60,396,397],{"href":167},"各家公司真正的差别，就在这三项成本上",[14,399,78],{"id":78},[10,401,402,403,405],{},"连接到 ShowMyTrades 的 1 万+ 个账户（2026 年 8 月），交易来自 ",[23,404,84],{},"。这就是问题的实际规模：看上去一模一样的账户页面背后，是七百套不同的交易条件。",[10,407,408,409,412,413,416],{},"交易者也确实在意这些差别。",[23,410,411],{},"429 位用户在不止一家经纪商开有账户","，699 位用户有不止一个账户。",[60,414,415],{"href":235},"在不同公司之间比较同一策略","，是平台上的常规用法，不是个别现象。",[10,418,419,420,428,429,432],{},"监管和证据是两回事，而这两样都不多见：在 1 万+ 个已发布账户中，",[23,421,422,423,427],{},"65 个带有“",[60,424,426],{"href":425},"\u002Fglossary\u002Fwhat-is-a-verified-track-record","业绩记录已验证","”徽章","，",[23,430,431],{},"264 个带有“交易权限已验证”徽章","。牌照说明经纪商受到监管；验证说明页面上的数字来自这家经纪商，而不是有人填表填出来的。",[14,434,104],{"id":103},[109,436,437,456,466],{},[112,438,439,442,443,445,446,153,449,452,453,174],{},[23,440,441],{},"账户头部","有一个",[23,444,245],{},"徽章，提示框里显示交易服务器名称，这个名称取自账户数据，不是所有者自己填的。旁边还有平台、账户货币、当前杠杆，以及账户类型：",[23,447,448],{},"真实账户",[23,450,451],{},"模拟账户","或",[23,454,455],{},"比赛账户",[112,457,458,460,461,153,463,465],{},[23,459,127],{},"面板显示与该交易服务器的实时连接（",[23,462,138],{},[23,464,142],{},"和连接状态）。有了它，同一策略在两家经纪商的表现就不再是各说各话，而是可以直接比较。",[112,467,468,469,160,472,475],{},"同一头部里的",[23,470,471],{},"业绩记录",[23,473,474],{},"交易权限","徽章，说明的是另一件事：业绩记录已验证，表示数据是通过只读的投资者连接从经纪商获取的；交易权限已验证，表示发布者已证明自己掌控这个账户。",[10,477,478],{},"我们会标明账户在哪家经纪商、哪个服务器上交易。我们不给经纪商打分，不给监管机构排名，也不核查牌照：那是监管机构登记册的事，不归我们管。",[14,480,201],{"id":201},[203,482,483,489,495,501],{},[112,484,485,488],{},[23,486,487],{},"“受监管”并不是一种统一的身份","。它按实体、按司法管辖区来算，知名品牌的离岸分支享有的是离岸保护，而不是母公司那一套。",[112,490,491,494],{},[23,492,493],{},"有牌照不等于有业绩保证","。没有哪个监管机构会为您自己的策略兜底。",[112,496,497,500],{},[23,498,499],{},"赔偿计划赔的是破产，不是亏损","，而且赔付上限远低于很多已入金账户的规模。",[112,502,503,506],{},[23,504,505],{},"高杠杆本身不能说明经纪商不好","。它只说明这个实体归哪个监管制度管，这是另一回事。",[10,508,509,510,174],{},"在相信任何已发布的业绩记录之前，该检查些什么，请阅读指南",[60,511,513],{"href":512},"\u002Fguides\u002Fverified-vs-unverified-track-records","经验证与未经验证的业绩记录",{"title":49,"searchDepth":238,"depth":238,"links":515},[516,517,518,519,520],{"id":16,"depth":238,"text":16},{"id":55,"depth":238,"text":55},{"id":78,"depth":238,"text":78},{"id":103,"depth":238,"text":104},{"id":201,"depth":238,"text":201},"受监管的经纪商接受金融监管机构监督，必须执行资金隔离、杠杆上限和赔偿计划等规定。监管管不到的地方，这里也一并说明。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-regulated-broker",[525,526,527,257],"what-is-leverage","what-is-a-margin-call","what-is-a-verified-track-record",{"title":266,"description":521},"zh\u002F5.glossary\u002Fwhat-is-a-regulated-broker","受监管的经纪商 (Regulated Broker)","n9mNqV4P8_WRFZVjED8J1jQpo09fUp6Ktt32Lzx_W2U",{"id":533,"title":534,"body":535,"category":727,"date":246,"description":728,"draft":248,"extension":249,"meta":729,"navigation":251,"path":730,"related":731,"seo":734,"stem":735,"term":736,"updated":246,"__hash__":737},"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":536,"toc":720},[537,540,542,545,551,559,570,585,587,594,597,599,605,612,615,621,627,629,677,679,713],[10,538,539],{},"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。",[14,541,16],{"id":16},[10,543,544],{},"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。",[40,546,549],{"className":547,"code":548,"language":45},[43],"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 × 手数\n",[47,550,548],{"__ignoreMap":49},[10,552,553,554,558],{},"EUR\u002FUSD 一个标准手的",[60,555,557],{"href":556},"\u002Fglossary\u002Fwhat-is-a-pip","点值","是 $10，所以 1.0 点的点差，每手成本就是 $10，一开一平只收一次。",[10,560,561,562,565,566,569],{},"经纪商的定价方式有两种。",[23,563,564],{},"纯点差","账户把报价拉宽，此外不收任何费用，成本就藏在您的成交价里。",[23,567,568],{},"原始点差加佣金","账户的报价贴近银行间价格，差额单独收取。两种方式的总成本可能完全一样，但只有第二种让成本看得见。",[10,571,572,573,576,577,580,581,584],{},"点差分",[23,574,575],{},"固定点差","（不变，通常较宽，由做市商报价）和",[23,578,579],{},"浮动点差","（随真实流动性变化）。伦敦和纽约时段重叠时，主要货币对的浮动点差接近于零；而在经济数据公布时、每日展期（rollover）前后流动性稀薄的那一小时，以及周日开盘时，点差会急剧扩大。偏偏这些时候，也是您的",[60,582,194],{"href":583},"\u002Fglossary\u002Fwhat-is-a-stop-loss","最容易被打到的时候。",[14,586,55],{"id":55},[10,588,589,590,593],{},"点差随交易频率增长，跟交易水平无关。每笔目标 5 点的系统，1 点的点差就吃掉了",[60,591,592],{"href":172},"毛优势的 20%","；目标 200 点的系统，只被吃掉 0.5%。同一套逻辑的策略，在一家经纪商活得下来，在另一家却活不下去，往往就取决于这一个比例。",[10,595,596],{},"而且它在看不见的地方不断累积。ShowMyTrades 上已发布账户的已平仓交易中位数是 171 笔。171 个标准手，每手多 1 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。",[14,598,78],{"id":78},[10,600,601,602,604],{},"截至 2026 年 8 月，ShowMyTrades 上有交易历史的公开账户共支付了 ",[23,603,92],{},"。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。",[10,606,607],{},[608,609],"img",{"alt":610,"src":611},"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",[10,613,614],{},"三项成本里，只有一项会带着数字出现。",[10,616,617,618,620],{},"看不见的这一半有多大，不难估算。这些账户共交易了 ",[23,619,88],{},"。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。",[10,622,623,624,626],{},"而且各家的交易条件确实不一样：这些账户连接了 ",[23,625,84],{},"，还有 429 位用户特意在多家经纪商开户，就是为了相互比较。",[14,628,104],{"id":103},[109,630,631,646,656,672],{},[112,632,633,149,635,153,637,160,639,641,642,645],{},[23,634,148],{},[23,636,152],{},[23,638,156],{},[23,640,159],{},"。用第一项除以第二项，就得到",[60,643,644],{"href":167},"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。",[112,647,648,649,651,652,174],{},"最有用的检查，是把",[23,650,159],{},"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。",[60,653,655],{"href":654},"\u002Fguides\u002Ftrading-cost-percentage","这个差距就是点差和佣金的账单",[112,657,658,180,660,662,663,666,667,160,669,671],{},[23,659,179],{},[23,661,183],{},"表格，每个订单都有一列",[23,664,665],{},"佣金","，旁边是",[23,668,187],{},[23,670,190],{},"，每一笔成交实际花了多少钱，一看便知。",[112,673,674,676],{},[23,675,441],{},"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。",[14,678,201],{"id":201},[203,680,681,687,693,699],{},[112,682,683,686],{},[23,684,685],{},"“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。",[112,688,689,692],{},[23,690,691],{},"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。",[112,694,695,698],{},[23,696,697],{},"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。",[112,700,701,174,704,160,708,712],{},[23,702,703],{},"光看点差，排不出经纪商的高下",[60,705,707],{"href":706},"\u002Fglossary\u002Fwhat-is-a-swap-in-forex","库存费",[60,709,711],{"href":710},"\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。",[10,714,715,716,174],{},"想用您自己的品种和手数算出真实数字，请参阅",[60,717,719],{"href":718},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",{"title":49,"searchDepth":238,"depth":238,"links":721},[722,723,724,725,726],{"id":16,"depth":238,"text":16},{"id":55,"depth":238,"text":55},{"id":78,"depth":238,"text":78},{"id":103,"depth":238,"text":104},{"id":201,"depth":238,"text":201},"成本","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",[732,256,255,733],"what-is-a-swap-in-forex","what-is-a-profit-factor",{"title":534,"description":728},"zh\u002F5.glossary\u002Fwhat-is-a-spread","点差 (Spread)","pmILRTUEL-hRknwSO9zZZssKW8sK6YY1FwEoFE5VfCc",{"id":739,"title":740,"body":741,"category":245,"date":246,"description":961,"draft":248,"extension":249,"meta":962,"navigation":251,"path":963,"related":964,"seo":967,"stem":968,"term":969,"updated":261,"__hash__":970},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-order-execution.md","什么是订单执行？执行类型、重新报价与成交",{"type":7,"value":742,"toc":954},[743,751,753,756,765,775,786,789,795,803,805,808,811,813,823,826,839,841,918,920,948],[10,744,745,746,750],{},"订单执行，是经纪商把下单请求变成按某个价格成交的仓位的过程。从终端发出请求，到服务器确认成交，中间的一切都算在内：",[60,747,749],{"href":748},"\u002Fglossary\u002Fwhat-is-a-b-book-broker","路由","、价格校验，以及接受、重新报价还是拒单的决定。两个账户在不同经纪商跑同一套逻辑，策略毫无差别，结果却可能不一样，原因就在这里。",[14,752,16],{"id":16},[10,754,755],{},"MetaTrader 文档列出了四种执行模式：请求执行（Request）、即时执行（Instant）、市价执行（Market）和交易所执行（Exchange），但零售外汇账户只用其中两种。两者的区别在于：请求还在路上时价格变了，会怎样处理。",[10,757,758,761,762,174],{},[23,759,760],{},"市价执行","。订单按到达服务器那一刻的价格成交。价格变动不会导致拒单，所以基本上一定能成交，但可能",[60,763,764],{"href":710},"出现滑点",[10,766,767,770,771,774],{},[23,768,769],{},"即时执行","。您指定一个价格。如果行情变动超出经纪商允许的范围，服务器会返回",[23,772,773],{},"重新报价","：给出一个新价格，由您决定接受还是放弃。不会有滑点，但交易不一定开得成。",[10,776,777,778,781,782,785],{},"另外还有两种结果值得注意。",[23,779,780],{},"部分成交","：您指定的价格上可成交的量小于订单量，于是只成交一部分，剩下的要么以更差的价格成交，要么被取消。",[23,783,784],{},"拒单","：返回一个错误代码，不产生仓位。",[10,787,788],{},"耗时可以清楚地拆成三段：",[40,790,793],{"className":791,"code":792,"language":45},[43],"往返时间 = 终端 -> 交易服务器             （网络路径）\n         + 订单校验与撮合                 （经纪商）\n         + 交易服务器 -> 终端             （确认）\n",[47,794,792],{"__ignoreMap":49},[10,796,797,798,802],{},"只有中间一段才是经纪商的执行速度。第一段和第三段都是网络路径，所以把终端搬到离交易服务器更近的 ",[60,799,801],{"href":800},"\u002Fglossary\u002Fwhat-is-a-vps","VPS"," 上，经纪商什么都没改，测出来的执行速度也会变。",[14,804,55],{"id":55},[10,806,807],{},"到了执行这一步，策略就不再只是算术题了。回测里每笔订单都按请求价成交，从不重新报价，也从不错过入场。实盘中，这些假设每一条都要付出代价；持仓周期越短，优势中由执行而非信号决定的部分就越大。",[10,809,810],{},"拒单是常被忽略的另一半。滑点至少会反映在成交价上，事后还能分析。一笔根本没开出来的交易，哪里都不会留下记录；只看成功下出去的交易来评判策略，看到的是一个带幸存者偏差的版本。",[14,812,78],{"id":78},[10,814,815,816,818,819,822],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），订单发往 ",[23,817,84],{},"，从中读回了 ",[23,820,821],{},"15,436,464 笔交易","。这里没有统一的执行环境：同一条指令和同一个市场之间，隔着七百个各自配置的服务器。",[10,824,825],{},"这 15,436,464 条记录，每一条都是成交，没有一条是尝试：经纪商的历史记录只报告已开立的仓位，所以重新报价、拒单和被取消的剩余部分天然不在统计之内。本平台如此，任何基于经纪商记录的平台也都如此。",[10,827,828,829,428,832,834,835,838],{},"比较仍然做得到，只是要靠重复。",[23,830,831],{},"699 位用户有不止一个账户",[23,833,411],{},"：",[60,836,837],{"href":235},"逻辑不变，只换服务器","，是零售交易者最接近受控执行测试的做法。",[14,840,104],{"id":103},[109,842,843,873,895,913],{},[112,844,845,128,847,132,849,853,854,859,860,153,863,153,866,869,870,174],{},[23,846,127],{},[23,848,131],{},[60,850,851],{"href":135},[23,852,138],{},"，即到经纪商交易服务器的往返时间，以及",[60,855,857],{"href":856},"\u002Fglossary\u002Fwhat-is-packet-retransmission",[23,858,142],{},"，即需要重发的网络数据包比例。低于 50 ms 为优秀；高于 200 ms 可能意味着订单执行变慢、滑点增多。同一面板还显示",[23,861,862],{},"终端版本号",[23,864,865],{},"内存",[23,867,868],{},"自动交易","和 ",[23,871,872],{},"DLL 导入",[112,874,875,180,877,184,879,153,881,153,883,153,885,153,887,153,890,160,892,894],{},[23,876,179],{},[23,878,183],{},[23,880,187],{},[23,882,190],{},[23,884,194],{},[23,886,197],{},[23,888,889],{},"持续时间",[23,891,665],{},[23,893,707],{},"。出场价原本设在哪里、实际落在哪里，两相对照，是从经纪商记录里能看到的最接近执行质量的信息。",[112,896,897,149,899,902,903,153,909,160,911,174],{},[23,898,148],{},[23,900,901],{},"最差交易（点）","：如果它远远超出账户平常的止损距离，多半是出场时遇到跳空或成交太差留下的痕迹，而不是入场没做好。另外还有",[60,904,906],{"href":905},"\u002Fglossary\u002Fwhat-is-average-trade-length",[23,907,908],{},"平均持仓时间",[23,910,152],{},[23,912,156],{},[112,914,114,915,917],{},[23,916,117],{},"一行有经纪商徽章，提示框里显示交易服务器名称，旁边是平台、货币和杠杆。决定执行环境的是服务器，不是品牌。",[14,919,201],{"id":201},[203,921,922,928,934,942],{},[112,923,207,924,927],{},[23,925,926],{},"市价执行不如即时执行。","”两者没有高下之分。一种用成交的确定性换价格的确定性，另一种正好相反。哪种让您吃亏，要看策略。",[112,929,207,930,933],{},[23,931,932],{},"ECN、STP 和 NDD 说的是执行方式。","”它们是营销标签，不是受监管的定义，也没有人审计。不如直接衡量账户。",[112,935,207,936,939,940,174],{},[23,937,938],{},"成交慢都怪经纪商。","”很多时候问题出在网络路径上。对服务器下结论之前，先看 ",[23,941,138],{},[112,943,207,944,947],{},[23,945,946],{},"执行快就是执行好。","”速度快而价格差，毫无意义。一笔瞬间成交却差了三个点的订单，照样差了三个点。",[10,949,950,951,174],{},"想比较两家经纪商的执行质量和成本，方法见",[60,952,953],{"href":167},"经纪商成本核算指南",{"title":49,"searchDepth":238,"depth":238,"links":955},[956,957,958,959,960],{"id":16,"depth":238,"text":16},{"id":55,"depth":238,"text":55},{"id":78,"depth":238,"text":78},{"id":103,"depth":238,"text":104},{"id":201,"depth":238,"text":201},"订单执行，就是经纪商把您的下单请求变成实际成交的过程。市价执行与即时执行、重新报价、部分成交，以及如何衡量执行质量。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-order-execution",[256,965,966,257],"what-is-server-latency","what-is-a-b-book-broker",{"title":740,"description":961},"zh\u002F5.glossary\u002Fwhat-is-order-execution","订单执行 (Order Execution)","rLQV3ID6e807Wa7mw_LLLhn1OhUiAbc-Q1FgIK2m9-Y",{"id":972,"title":973,"body":974,"category":727,"date":246,"description":1166,"draft":248,"extension":249,"meta":1167,"navigation":251,"path":1168,"related":1169,"seo":1173,"stem":1174,"term":1175,"updated":261,"__hash__":1176},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-slippage.md","什么是滑点（Slippage）？定义、成因与真实数据",{"type":7,"value":975,"toc":1159},[976,979,981,987,990,996,1002,1011,1018,1020,1032,1038,1040,1056,1067,1069,1072,1123,1125,1151],[10,977,978],{},"滑点，是您下单时预期的价格与实际成交价格之间的差额。从您的终端发出请求，到经纪商服务器完成撮合，中间这段时间市场还在动，滑点就是这样产生的。滑点可能对您不利，也可能对您有利，但实际上并不对称：最容易出现大滑点的时候，恰恰也是最需要精确成交的时候。",[14,980,16],{"id":16},[40,982,985],{"className":983,"code":984,"language":45},[43],"滑点（点） = (成交价 − 请求价) \u002F 点的大小\n             卖出订单取相反符号\n",[47,986,984],{"__ignoreMap":49},[10,988,989],{},"滑点有三个来源。",[10,991,992,995],{},[23,993,994],{},"延迟","。从请求到执行，每一毫秒价格都可能变。延迟来自通往交易服务器的网络路径、终端自身的处理，以及经纪商的撮合队列。",[10,997,998,1001],{},[23,999,1000],{},"流动性","。订单要在订单簿上成交。如果报价上可成交的数量比您的订单小，剩下的部分就会在下一档价格成交。所以仓位越大，滑点越大；市场越深，滑点越小。",[10,1003,1004,1007,1008,1010],{},[23,1005,1006],{},"订单类型","。市价单按当时能拿到的价格成交，所以会滑点。限价单从不滑点，但可能成交不了，这本身也是一种成本。Stop 类订单（包括",[60,1009,194],{"href":583},"）一触发就变成市价单，这是最重要的一点：止损保证的是您能离场，而不是离场的价格。",[10,1012,1013,1014,1017],{},"最糟糕的时段是可以预见的：预定的经济数据公布、每日展期（rollover）前后流动性稀薄的时段、周日开盘跳空，以及一大批止损同时触发、把订单簿抽空的那一刻。",[23,1015,1016],{},"正滑点","也存在（成交价比请求价更好）。经纪商如果让您承担负滑点，也把正滑点照样给您，做法就是对称的；如果好的成交自己留着，差的推给您，那就不对称。",[14,1019,55],{"id":55},[10,1021,1022,1023,1027,1028,1031],{},"滑点就是纸面上的策略和服务器上的同一策略之间的差距。用历史卖出价（bid）、按零滑点跑出来的",[60,1024,1026],{"href":1025},"\u002Fglossary\u002Fwhat-is-backtesting","回测","，假设了一种根本不存在的执行方式；",[60,1029,1030],{"href":905},"平均每笔交易","越短，这个假设凭空造出来的优势就占得越多。",[10,1033,1034,1035,1037],{},"目标越小，这笔账越无情。半个点的不利滑点，是 5 点目标的十分之一，却只是 200 点目标的四百分之一；而且它是在",[60,1036,393],{"href":392},"和佣金之外另算的，不是替代它们。",[14,1039,78],{"id":78},[10,1041,1042,1043,428,1046,1049,1050,834,1052,1055],{},"不等合适时机就出手的系统，最看重执行质量，而平台上的大多数账户正是这样。截至 2026 年 8 月，ShowMyTrades 上有交易历史的公开账户中，",[23,1044,1045],{},"自动交易占比的中位数为 99%",[23,1047,1048],{},"53.9% 的账户自动化程度超过 90%","（42.2% 低于 10%）。这些账户连接了 ",[23,1051,84],{},[60,1053,1054],{"href":235},"同一个策略，发往七百个不同的撮合引擎","，面对七百种不同的延迟情况。",[10,1057,1058,1059,1062,1063,1066],{},"持仓时间又放大了这种风险。这些账户的",[23,1060,1061],{},"持仓时间中位数为 2.4 小时","，中位数账户已平仓 ",[23,1064,1065],{},"171 笔交易","：执行成本付得频繁，每笔交易又没有多少时间让价格波动把它消化掉。",[14,1068,104],{"id":103},[10,1070,1071],{},"我们不记录您的终端请求的价格，所以不公布逐笔滑点这个指标；只靠经纪商数据，任何诚实的平台也都公布不了。我们公布的是能衡量的那一半：造成滑点的延迟。",[109,1073,1074,1099,1115],{},[112,1075,1076,128,1078,1080,1081,1085,1086,1090,1091,153,1093,153,1095,869,1097,174],{},[23,1077,127],{},[23,1079,131],{},"）会显示 ",[60,1082,1083],{"href":135},[23,1084,138],{},"，即终端与经纪商交易服务器之间的往返时间，以及",[60,1087,1088],{"href":856},[23,1089,142],{},"，即需要重新发送的网络数据包比例。Ping 低于 50 ms 属于优秀；高于 200 ms 可能意味着执行更慢、滑点更多。重传率一直偏高，说明网络不稳定，或者交易服务器离得太远。同一面板还会显示",[23,1092,862],{},[23,1094,865],{},[23,1096,868],{},[23,1098,872],{},[112,1100,1101,180,1103,1105,1106,160,1108,666,1110,160,1112,1114],{},[23,1102,179],{},[23,1104,183],{},"表格，每个订单都有",[23,1107,187],{},[23,1109,190],{},[23,1111,194],{},[23,1113,197],{},"列。把离场价位的设定值和实际成交的位置一比，就是从经纪商记录里能读到的最接近滑点的数据。",[112,1116,1117,1119,1120,1122],{},[23,1118,148],{},"中的",[23,1121,901],{}," 可以用来快速检查。如果最差交易远远超出账户原本设定的止损距离，那就是跳空或滑点离场留下的痕迹，而不是入场没做好。",[14,1124,201],{"id":201},[203,1126,1127,1133,1139,1145],{},[112,1128,1129,1132],{},[23,1130,1131],{},"止损保证的是离场，不是价格","。遇到跳空，它会按第一个能成交的价格平仓，可能远远超出您设定的价位。",[112,1134,1135,1138],{},[23,1136,1137],{},"市价单上的“零滑点”，是谁都兑现不了的承诺","。保证止损确实有，但那是另一种产品，要另外付费。",[112,1140,1141,1144],{},[23,1142,1143],{},"滑点不一定是亏损","。看看您的成交价有没有比请求价更好的时候；如果从来没有，这本身就说明了这家经纪商的情况。",[112,1146,1147,1150],{},[23,1148,1149],{},"模拟账户的结果偏乐观","。模拟服务器不模拟排队位置和订单簿深度，所以在模拟账户上完美无缺的策略，到了实盘可能只是勉强能用。",[10,1152,1153,1154,1158],{},"想了解 Ping、重传与页面上的其他内容如何结合起来看，请阅读",[60,1155,1157],{"href":1156},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台","指南。",{"title":49,"searchDepth":238,"depth":238,"links":1160},[1161,1162,1163,1164,1165],{"id":16,"depth":238,"text":16},{"id":55,"depth":238,"text":55},{"id":78,"depth":238,"text":78},{"id":103,"depth":238,"text":104},{"id":201,"depth":238,"text":201},"滑点是您预期的价格与实际成交价之间的差额。本文解释它为什么总在最要命的时候最严重，以及延迟如何让它变得可以衡量。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-slippage",[257,1170,1171,1172],"what-is-a-stop-loss","what-is-a-vps","what-is-backtesting",{"title":973,"description":1166},"zh\u002F5.glossary\u002Fwhat-is-slippage","滑点 (Slippage)","_usMaUZBN8x6rtKI1x17K10-_LxzY0duV2FLyHX73gE",[1178,1179],{"path":748},{"path":252},1793898058753]