[{"data":1,"prerenderedAt":1176},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-a-cent-account":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-cent-account-related":252,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-cent-account-langs":1173},{"id":4,"title":5,"body":6,"category":234,"date":235,"description":236,"draft":237,"extension":238,"meta":239,"navigation":240,"path":241,"related":242,"seo":247,"stem":248,"term":249,"updated":250,"__hash__":251},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-cent-account.md","什么是美分账户？以美分显示的余额",{"type":7,"value":8,"toc":226},"minimark",[9,13,17,20,31,66,80,83,86,89,92,120,123,127,130,155,162,165,219],[10,11,12],"p",{},"美分账户是真实交易账户，只是余额、净值和盈利都以基础货币的百分之一为单位，所以屏幕上显示 50,000，实际只有 $500。这里没有任何隐瞒：资金、成交、点差和库存费都是真的，只不过账户上的每个绝对数字，都比您存在经纪商那里的钱大一百倍。",[14,15,16],"h2",{"id":16},"工作原理",[10,18,19],{},"换算只要做一次除法，而且只针对金额，别的都不动。",[21,22,27],"pre",{"className":23,"code":25,"language":26},[24],"language-text","真实金额 = 显示金额 \u002F 100\n\n50,000 USC = $500\n","text",[28,29,25],"code",{"__ignoreMap":30},"",[10,32,33,34,38,39,38,42,38,45,38,48,38,51,38,54,57,58,61,62,65],{},"看货币代码就知道。经纪商用 ",[35,36,37],"strong",{},"USC","、",[35,40,41],{},"EUC",[35,43,44],{},"GBC",[35,46,47],{},"JPC",[35,49,50],{},"CHC",[35,52,53],{},"AUC",[35,55,56],{},"CAC"," 或 ",[35,59,60],{},"NZC"," 表示美分计价，也有少数经纪商用 ",[35,63,64],{},"CNT"," 表示美分。这个信号可靠，但不全面：有些经纪商的美分式账户仍以普通的 USD 或 EUR 计价，这时只能从账户类型或服务器名称看出来。",[10,67,68,69,74,75,79],{},"常被忽略的是另一半：合约规模。大多数美分账户上，一",[70,71,73],"a",{"href":72},"\u002Fglossary\u002Fwhat-is-a-lot-in-forex","手","是 1,000 单位基础货币，而不是 100,000，缩小的比例完全一样。两半合起来看，持有 $100 的美分账户，按百分比算与持有 $10,000 的标准账户一模一样：手数一样，单笔风险一样，回撤曲线一样，只是钱只有百分之一。一手的一个",[70,76,78],{"href":77},"\u002Fglossary\u002Fwhat-is-a-pip","点","是 10.00 USC，也就是十美分，在 10,000 USC 的余额里仍然占 0.10%。",[14,81,82],{"id":82},"为什么重要",[10,84,85],{},"因为比率不受计价单位影响，货币金额却会。增长率、回撤、盈利因子、胜率、夏普比率以及一切以点表示的数据，都是同一单位下两个量相除的结果：分子分母同时乘以一百，结果纹丝不动。总盈利、佣金和库存费则以美分计，实际只有表面数字的百分之一。",[10,87,88],{},"报告陷阱就在这里。一张截图写着“盈利 50,000”却不提单位，严格说没错，实际上毫无意义，美分账户的截图满天飞，也正是这个原因。这个陷阱只对绝对数字有效，凡是用百分比表达的数据，天生就不受影响。",[14,90,91],{"id":91},"数据显示了什么",[10,93,94,95,99,100,103,104,107,108,111,112,99,116,119],{},"在 ShowMyTrades 上已发布且有交易历史的账户中（2026 年 8 月），",[70,96,98],{"href":97},"\u002Fglossary\u002Fwhat-is-time-weighted-return","时间加权收益率","中位数为 ",[35,101,102],{},"+3.2%","，最深回撤中位数为 ",[35,105,106],{},"9.7%","，盈利因子中位数为 ",[35,109,110],{},"1.28","，",[70,113,115],{"href":114},"\u002Fguides\u002Fwin-rate-is-not-an-edge","胜率",[35,117,118],{},"68.8%","。后两项已扣除费用：计算任何统计之前，库存费和佣金都已计入每笔交易。这四项可以直接拿来和美分账户自己的四项比较，余额一栏写的是什么，对它们毫无影响。",[10,121,122],{},"平台上有 1 万+ 个已连接账户，分布在 703 个不同的经纪商服务器上，其中肯定有美分账户。但我们不公布数量，也算不出一个诚实的数字，原因正是货币代码会漏掉那些以标准货币计价运营美分式账户的经纪商。",[14,124,126],{"id":125},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,128,129],{},"页面不会替您换算。账户头部在平台、经纪商和杠杆旁边显示经纪商的货币代码，所有金额都按这个单位显示：统计面板里的金额行（余额、净值、最高余额、盈利、入金和出金）都带着这个代码，因为经纪商的数字从来不会被改标成美元。",[10,131,132,133,137,138,38,141,38,144,38,147,150,151,154],{},"百分比模块不受影响：增长、",[70,134,136],{"href":135},"\u002Fglossary\u002Fwhat-is-absolute-gain","绝对增长","、回撤、余额回撤、月度收益表格，以及高级统计里的各项比率。同一面板里的绝对数值行则以美分计：",[35,139,140],{},"佣金合计",[35,142,143],{},"已付库存费合计",[35,145,146],{},"平均盈利",[35,148,149],{},"平均亏损","和",[35,152,153],{},"期望值","。注意后三项在金额旁边还会显示点数，只有金额部分是美分计价。",[10,156,157,158,161],{},"有一个开关只影响合计，页面本身不变。账户设置 → 常规里的",[35,159,160],{},"美分账户","，是给那些以美分运营、却标成 USD 等普通货币的账户用的；USC、EUC 之类货币的账户不用开也会被识别为美分账户。不管哪种情况，只有在这个账户和其他账户相加时，数值才会除以 100：也就是投资组合，以及控制台的合并余额。账户页面本身保留经纪商的单位，所以在页面上，一切仍以货币代码为准。",[14,163,164],{"id":164},"常见误解",[166,167,168,184,193,199,205],"ul",{},[169,170,171,172,175,176,183],"li",{},"“",[35,173,174],{},"美分账户就是模拟账户。","”不是。真实资金、真实执行、真实成本，账户头部显示的也是和其他真实账户一样的绿色",[70,177,179,182],{"href":178},"\u002Fglossary\u002Fwhat-is-a-demo-vs-live-account",[35,180,181],{},"真实账户","徽章","。",[169,185,171,186,189,190,192],{},[35,187,188],{},"我得先标记它，统计才会准。","”不用。页面上的每个百分比都是比率，比率与单位无关。",[35,191,160],{},"开关只在这个账户和其他账户相加时才起作用。",[169,194,171,195,198],{},[35,196,197],{},"盈利 50,000，成绩相当可观。","”那是 $500。先看货币代码，再看数字。",[169,200,171,201,204],{},[35,202,203],{},"我的手数可以照搬到标准账户。","”不行。在标准账户上照样输入 0.5，风险敞口就是您习惯的一百倍。",[169,206,171,207,210,211,215,216,218],{},[35,208,209],{},"我可以直接把它放进投资组合。","”前提是平台知道它是美分账户。",[70,212,214],{"href":213},"\u002Fglossary\u002Fwhat-is-a-trading-portfolio","投资组合","会自动把 USC、EUC 等货币的账户除以 100；经纪商标成 USD 的账户则要开启",[35,217,160],{},"开关，否则合计会大一百倍。",[10,220,221,222,183],{},"合约规模怎么换算、两种单位下怎么计算仓位大小、转到标准账户时有什么陷阱，详见",[70,223,225],{"href":224},"\u002Fguides\u002Fcent-accounts-explained","美分账户详解",{"title":30,"searchDepth":227,"depth":227,"links":228},2,[229,230,231,232,233],{"id":16,"depth":227,"text":16},{"id":82,"depth":227,"text":82},{"id":91,"depth":227,"text":91},{"id":125,"depth":227,"text":126},{"id":164,"depth":227,"text":164},"经纪商","2026-08-19T00:00:00.000Z","美分账户的所有金额都以基础货币的百分之一为单位，余额显示 50,000，实际是 $500。百分比不受影响。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-cent-account",[243,244,245,246],"what-is-a-lot-in-forex","what-is-leverage","what-is-a-pip","what-is-a-demo-vs-live-account",{"title":5,"description":236},"zh\u002F5.glossary\u002Fwhat-is-a-cent-account","美分账户 (Cent Account)","2026-09-04T00:00:00.000Z","waPj-UunB9cDuBtQR_Z98NdaciHDrt8tn7HDsTlqdwM",[253,508,705,949],{"id":254,"title":255,"body":256,"category":234,"date":235,"description":495,"draft":237,"extension":238,"meta":496,"navigation":240,"path":497,"related":498,"seo":503,"stem":504,"term":505,"updated":506,"__hash__":507},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-demo-vs-live-account.md","什么是模拟账户？模拟账户与真实账户详解",{"type":7,"value":257,"toc":488},[258,261,263,266,313,319,322,324,327,335,343,345,361,364,375,377,380,447,449,481],[10,259,260],{},"模拟账户用模拟资金、按经纪商的报价交易；真实账户用真金白银，面对的是真实的流动性。两者的图表一模一样，差距也正因此被低估：变的不是您看到的价格，而是实际成交的价格、被收的费用，以及判断失误的代价。",[14,262,16],{"id":16},[10,264,265],{},"模拟服务器收到订单后，直接按报价确认成交。没有对手方，订单簿里没有头寸，也没有资金承担风险，所以真实成交中的不少约束，在这里根本不存在。",[166,267,268,279,285,296,307],{},[169,269,270,273,274,278],{},[35,271,272],{},"没有深度，没有排队","。不管下多大的单，模拟账户都按报价一次全部成交。真实账户上，订单要一层层吃掉可用深度，剩下的部分",[70,275,277],{"href":276},"\u002Fglossary\u002Fwhat-is-slippage","成交价更差","，或者只能部分成交。",[169,280,281,284],{},[35,282,283],{},"没有重新报价，没有拒单","。模拟服务器很少拒单。真实服务器会，而且往往就在最关键的那几秒。",[169,286,287,290,291,295],{},[35,288,289],{},"理想化的点差","。模拟报价源用的常常是典型",[70,292,294],{"href":293},"\u002Fglossary\u002Fwhat-is-a-spread","点差","，而不是实时点差，所以数据发布前后和每日展期时的点差扩大会被削弱，甚至看不到。",[169,297,298,301,302,306],{},[35,299,300],{},"成本靠模拟，不真收","。模拟账户上的",[70,303,305],{"href":304},"\u002Fglossary\u002Fwhat-is-a-swap-in-forex","库存费","可能沿用过期的费率表，甚至干脆没有。真实账户的库存费按交易品种设定，会调整，展期日还要收三倍。",[169,308,309,312],{},[35,310,311],{},"无限次重置","。模拟账户爆仓了，点一下就能重新充满，曲线上不留痕迹。真实账户爆仓，就原原本本写在曲线上。",[21,314,317],{"className":315,"code":316,"language":26},[24],"真实结果 = 模拟结果\n         - 入场和出场的滑点\n         - 被拒绝或因重新报价而错过的入场\n         - 真实的点差扩大和真实的库存费\n         - 因为是自己的钱而没有做的交易\n",[28,318,316],{"__ignoreMap":30},[10,320,321],{},"最后一行不是玩笑。钱是自己的，确定仓位大小、扛住回撤、照计划执行，就完全是另一回事了。",[14,323,82],{"id":82},[10,325,326],{},"上面每一项差异都指向同一个方向。模拟账户不是给结果加了随机噪声，而是去掉了摩擦，而且去掉的偏偏是摩擦最贵的那几处：入场、止损和展期。所以模拟账户的业绩记录只能算上限，不能当估计值。",[10,328,329,330,334],{},"交易越频繁，影响越大；目标幅度越大，影响越小，这和",[70,331,333],{"href":332},"\u002Fglossary\u002Fwhat-is-backtesting","回测","背后的算术是一样的。本平台上单笔交易的持仓时间中位数是 2.4 小时，短到执行成本在结果里占了实实在在的份额，而不是可以四舍五入掉的零头。",[10,336,337,338,342],{},"但这并不是说模拟账户没用。检查 EA 能不能跑、",[70,339,341],{"href":340},"\u002Fglossary\u002Fwhat-is-a-magic-number","魔术号","有没有设好、手数算得对不对，模拟账户正合适。它检验的是系统能不能运作，而不是能不能赚钱。",[14,344,91],{"id":91},[10,346,347,348,111,351,111,354,183,357,360],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），中位数账户的",[35,349,350],{},"时间加权收益率为 +3.2%",[35,352,353],{},"最深回撤为 9.7%",[35,355,356],{},"盈利因子中位数为 1.28",[35,358,359],{},"63.0%"," 的账户长期收益为正。",[10,362,363],{},"这些数字里包含真实账户，体现的正是大规模的真实摩擦。同一批账户如果没有摩擦，每一项都会更好看，因为造成这些数字的成本，在模拟服务器上都不会被完整收取。",[10,365,366,367,370,371,374],{},"其中最大的几项成本是实打实收取的，不是模拟出来的：这批账户共付了 ",[35,368,369],{},"$4,782,670"," 佣金和 ",[35,372,373],{},"$862,547"," 库存费。模拟服务器可以把这两个数字显示出来，却一分钱也不用收。",[14,376,126],{"id":125},[10,378,379],{},"值得一提的是，这一项不是自己声明的。",[166,381,382,396,411,417],{},[169,383,384,385,388,389,391,392,395],{},"每个已发布账户的账户头部都有一行",[35,386,387],{},"认证","。第一个徽章写着",[35,390,181],{},"或",[35,393,394],{},"模拟账户","，依据是经纪商服务器报告的交易模式，而不是所有者自己填的字段。服务器名称里带“demo”的，不管还报告了什么，一律判定为模拟账户。鼠标悬停在徽章上，会说明这个状态对下方的数字意味着什么。",[169,397,398,399,150,402,405,406,410],{},"旁边是",[35,400,401],{},"业绩记录",[35,403,404],{},"交易权限","两个徽章，标明历史记录和账户所有权是否经过",[70,407,409],{"href":408},"\u002Fguides\u002Fthird-party-verification-explained","独立佐证","。没有经过佐证的，会显示警告图标。",[169,412,413,416],{},[35,414,415],{},"信息","一行列出平台、经纪商（提示框里有交易服务器名称）、账户货币和杠杆，也就是这份结果所处的交易环境。",[169,418,419,422,423,426,427,38,430,38,433,38,436,38,439,442,443,446],{},[35,420,421],{},"终端","面板（MT5 上为",[35,424,425],{},"终端与已打开的图表","）显示 ",[35,428,429],{},"Ping",[35,431,432],{},"重传",[35,434,435],{},"终端版本号",[35,437,438],{},"内存",[35,440,441],{},"自动交易","和 ",[35,444,445],{},"DLL 导入","，也就是这些成交背后的实时连接状况。",[14,448,164],{"id":164},[450,451,452,458,464,470],"ol",{},[169,453,171,454,457],{},[35,455,456],{},"在模拟账户上做了六个月，我已经准备好了。","”这只说明流程跑得通。成交情况，以及真实回撤下您会怎么做，都还没经过检验。",[169,459,171,460,463],{},[35,461,462],{},"模拟账户的价格是假的。","”报价源通常是真的。模拟的是成交，不是报价。",[169,465,171,466,469],{},[35,467,468],{},"小额真实账户和模拟账户没区别。","”比模拟好得多，但极小的账户有自己的失真：最小手数限制、美分账户的缩放，还有相对微薄余额而言高得离谱的佣金。",[169,471,171,472,475,476,480],{},[35,473,474],{},"模拟账户的记录也是记录。","”它记录的只是能跑起来的代码。",[70,477,479],{"href":478},"\u002Fguides\u002Ffinding-real-trading-accounts","任何查看已发布结果的人","，都应该先看账户类型徽章，再看收益。",[10,482,483,484,183],{},"想知道怎样分辨真实的结果和包装过的结果，请阅读",[70,485,487],{"href":486},"\u002Fguides\u002Fspotting-fake-ea-results","识破虚假的 EA 业绩",{"title":30,"searchDepth":227,"depth":227,"links":489},[490,491,492,493,494],{"id":16,"depth":227,"text":16},{"id":82,"depth":227,"text":82},{"id":91,"depth":227,"text":91},{"id":125,"depth":227,"text":126},{"id":164,"depth":227,"text":164},"模拟账户用模拟资金、按真实价格交易。为什么模拟成交会让策略显得更好，ShowMyTrades 又如何从经纪商读取真实或模拟状态。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-demo-vs-live-account",[499,500,501,502],"what-is-backtesting","what-is-slippage","what-is-order-execution","what-is-a-verified-track-record",{"title":255,"description":495},"zh\u002F5.glossary\u002Fwhat-is-a-demo-vs-live-account","模拟账户与真实账户 (Demo vs Live Account)","2026-09-10T00:00:00.000Z","DPbHp3Na3Gb8PoKnDP_wdf-NxGfl3xNd230bHU5Huws",{"id":509,"title":510,"body":511,"category":691,"date":235,"description":692,"draft":237,"extension":238,"meta":693,"navigation":240,"path":694,"related":695,"seo":700,"stem":701,"term":702,"updated":703,"__hash__":704},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-lot-in-forex.md","外汇中的手（Lot）是什么？标准手、迷你手与微型手",{"type":7,"value":512,"toc":684},[513,516,518,521,527,530,536,543,545,548,555,571,573,588,604,606,625,640,647,655,657,677],[10,514,515],{},"手是衡量交易规模的单位。一个标准手等于该货币对基础货币的 100,000 单位，迷你手是 10,000，微型手是 1,000。所以在 EUR\u002FUSD 上开 0.10 手，控制的就是 10,000 欧元。业绩记录上的所有交易量数字，以及经纪商收取的几乎所有成本，都是按手来计的。",[14,517,16],{"id":16},[10,519,520],{},"手是一个乘数，乘在经纪商为每个品种设定的合约规模上。",[21,522,525],{"className":523,"code":524,"language":26},[24],"交易单位 = 手数 × 合约规模\n\n标准手   1.00  = 100,000 单位\n迷你手   0.10  =  10,000 单位\n微型手   0.01  =   1,000 单位\n",[28,526,524],{"__ignoreMap":30},[10,528,529],{},"合约规模的作用，是把价格变动换算成金额。五位小数报价的外汇货币对，一个点是 0.0001；日元货币对是 0.01。点值由此可以直接算出：",[21,531,534],{"className":532,"code":533,"language":26},[24],"点值 = 手数 × 合约规模 × 点的大小，再换算为账户货币\n　　 = 1.00 × 100,000 × 0.0001 = EUR\u002FUSD 每点 $10\n",[28,535,533],{"__ignoreMap":30},[10,537,538,539,542],{},"100,000 只是外汇的惯例，并不是硬性规定。黄金、指数、能源和加密货币 CFD 各有各的合约规模，由经纪商设定，在品种规格里可以查到。所以 XAUUSD 上的“一手”和 EUR\u002FUSD 上的“一手”不是一回事。",[70,540,160],{"href":541},"\u002Fglossary\u002Fwhat-is-a-cent-account","则是把账户货币缩小，同样的名义手数，实际规模又小了一截。",[14,544,82],{"id":82},[10,546,547],{},"经纪商就是按手计费的。佣金按每手报价，分单边收取或按来回收取；库存费按每手每晚报价；点差成本等于点差点数乘以点值，而点值本身又取决于合约规模。这些费用没有一项按交易笔数增长，全都随交易量增长。",[10,549,550,551,183],{},"所以，要比较两个账户，分母应该是总交易量。只看美元成本说明不了什么，大账户做大仓位，本来就该付得多。每手成本把账户规模这个因素去掉了，也只有用这种形式，才能",[70,552,554],{"href":553},"\u002Fguides\u002Fbroker-cost-audit","把一家经纪商的收费和另一家放在一起比",[10,556,557,558,560,561,565,566,570],{},"交易量还是交易者唯一完全由自己决定的数字。",[70,559,115],{"href":114},"、回撤和",[70,562,564],{"href":563},"\u002Fglossary\u002Fwhat-is-a-profit-factor","盈利因子","都是结果；手数则是一道指令，在市场还没开口之前就已经下达。所以单看交易量这一列，比看任何表现指标都能更快看出",[70,567,569],{"href":568},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","有没有纪律。",[14,572,91],{"id":91},[10,574,575,576,579,580,583,584,587],{},"以下数字只代表在 ShowMyTrades 上发布的账户，并非全体交易者。截至 2026 年 8 月，这里的公开账户共交易了 ",[35,577,578],{},"1,724,575 手","，平均每个有交易历史的已发布账户约 ",[35,581,582],{},"770 手","，分布在 ",[35,585,586],{},"703 个不同的经纪商服务器","上。",[10,589,590,591,442,594,599,600,603],{},"这些交易量对应的成本：在此同步的交易共产生 ",[35,592,593],{},"$4,782,670 佣金",[35,595,596,597],{},"$862,547 ",[70,598,305],{"href":304},"，在付过库存费的账户中，",[35,601,602],{},"86.3% 的净库存费为负","。别急着拿一个数去除另一个数，算出一个抢眼的费率：两个总额对应的账户群体并不相同，里面还混着合约规模不同的品种、按单边报价和按来回报价的经纪商，以及根本不收佣金的纯点差账户。每手成本确实是正确的比较方式，只不过要放在单个账户上算，那里的两个数字来自同一批交易。",[14,605,126],{"id":125},[10,607,608,611,612,615,616,619,620,150,622,624],{},[35,609,610],{},"总手数","在",[35,613,614],{},"高级统计","的",[35,617,618],{},"交易","栏里，保留两位小数，正下方就是",[35,621,140],{},[35,623,143],{},"。这三项都是对账户已平仓买卖交易的汇总，由我们的服务器计算，不含入金和出金。两项成本都沿用经纪商记录的正负号，所以佣金通常显示为负数；账户付出的库存费多于收到的，库存费就显示为红色。三行放在一起看，就能为单个账户算出上面说的每手成本，依据的是经纪商的真实记录，而不是公开的价目表。",[10,626,627,628,631,632,635,636,639],{},"具体到每笔交易，",[35,629,630],{},"交易历史与余额变化","中的",[35,633,634],{},"交易量","列列出每个订单的规模，精确到两位小数。账户所有者可以在账户隐私设置里用",[35,637,638],{},"手数","开关，把这一列从公开页面和小组件中隐藏。所以公开账户页面上没有交易量列，是所有者有意为之，并不是数据缺失。",[10,641,642,643,646],{},"同一个高级统计面板里的",[35,644,645],{},"持续时间","视图用气泡大小表示交易量，涵盖最近 200 笔已平仓交易。手数一步步加码，在这里看到的就是越来越大的圆圈，而不只是一列数字。",[10,648,649,650,654],{},"下单前想算好仓位，可以用",[70,651,653],{"href":652},"\u002Ftools\u002Fposition-size-calculator","仓位计算器","：输入账户余额、风险和止损距离，就能得出手数，合约规模可选微型手（1,000）、迷你手（10,000）或标准手（100,000）。",[14,656,164],{"id":164},[166,658,659,665,671],{},[169,660,171,661,664],{},[35,662,663],{},"0.01 手是小仓位。","”那要看跟什么比。EUR\u002FUSD 上一个微型手每点风险约 $0.10；在 $200 的账户上设 50 点止损，就是净值的 2.5%。",[169,666,171,667,670],{},[35,668,669],{},"总手数代表我的交易规模。","”它只是个合计。同样的总数，可能来自一万笔微型手交易，也可能来自一百笔标准手交易：分布情况要看交易表格。",[169,672,171,673,676],{},[35,674,675],{},"交易量越大，交易者越厉害。","”交易量反映的是活跃程度和成本，完全看不出这些交易有没有赚钱。",[10,678,679,680,183],{},"想把交易量列当作风险指纹来解读，请参阅",[70,681,683],{"href":682},"\u002Fguides\u002Ftrading-volume-analysis","交易量分析指南",{"title":30,"searchDepth":227,"depth":227,"links":685},[686,687,688,689,690],{"id":16,"depth":227,"text":16},{"id":82,"depth":227,"text":82},{"id":91,"depth":227,"text":91},{"id":125,"depth":227,"text":126},{"id":164,"depth":227,"text":164},"成本","手是衡量交易规模的单位，一个标准手等于 100,000 单位基础货币。本文讲清合约规模的算法，并附上 170 万手真实交易量的数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-lot-in-forex",[696,697,698,699],"what-is-position-sizing","what-is-a-spread","what-is-a-swap-in-forex","what-is-average-trade-length",{"title":510,"description":692},"zh\u002F5.glossary\u002Fwhat-is-a-lot-in-forex","手 (Lot)","2026-08-29T00:00:00.000Z","fij9ydCEZ30hDoAqII7e_JOwXlNKxdpqFWWeD1XoHSI",{"id":706,"title":707,"body":708,"category":938,"date":235,"description":939,"draft":237,"extension":238,"meta":940,"navigation":240,"path":941,"related":942,"seo":945,"stem":946,"term":947,"updated":703,"__hash__":948},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-pip.md","外汇中的点（Pip）是什么？点、point 与微点的区别",{"type":7,"value":709,"toc":931},[710,713,715,721,731,734,736,742,748,754,756,766,782,792,794,896,898,924],[10,711,712],{},"点（pip）是货币对价格变动的标准单位：多数货币对是 0.0001，日元货币对是 0.01。点衡量的是距离，不是钱。一个点值多少钱，要看合约规模、手数和账户的计价货币。所以两个账户可能都显示 +3,000 点，实际金额却差了上千倍。",[14,714,16],{"id":16},[21,716,719],{"className":717,"code":718,"language":26},[24],"点的大小 = 0.0001            大多数货币对\n         = 0.01              日元货币对\n微点     = 0.1 点            第 5 位（或第 3 位）小数\n\n点值 = 点的大小 x 合约规模 x 手数     -> 以报价货币计\n       再按当前汇率换算为账户货币\n\nEUR\u002FUSD，USD 账户，1.00 手：  0.0001 x 100,000 x 1.00 = 每点 $10.00\nEUR\u002FUSD，USD 账户，0.01 手：  0.0001 x 100,000 x 0.01 = 每点 $0.10\n",[28,720,718],{"__ignoreMap":30},[10,722,723,726,727,730],{},[35,724,725],{},"点、point 与微点","。多数经纪商的报价会精确到点的小数位，所以 EUR\u002FUSD 显示五位小数（1.08432），最后一位就是微点（pipette），即十分之一个点。MetaTrader 用 ",[35,728,729],{},"point"," 计数，point 是报价能变动的最小单位。五位小数报价下，10 point 等于 1 点。EA（智能交易系统）里止损设成 200 point，实际是 20 点；同样的参数放到四位小数报价的服务器上，止损就成了 200 点。这一个换算看错，在零售交易里是代价不小的配置错误。",[10,732,733],{},"出了外汇市场，“点”这个说法就不太靠得住了。黄金、指数和加密货币 CFD 的合约规模和最小变动价位都由经纪商自定，平台上显示什么，大家就随口叫它“点”。这些品种唯一可靠的依据，是该服务器上该品种的合约规格。",[14,735,82],{"id":82},[10,737,738,739,741],{},"止损距离要换算成风险金额，靠的就是点值，所以它是",[70,740,569],{"href":568},"的核心输入：风险金额 = 止损点数 × 点值 × 手数。这个换算做对了，手数就是一道算术题，不用再凭习惯。",[10,743,744,745,747],{},"但拿点数比较不同账户，完全行不通。同样的点数，手数不同、报价货币不同、品种不同，代表的金额都不一样；放在",[70,746,160],{"href":541},"上，只相当于表面数字的百分之一。点数也看不出为了赚这些点投入了多少资本，而两个结果能不能相比，恰恰只取决于这一点。",[10,749,750,751,753],{},"百分比没有这个问题。",[70,752,98],{"href":97},"天生就能在不同规模的账户之间比较，点数永远做不到。",[14,755,91],{"id":91},[10,757,758,759,761,762,765],{},"截至 2026 年 8 月，ShowMyTrades 上有交易历史的公开账户共交易了 ",[35,760,578],{},"，同步了 ",[35,763,764],{},"15,436,464 笔交易","。这些账户的仓位规模相差好几个数量级，所以不能把两个账户的点数摆在一起排高低。",[10,767,768,769,38,772,38,775,38,778,781],{},"经得起比较的是标准化之后的数字：",[35,770,771],{},"TWR 中位数 +3.2%",[35,773,774],{},"63.0% 的账户长期为正",[35,776,777],{},"最深回撤中位数 9.7%",[35,779,780],{},"已平仓交易中位数 171 笔","。账户里是 $500 还是 $500,000，这些数字的含义都一样。",[10,783,784,785,787,788,791],{},"成本也是同样的道理，只是方向反过来。这些账户在 1,724,575 手上共付了 ",[35,786,593],{},"，约合",[35,789,790],{},"每手 $2.77","。这个数字能比，是因为它按交易量做了除法；原始总额就没法比。",[14,793,126],{"id":125},[166,795,796,847,856,876,889],{},[169,797,798,800,801,804,805,38,808,150,811,813,814,38,817,823,824,829,830,38,834,38,837,38,839,38,842,150,844,846],{},[35,799,614],{},"（",[35,802,803],{},"表格","视图；同一面板还能切换到",[35,806,807],{},"星期",[35,809,810],{},"小时",[35,812,645],{},"）里有",[35,815,816],{},"总点数",[35,818,819,820,822],{},"最佳交易（点）",[35,821,150],{},"最差交易（点）","，还有",[70,825,827],{"href":826},"\u002Fglossary\u002Fwhat-is-expectancy",[35,828,153],{},"，同时以点数和账户货币显示。旁边是",[70,831,832],{"href":72},[35,833,610],{},[35,835,836],{},"总交易数",[35,838,115],{},[35,840,841],{},"平均持仓时间",[35,843,140],{},[35,845,143],{},"。点数一定要和手数一起看，单看没有意义。",[169,848,849,615,852,855],{},[35,850,851],{},"分类统计",[35,853,854],{},"按品种","标签页按品种列出做多、做空和合计点数，能看出价格变动究竟来自哪些货币对。",[169,857,858,860,861,864,865,868,869,150,872,875],{},[35,859,630],{},"下的",[35,862,863],{},"已平仓交易","表格，每个订单都有一列",[35,866,867],{},"点数","，由",[35,870,871],{},"开仓价",[35,873,874],{},"平仓价","按该品种的小数位规则算出。",[169,877,878,881,882,885,886,888],{},[35,879,880],{},"账户统计","面板第一行是",[35,883,884],{},"增长","（即时间加权收益率），紧接着下一行是",[35,887,136],{},"。和别人比较时，该引用的是这两个数字。",[169,890,891,895],{},[70,892,894],{"href":893},"\u002Ftools\u002Fpip-calculator","点值计算器","能按具体的货币对、手数和账户货币，把一个点换算成金额。",[14,897,164],{"id":164},[450,899,900,906,912,918],{},[169,901,171,902,905],{},[35,903,904],{},"一个点就是 $10。","”只有在 USD 账户上交易 1 标准手、以 USD 报价的货币对时才成立。三个条件变了任何一个，数字都会变。",[169,907,171,908,911],{},[35,909,910],{},"point 和点是一回事。","”在五位和三位小数报价下，10 point 才等于 1 点。止损和止盈参数通常以 point 为单位。",[169,913,171,914,917],{},[35,915,916],{},"点数越多，交易者越厉害。","” 0.01 手赚一千点是 $100，5.00 手赚一百点是 $5,000。",[169,919,171,920,923],{},[35,921,922],{},"点数衡量风险。","”点数衡量的是距离。风险是把这段距离换算成金额，再除以净值。",[10,925,926,927,183],{},"想把点数、手数和保证金换算成您自己账户的数字，请看",[70,928,930],{"href":929},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",{"title":30,"searchDepth":227,"depth":227,"links":932},[933,934,935,936,937],{"id":16,"depth":227,"text":16},{"id":82,"depth":227,"text":82},{"id":91,"depth":227,"text":91},{"id":125,"depth":227,"text":126},{"id":164,"depth":227,"text":164},"指标","点是外汇价格变动的标准单位，通常是 0.0001。本文讲清点值与手数、报价货币的关系，以及为什么只看点数合计会被误导。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-pip",[696,697,943,944],"what-is-expectancy","what-is-time-weighted-return",{"title":707,"description":939},"zh\u002F5.glossary\u002Fwhat-is-a-pip","点 (Pip)","1_YeQ3O2ZxSOQ1N8tH-laXoVIwxJNp-cqTiWCkGcdYo",{"id":950,"title":951,"body":952,"category":1162,"date":235,"description":1163,"draft":237,"extension":238,"meta":1164,"navigation":240,"path":1165,"related":1166,"seo":1169,"stem":1170,"term":1171,"updated":235,"__hash__":1172},"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":953,"toc":1155},[954,957,959,962,968,971,1025,1028,1031,1043,1045,1048,1051,1067,1069,1072,1080,1083,1085,1088,1122,1124,1150],[10,955,956],{},"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。",[14,958,16],{"id":16},[10,960,961],{},"保证金是持仓期间经纪商冻结的押金。算法很简单。",[21,963,966],{"className":964,"code":965,"language":26},[24],"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",[28,967,965],{"__ignoreMap":30},[10,969,970],{},"一标准手 EUR\u002FUSD 是 100,000 单位。价格在 1.0850 时，仓位价值 $108,500。",[972,973,974,990],"table",{},[975,976,977],"thead",{},[978,979,980,984,987],"tr",{},[981,982,983],"th",{},"账户杠杆",[981,985,986],{},"冻结的保证金",[981,988,989],{},"50 点不利波动的成本",[991,992,993,1005,1015],"tbody",{},[978,994,995,999,1002],{},[996,997,998],"td",{},"1:30",[996,1000,1001],{},"$3,616.67",[996,1003,1004],{},"$500",[978,1006,1007,1010,1013],{},[996,1008,1009],{},"1:100",[996,1011,1012],{},"$1,085.00",[996,1014,1004],{},[978,1016,1017,1020,1023],{},[996,1018,1019],{},"1:500",[996,1021,1022],{},"$217.00",[996,1024,1004],{},[10,1026,1027],{},"三行的仓位一模一样。杠杆动的是保证金，从来不是风险。",[10,1029,1030],{},"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。",[10,1032,1033,1034,150,1038,1042],{},"用",[70,1035,1037],{"href":1036},"\u002Ftools\u002Fleverage-calculator","杠杆计算器",[70,1039,1041],{"href":1040},"\u002Ftools\u002Fmargin-calculator","保证金计算器","，拿您自己交易的品种算一算。",[14,1044,82],{"id":82},[10,1046,1047],{},"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。",[10,1049,1050],{},"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。",[10,1052,1053,1054,1058,1059,1061,1062,1066],{},"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：",[70,1055,1057],{"href":1056},"\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",[70,1060,569],{"href":568},"，而",[70,1063,1065],{"href":1064},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","只是症状，不是病因。",[14,1068,91],{"id":91},[10,1070,1071],{},"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。",[10,1073,1074,1075,1079],{},"结果并不随档位排序。在有交易历史的公开账户中，",[70,1076,1078],{"href":1077},"\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。",[10,1081,1082],{},"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。",[14,1084,126],{"id":125},[10,1086,1087],{},"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。",[10,1089,1090,1091,1093,1094,1097,1098,150,1101,1107,1108,1114,1115,150,1118,1121],{},"交易者拿杠杆做了什么，要看别的地方。高级统计里的",[35,1092,610],{},"是",[70,1095,1096],{"href":682},"实际交易的累计交易量","。账户统计面板里的",[35,1099,1100],{},"回撤",[70,1102,1104],{"href":1103},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[35,1105,1106],{},"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",[70,1109,1111],{"href":1110},"\u002Fglossary\u002Fwhat-is-an-equity-curve",[35,1112,1113],{},"净值曲线","把",[35,1116,1117],{},"余额",[35,1119,1120],{},"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。",[14,1123,164],{"id":164},[166,1125,1126,1132,1138,1144],{},[169,1127,171,1128,1131],{},[35,1129,1130],{},"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。",[169,1133,171,1134,1137],{},[35,1135,1136],{},"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。",[169,1139,171,1140,1143],{},[35,1141,1142],{},"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。",[169,1145,171,1146,1149],{},[35,1147,1148],{},"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。",[10,1151,1152,1153,183],{},"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",[70,1154,930],{"href":929},{"title":30,"searchDepth":227,"depth":227,"links":1156},[1157,1158,1159,1160,1161],{"id":16,"depth":227,"text":16},{"id":82,"depth":227,"text":82},{"id":91,"depth":227,"text":91},{"id":125,"depth":227,"text":126},{"id":164,"depth":227,"text":164},"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",[1167,696,1168],"what-is-a-margin-call","what-is-maximum-drawdown",{"title":951,"description":1163},"zh\u002F5.glossary\u002Fwhat-is-leverage","杠杆 (Leverage)","1K2tTcEclXFA4muLuzmkGaobTWxAuO3stEO8wQ-6IfM",[1174,1175],{"path":541},{"path":241},1793898060996]