[{"data":1,"prerenderedAt":1342},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-a-daily-drawdown-limit":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-daily-drawdown-limit-related":250,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-daily-drawdown-limit-langs":1339},{"id":4,"title":5,"body":6,"category":232,"date":233,"description":234,"draft":235,"extension":236,"meta":237,"navigation":238,"path":239,"related":240,"seo":245,"stem":246,"term":247,"updated":248,"__hash__":249},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-daily-drawdown-limit.md","什么是每日回撤限制？规则与重置时间",{"type":7,"value":8,"toc":224},"minimark",[9,24,28,39,42,49,55,61,64,72,75,78,86,89,104,107,121,136,140,143,179,182,185,217],[10,11,12,13,18,19,23],"p",{},"每日回撤限制规定账户在一个交易日内最多能亏多少，起算点是当天开始时定下的参考值。这是",[14,15,17],"a",{"href":16},"\u002Fglossary\u002Fwhat-is-a-prop-firm","自营交易公司","协议里的标准风控条款，由系统自动执行：哪怕只超出一美分，不管整体盈亏如何，账户都判定失败。它和普通的",[14,20,22],{"href":21},"\u002Fglossary\u002Fwhat-is-drawdown","回撤","不同：每天重置，日内随时判定。",[25,26,27],"h2",{"id":27},"工作原理",[29,30,35],"pre",{"className":31,"code":33,"language":34},[32],"language-text","参考值     = 每日重置时记录的余额或净值\n当日亏损   = 参考值 − 当前净值\n触发条件     当日亏损 ≥ 限制 % × 参考值\n","text",[36,37,33],"code",{"__ignoreMap":38},"",[10,40,41],{},"这条规则到底怎么算，取决于三个参数，而且各家公司并不一样。",[10,43,44,48],{},[45,46,47],"strong",{},"基于余额还是基于净值","。基于余额的限制只算已平仓交易；基于净值的限制连浮动亏损也算在内，所以一笔亏损还没兑现，或者还没等到回升，就可能已经触发规则。大多数协议按净值计算，因此每个 tick 都在检查。",[10,50,51,54],{},[45,52,53],{},"以哪个值为参考","。有的公司取重置时的余额，有的取净值，有的取两者中较高的那个。第三种最严：浮盈会把参考值抬高，带着浮盈开始新一天的账户并不会多出亏损空间，只是起跌的位置更高了。",[10,56,57,60],{},[45,58,59],{},"一天从何时开始","。重置发生在公司服务器上的固定时刻，通常是平台时间 00:00 或纽约时间 17:00，而不是您当地的午夜。仓位一旦跨过这个时刻，算进哪一天的额度就跟着变了；平台时间 23:55 亏掉的钱，用的是五分钟后就会补满的额度。",[10,62,63],{},"举个例子：$100,000 的账户，5% 的每日限制，按净值计算，以余额为参考。净值底线是 $95,000。已平仓亏损 $3,000，再加上 $2,100 的浮亏，净值跌到 $94,900：已突破。尽管真正兑现的只有 $3,000，哪怕那笔持仓一小时后保本平仓，结果也一样。",[10,65,66,67,71],{},"与它同时生效的还有",[14,68,70],{"href":69},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","整体限制","，以初始余额或追踪的高水位线为基准，永不重置。每日限制更紧，被突破的次数也多得多。",[25,73,74],{"id":74},"为什么重要",[10,76,77],{},"每日限制管的不只是策略能做多大，更是策略能长成什么样。凡是靠当天回本的系统（摊平加仓、网格、逆势死扛），无论一个月下来表现多好，都和基于净值的每日规则合不来。",[10,79,80,81,85],{},"它还能挡住交易中最要命的本能：亏损当天加倍下注，想把钱扳回来。不管是公司强制的规则，还是交易者给自己定的，它的价值主要就在这里：在",[14,82,84],{"href":83},"\u002Fglossary\u002Fwhat-is-margin-level","保证金比例","之外再加一道底线，而在杠杆账户上，往往先碰到的就是这一道。",[25,87,88],{"id":88},"数据显示了什么",[10,90,91,92,99,100,103],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），",[45,93,94,98],{},[14,95,97],{"href":96},"\u002Fglossary\u002Fwhat-is-average-trade-length","持仓时间","的中位数为 2.4 小时","，中位账户有 ",[45,101,102],{},"171 笔已平仓交易","。统计对象是在本站公开的账户，并不代表所有交易者。",[10,105,106],{},"中位数 2.4 小时，说明典型的仓位在同一个交易日内就开平了。对这样交易的账户来说，真正卡住手脚的是每日限制，而不是整体限制：几乎所有风险都在一个重置周期内出现，也在其中了结。",[10,108,109,110,113,114,113,117,120],{},"再看回撤深度：最深回撤的中位数为 ",[45,111,112],{},"9.7%","，",[45,115,116],{},"38.5% 低于 5%",[45,118,119],{},"38.2% 超过 20%","。5% 的每日规则本来就定在让人难受的位置，谈不上宽松。",[10,122,123,124,113,127,130,131,135],{},"自动化也不能忽略：自动交易占比的中位数为 ",[45,125,126],{},"99%",[45,128,129],{},"53.9% 的账户自动化程度超过 90%","。",[14,132,134],{"href":133},"\u002Fglossary\u002Fwhat-is-an-expert-advisor","EA（智能交易系统）","除非编写时就写进了公司的重置时间，否则根本不知道一天何时重置。所以参考值和重置时间这些细节，并不是可有可无的冷知识。",[25,137,139],{"id":138},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,141,142],{},"ShowMyTrades 不制定也不执行自营交易公司的规则，只提供逐日的记录，供您核对某条规则有没有被遵守。",[144,145,146,157,167,173],"ul",{},[147,148,149,152,153,156],"li",{},[45,150,151],{},"月度收益","模块除了表格、图表和汇总，还有",[45,154,155],{},"日历","视图。每天的结果都列在上面，旁边附每周汇总，单独一个糟糕的交易日不会被摊进当月，始终一目了然。",[147,158,159,162,163,166],{},[45,160,161],{},"日均 %"," 位于",[45,164,165],{},"账户统计","面板第三行，在增长和绝对增长下面。它代表一个典型交易日，判断某天是否异常就拿它来比。",[147,168,169,170,172],{},"图表模块的",[45,171,22],{},"视图用柱状图画出账户整个生命周期的日回撤；逼近限制的日子会显示成尖峰。",[147,174,175,178],{},[45,176,177],{},"交易表格","列出每笔交易的持续时间、盈利（毛额）、库存费和佣金，靠它可以还原某一天的亏损是怎么来的。",[10,180,181],{},"注意这里有个测量上的差距：日历按已平仓结果统计，而基于净值的规则逐个 tick 盯着浮动净值。在这里看只是小亏的一天，日内可能早已突破了规则。",[25,183,184],{"id":184},"常见误解",[144,186,187,194,200,206],{},[147,188,189,190,193],{},"“",[45,191,192],{},"我平仓时只亏了 4%，5% 的规则没破。","”在基于净值的限制下，浮亏一出现就算数。规则衡量的不是您平仓时的结果。",[147,195,189,196,199],{},[45,197,198],{},"一天在午夜重置。","”实际按公司的服务器时间重置。身处其他时区的交易者，常常把亏损记到了自以为的第二天。",[147,201,189,202,205],{},[45,203,204],{},"整体限制才是真正的风险。","”每日限制更小，每个交易日都在接受考验。大多数账户都倒在它手里。",[147,207,189,208,211,212,216],{},[45,209,210],{},"对冲能让亏损暂停。","”两边仓位照样浮动，照样要付",[14,213,215],{"href":214},"\u002Fglossary\u002Fwhat-is-a-spread","点差","和库存费，而规则看的是合并后的净值。",[10,218,219,220,130],{},"想结合当月整体情况看懂某一天，请参阅",[14,221,223],{"href":222},"\u002Fguides\u002Fmonthly-returns-table-explained","月度收益表解读",{"title":38,"searchDepth":225,"depth":225,"links":226},2,[227,228,229,230,231],{"id":27,"depth":225,"text":27},{"id":74,"depth":225,"text":74},{"id":88,"depth":225,"text":88},{"id":138,"depth":225,"text":139},{"id":184,"depth":225,"text":184},"风险","2026-08-19T00:00:00.000Z","每日回撤限制规定账户一个交易日内最多能亏多少，从每天的参考值算起。本文讲清基于余额与基于净值的区别、重置时间，并附真实数据。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-daily-drawdown-limit",[241,242,243,244],"what-is-drawdown","what-is-maximum-drawdown","what-is-margin-level","what-is-risk-of-ruin",{"title":5,"description":234},"zh\u002F5.glossary\u002Fwhat-is-a-daily-drawdown-limit","每日回撤限制 (Daily Drawdown Limit)","2026-09-24T00:00:00.000Z","ZbIAsMGZr9BxWjPrKzYSLEK5eAtWpHJll7IJntpjpfs",[251,460,741,1044],{"id":252,"title":253,"body":254,"category":448,"date":233,"description":449,"draft":235,"extension":236,"meta":450,"navigation":238,"path":451,"related":452,"seo":456,"stem":457,"term":458,"updated":233,"__hash__":459},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-drawdown.md","什么是回撤？定义、公式与真实数据",{"type":7,"value":255,"toc":441},[256,259,261,264,270,273,276,309,311,314,321,324,327,340,342,347,362,365,367,387,402,404,434],[10,257,258],{},"回撤是账户价值从此前的峰值跌到之后低点的幅度，用峰值的百分比表示。它衡量的是账户离自己最好的时候跌了多少，而不是某一笔交易亏了多少。回撤是累积的，所以 20% 的回撤，可能来自四十笔小亏损，也可能来自一次巨亏。",[25,260,27],{"id":27},[10,262,263],{},"每个账户都有一条随时更新的高水位线，也就是它曾经达到的最高价值。回撤就是任意时刻账户低于这条线的距离。",[29,265,268],{"className":266,"code":267,"language":34},[32],"回撤 % = (峰值 − 当前值) \u002F 峰值 × 100\n",[36,269,267],{"__ignoreMap":38},[10,271,272],{},"这条线只升不降。账户一创新高，高水位线就移到新高，回撤归零。在那之前，只要低于峰值，每一天都算在回撤中，不管账户是在下跌还是在横盘磨蹭。",[10,274,275],{},"这个数字到底是什么意思，要看三组区分：",[144,277,278,288,294],{},[147,279,280,283,284,287],{},[45,281,282],{},"相对回撤与绝对回撤","。相对回撤就是上面的百分比。MetaTrader 报告的绝对回撤，是账户低于",[45,285,286],{},"初始入金","的金额，这是完全不同的数字：一个当前比峰值低 40% 的账户，绝对回撤可能显示为 0%。",[147,289,290,293],{},[45,291,292],{},"净值回撤与余额回撤","。净值回撤包含持仓的浮动亏损。余额回撤只看已平仓交易，所以一笔亏损只要不兑现，就永远不会出现在里面。",[147,295,296,299,300,303,304,308],{},[45,297,298],{},"当前回撤与最大回撤","。当前回撤是账户今天的位置。历史上最差的那一次是",[14,301,302],{"href":69},"最大回撤","，大多数",[14,305,307],{"href":306},"\u002Fglossary\u002Fwhat-is-a-track-record","业绩记录","引用的就是它。",[25,310,74],{"id":74},[10,312,313],{},"一个策略值不值得投资，回撤是硬约束，因为亏损和盈利的复利效果并不对称。跌 20%，要涨 25% 才能回本；跌 50%，要涨 100%。",[10,315,316],{},[317,318],"img",{"alt":319,"src":320},"亏损 10% 需要 11.1% 的盈利才能弥补，25% 需要 33.3%，50% 需要 100%，70% 需要 233%","\u002Fimages\u002Farticles\u002Frecovery-asymmetry.svg",[10,322,323],{},"跌幅一旦超过 50%，回本所需的涨幅就比亏损本身还大。",[10,325,326],{},"让人离开市场的，也是这个数字。几乎没有人会在急速暴跌中放弃，那时心里还抱着希望。人们是在不温不火的回升熬到第九个月时放弃的。深度只占一半，另一半是持续时间，而它在收益图上根本看不出来。",[10,328,329,330,334,335,339],{},"另外，回撤主要取决于",[14,331,333],{"href":332},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","和",[14,336,338],{"href":337},"\u002Fglossary\u002Fwhat-is-a-stop-loss","止损","纪律，远远超过入场质量。两位交易者信号完全一样、手数不同，胜率会一模一样，生存能力却天差地别。",[25,341,88],{"id":88},[10,343,344,345,130],{},"以下数字只描述在 ShowMyTrades 上发布的账户，并不是对全体交易者的调查。截至 2026 年 8 月，根据 15,436,464 笔已同步交易，有交易历史的已发布账户，历史最深回撤中位数为 ",[45,346,112],{},[10,348,349,350,354,355,113,358,361],{},"再看同一批账户赚了多少。",[14,351,353],{"href":352},"\u002Fglossary\u002Fwhat-is-time-weighted-return","时间加权收益率","中位数为 ",[45,356,357],{},"+3.2%",[45,359,360],{},"63.0%"," 的账户长期为正。也就是说，处在中位数的账户，一路上回吐的幅度，大约是最终收益的三倍：承受的风险比得到的结果大，而且大出的是倍数，不是一星半点。",[10,363,364],{},"让回撤数字有意义的，是这个比值，而不是回撤本身有多深。宣称收益很高、回撤却只有百分之二三的账户并非不可能，但它处在这个分布的最边缘，这种极端情况要靠账户页面上的其余内容来证明。",[25,366,139],{"id":138},[10,368,369,370,372,373,376,377,379,380,386],{},"在每个已发布账户页面上，",[45,371,165],{},"面板在",[45,374,375],{},"月均 %"," 下方连续两行显示两个数字：",[45,378,22],{},"，基于净值计算，包含持仓的浮动亏损；以及",[14,381,383],{"href":382},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[45,384,385],{},"余额回撤","，只基于已平仓结果。两者都是历史最大值，不是今天的读数，而且都来自经纪商的数据，不是账户所有者自己填的。",[10,388,389,390,392,393,396,397,401],{},"图表模块有一个",[45,391,22],{},"视图，用柱状图画出账户整个生命周期的每日回撤。下跌",[45,394,395],{},"持续了多久","，在这里直接就能看出来，不用靠推测，这是任何一个醒目的百分比都表达不了的。",[14,398,400],{"href":399},"\u002Ftools\u002Fdrawdown-calculator","回撤计算器","可以用您自己的余额算出回本需要多少涨幅。",[25,403,184],{"id":184},[144,405,406,412,418,428],{},[147,407,189,408,411],{},[45,409,410],{},"回撤就是我亏得最多的那一笔。","”不是。它是一条从峰值到谷底的累积路径，中间可能有几百笔交易，盈利单也包括在内。",[147,413,189,414,417],{},[45,415,416],{},"回本之后，我的回撤又回到零了。","”当前回撤是这样。最大回撤按设计永远不会降：这样，一个好季度就抹不掉一个坏季度。",[147,419,189,420,423,424,130],{},[45,421,422],{},"回撤低，说明风险低。","”新账户回撤低，通常只说明还没经受考验。这里已发布账户的已平仓交易数中位数是 171 笔；不到几百笔时，",[14,425,427],{"href":426},"\u002Fguides\u002Fhow-much-history-a-track-record-needs","回撤小反映的是样本量，而不是风险特征",[147,429,189,430,433],{},[45,431,432],{},"余额回撤才是真正的回撤。","”它只是更好看的那个。网格和摊平加仓类系统正是靠死扛亏损单不平，才让余额回撤一直很小。",[10,435,436,437,130],{},"回撤如何和账户页面上的其他数字对照着看，请参阅",[14,438,440],{"href":439},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台",{"title":38,"searchDepth":225,"depth":225,"links":442},[443,444,445,446,447],{"id":27,"depth":225,"text":27},{"id":74,"depth":225,"text":74},{"id":88,"depth":225,"text":88},{"id":138,"depth":225,"text":139},{"id":184,"depth":225,"text":184},"指标","回撤是账户价值从峰值到谷底的跌幅，用百分比表示。本文介绍公式、它为什么是累积的，以及数千个真实交易账户的数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-drawdown",[242,453,454,455],"what-is-position-sizing","what-is-a-stop-loss","what-is-a-profit-factor",{"title":253,"description":449},"zh\u002F5.glossary\u002Fwhat-is-drawdown","回撤 (Drawdown)","tI3oDk8FJPfBVP8sboa1RV13uVvVqDQQ3BpyQp8BpuI",{"id":461,"title":462,"body":463,"category":232,"date":233,"description":730,"draft":235,"extension":236,"meta":731,"navigation":238,"path":732,"related":733,"seo":737,"stem":738,"term":739,"updated":248,"__hash__":740},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-margin-level.md","什么是保证金比例？公式与强制平仓水平",{"type":7,"value":464,"toc":723},[465,468,470,476,479,487,568,571,577,606,608,616,618,631,634,645,647,650,690,692,718],[10,466,467],{},"保证金比例（margin level）是账户净值除以持仓占用的保证金，用百分比表示。经纪商就是看这个数字来判断您的仓位资金是否还够；一旦跌破公布的阈值，平台会先警告您，然后替您平仓。",[25,469,27],{"id":27},[29,471,474],{"className":472,"code":473,"language":34},[32],"净值       = 余额 + 持仓的浮动盈亏\n已用保证金 = Σ (仓位大小 × 合约规模 × 价格) ÷ 杠杆\n保证金比例 = (净值 ÷ 已用保证金) × 100\n可用保证金 = 净值 − 已用保证金\n",[36,475,473],{"__ignoreMap":38},[10,477,478],{},"500% 表示净值是已占用抵押品的五倍；100% 表示两者正好相等。低于 100%，账户就是在硬撑着已经覆盖不了的仓位。",[10,480,481,482,486],{},"举个例子：$10,000 的账户以 1:100 ",[14,483,485],{"href":484},"\u002Fglossary\u002Fwhat-is-leverage","杠杆","开 5 手 EUR\u002FUSD。已用保证金约 $5,400，保证金比例起始为 185%，这么大的仓位每点价值 $50。",[488,489,490,508],"table",{},[491,492,493],"thead",{},[494,495,496,500,503,505],"tr",{},[497,498,499],"th",{},"不利波动",[497,501,502],{},"净值",[497,504,84],{},[497,506,507],{},"可用保证金",[509,510,511,526,540,554],"tbody",{},[494,512,513,517,520,523],{},[514,515,516],"td",{},"0 点",[514,518,519],{},"$10,000",[514,521,522],{},"185%",[514,524,525],{},"$4,600",[494,527,528,531,534,537],{},[514,529,530],{},"−60 点",[514,532,533],{},"$7,000",[514,535,536],{},"130%",[514,538,539],{},"$1,600",[494,541,542,545,548,551],{},[514,543,544],{},"−120 点",[514,546,547],{},"$4,000",[514,549,550],{},"74%",[514,552,553],{},"−$1,400",[494,555,556,559,562,565],{},[514,557,558],{},"−146 点",[514,560,561],{},"$2,700",[514,563,564],{},"50%",[514,566,567],{},"−$2,700",[10,569,570],{},"146 点的波动，在有重要新闻的一周里对 EUR\u002FUSD 来说再平常不过，却足以让这个账户从看似宽裕直接走到经纪商的阈值被强平。阈值通常是 100% 和 50%，但具体数值永远写在合同里，没有统一标准。",[10,572,573,576],{},[45,574,575],{},"为什么越是亏损，它跌得越快","。手数不变时，这个比率是直线下降的，但有四件事偏偏在最糟糕的时刻打破这个前提：",[144,578,579,585,591,597],{},[147,580,581,584],{},[45,582,583],{},"分母不会跟着您缩小","。已用保证金冻结在开仓时的规模上，所以浮亏的每一美元都只从分子里扣。",[147,586,587,590],{},[45,588,589],{},"亏损的交易者会加仓","。逆势加仓摊平、网格和马丁格尔系统在价格走反时会开更多仓位：净值在降，已用保证金却在升，比率于是呈非线性下跌。",[147,592,593,596],{},[45,594,595],{},"波动加剧时保证金要求会提高","。重大数据公布前和周末前，经纪商会下调杠杆。价格一动没动，您碰都没碰的仓位，已用保证金也会增加。",[147,598,599,602,603,605],{},[45,600,601],{},"亏损时点差也在扩大","。净值按平仓时会用到的价格计算，所以",[14,604,215],{"href":214},"一旦暴涨，整个持仓会被一次性重新定价。",[25,607,74],{"id":74},[10,609,610,611,615],{},"保证金比例会在行情最差的位置，把未实现的亏损变成被迫兑现的亏损，",[14,612,614],{"href":613},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","背后就是这套机制。它也让人换个角度看仓位管理：开一个仓位，等于选定账户能承受多大的价格波动，超过这个幅度，平仓就由别人说了算；而这段缓冲有多少点，在您点下按钮之前就能算出来。",[25,617,88],{"id":88},[10,619,91,620,623,624,626,627,630],{},[14,621,622],{"href":69},"最深回撤的中位数","为 ",[45,625,112],{},"，但有 ",[45,628,629],{},"17.6% 超过了 50%","。统计对象是在本站公开的账户，并不代表全体交易者。",[10,632,633],{},"把这个 50% 放到比率上看。保证金比例和净值同比例变化：一个看似宽裕、处于 200% 的账户，净值一旦减半，就已经降到通常的追加保证金阈值 100%；要跌到 50% 的强平线，净值大约要跌掉四分之三。而跌幅超过一半的，大约每六个公开账户里就有一个。",[10,635,636,637,639,640,644],{},"剩下的情况，看两个公开的回撤数字之间的差距就知道了。",[45,638,22],{},"按净值计算，包含浮亏；",[14,641,642],{"href":382},[45,643,385],{},"只算已平仓的结果。前者如果远大于后者，说明账户曾背着很深的未实现亏损，换句话说，它的保证金比例曾经很低。",[25,646,139],{"id":138},[10,648,649],{},"已用保证金不公开，所以账户页面上都没有保证金比例仪表。不过分子，以及决定分母的两个变量，都能看到。",[144,651,652,666,672,684],{},[147,653,654,334,657,659,660,662,663,665],{},[45,655,656],{},"余额",[45,658,502],{},"，就在",[45,661,165],{},"面板",[45,664,385],{},"下面的两行，净值后面的括号里还有一个百分比，即净值占余额的比例。远低于 100%，说明这个账户此刻正背着浮亏，保证金比例也在跟着下降。",[147,667,668,669,671],{},"账户头部的",[45,670,485],{},"徽章，在经纪商和账户货币旁边：每个仓位的名义价值都要除以它，所以第一笔订单下单之前，分母就已经定了。",[147,673,674,676,677,683],{},[45,675,177],{},"里的",[14,678,680],{"href":679},"\u002Fguides\u002Ftrading-volume-analysis",[45,681,682],{},"交易量","列，以手为单位，这是已用保证金的另一半。大手数的好几张单同时开着，意味着同样的净值要面对一个很大的分母。",[147,685,686,689],{},[45,687,688],{},"最高余额","，就在净值下面一行，是账户的余额峰值，能看出净值现在离账户自己的最好水平差了多少。",[25,691,184],{"id":184},[144,693,694,700,706,712],{},[147,695,189,696,699],{},[45,697,698],{},"保证金比例就是我的杠杆。","”两者有关，但不是一回事。杠杆按交易品种设定，决定已用保证金；保证金比例是实时比率，每个报价都会让它变动。",[147,701,189,702,705],{},[45,703,704],{},"1,000% 就安全了。","”对当前这组仓位来说是安全的。再开四个同样大小的仓位，同样的净值就要覆盖五倍的抵押品。",[147,707,189,708,711],{},[45,709,710],{},"可用保证金是我能出金的钱。","”它是没被占用的净值，里面还包括尚未兑现、随时可能消失的浮盈。",[147,713,189,714,717],{},[45,715,716],{},"平掉一个仓位就解决了。","”效果并不成比例。平掉最大的仓位释放的保证金最多，比率回升最快；平掉最小的仓位，可能根本不足以让比率回到阈值之上。而强制平仓时平台先平哪一个，由不得您。",[10,719,720,721,130],{},"想了解净值、余额和回撤如何结合起来看，请参阅",[14,722,440],{"href":439},{"title":38,"searchDepth":225,"depth":225,"links":724},[725,726,727,728,729],{"id":27,"depth":225,"text":27},{"id":74,"depth":225,"text":74},{"id":88,"depth":225,"text":88},{"id":138,"depth":225,"text":139},{"id":184,"depth":225,"text":184},"保证金比例是净值除以已用保证金得出的百分比。本文介绍计算公式、追加保证金通知与强制平仓的阈值，以及为什么越亏它跌得越快。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-margin-level",[734,735,453,736],"what-is-a-margin-call","what-is-leverage","what-is-a-daily-drawdown-limit",{"title":462,"description":730},"zh\u002F5.glossary\u002Fwhat-is-margin-level","保证金比例 (Margin Level)","wAwD0--wtm3Vyc0ZQtbnfz-W8hspXAqYPj8JJ628gkY",{"id":742,"title":743,"body":744,"category":448,"date":233,"description":1035,"draft":235,"extension":236,"meta":1036,"navigation":238,"path":1037,"related":1038,"seo":1040,"stem":1041,"term":1042,"updated":233,"__hash__":1043},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-maximum-drawdown.md","什么是最大回撤？公式与回本计算",{"type":7,"value":745,"toc":1028},[746,753,755,758,764,767,816,821,839,841,844,904,907,914,916,922,928,931,941,966,968,982,995,997,1023],[10,747,748,749,752],{},"最大回撤是账户整个历史上出现过的最大一次",[14,750,751],{"href":21},"从峰值到谷底的跌幅","，以峰值的百分比表示。它是策略实际造成过的最大亏损，而不是账户主人心里预期的最大亏损。它只增不减：一旦出现 34% 的最大回撤，此后无论再创多少次新高，它都停在 34%。",[25,754,27],{"id":27},[10,756,757],{},"沿着净值曲线逐点往前看，同时记下到目前为止的最高值。每到一个点，就量一量它比这个最高值低了多少。全程找到的最深跌幅，就是最大回撤。",[29,759,762],{"className":760,"code":761,"language":34},[32],"最大回撤 % = 对所有 t 取最大值 [ (峰值(0..t) − 数值(t)) \u002F 峰值(0..t) ] × 100\n",[36,763,761],{"__ignoreMap":38},[10,765,766],{},"结果完全取决于用的是哪条曲线，ShowMyTrades 两条都公布。",[488,768,769,784],{},[491,770,771],{},[494,772,773,775,778,781],{},[497,774,448],{},[497,776,777],{},"计算基础",[497,779,780],{},"是否计入持仓？",[497,782,783],{},"说明了什么",[509,785,786,801],{},[494,787,788,792,795,798],{},[514,789,790],{},[45,791,22],{},[514,793,794],{},"净值（余额 + 浮动盈亏）",[514,796,797],{},"是",[514,799,800],{},"账户在那一刻实际价值的真实跌幅",[494,802,803,807,810,813],{},[514,804,805],{},[45,806,385],{},[514,808,809],{},"仅已平仓余额",[514,811,812],{},"否",[514,814,815],{},"已实现结果的跌幅",[10,817,818,820],{},[14,819,385],{"href":382},"的数字更好看，而且这是计算方式决定的：未实现的亏损它根本看不到。网格、马丁格尔和摊平加仓类系统正是利用了这一点：亏损单永远不平，余额曲线自然一直平滑。",[10,822,823,824,827,828,831,832,835,836,838],{},"所以，一个账户显示",[45,825,826],{},"回撤 41%","、",[45,829,830],{},"余额回撤 6%","，并不是数据出了问题。它曾经比峰值低 41%，已平仓的结果却只承认有过一段 6% 的低谷。净值那个数字才是诚实的，而",[45,833,834],{},"两者之间的差距","本身就说明了策略是怎么做的。如果两个数字很接近，说明仓位基本是在亏损出现的地方附近就平掉了，这正是",[14,837,338],{"href":337},"的用处。",[25,840,74],{"id":74},[10,842,843],{},"回本是不对称的：亏损是在较大的基数上亏掉的，盈利却得在变小了的基数上靠复利赚回来。",[488,845,846,855],{},[491,847,848],{},[494,849,850,852],{},[497,851,302],{},[497,853,854],{},"回到原峰值所需涨幅",[509,856,857,865,873,881,888,896],{},[494,858,859,862],{},[514,860,861],{},"10%",[514,863,864],{},"11.1%",[494,866,867,870],{},[514,868,869],{},"20%",[514,871,872],{},"25.0%",[494,874,875,878],{},[514,876,877],{},"30%",[514,879,880],{},"42.9%",[494,882,883,885],{},[514,884,564],{},[514,886,887],{},"100.0%",[494,889,890,893],{},[514,891,892],{},"70%",[514,894,895],{},"233.3%",[494,897,898,901],{},[514,899,900],{},"90%",[514,902,903],{},"900.0%",[10,905,906],{},"回撤在 20% 以内，这种不对称只是有点麻烦。超过 50%，它就成了这个账户压倒一切的事实：您得靠刚刚让资金腰斩的同一套策略，把资金翻倍。",[10,908,909,910,913],{},"最大回撤还决定了您实际能用的杠杆上限。一个系统历史上回撤过 30%，用两倍的",[14,911,912],{"href":332},"仓位大小","去跑，就意味着 60% 的回撤，而没有任何证据表明您扛得住。",[25,915,88],{"id":88},[10,917,918,919,921],{},"这里的数字来自 ShowMyTrades 上已发布的账户，不代表全体交易者。在有交易历史的已发布账户中（2026 年 8 月），最深回撤的中位数是 ",[45,920,112],{},"，但无论往高还是往低，分布都很散。",[10,923,924],{},[317,925],{"alt":926,"src":927},"ShowMyTrades 公开账户的最深回撤：38.5% 低于 5%，23.3% 在 5% 到 20% 之间，20.6% 在 20% 到 50% 之间，17.6% 超过 50%","\u002Fimages\u002Farticles\u002Fdrawdown-distribution.svg",[10,929,930],{},"中位数 9.7%，尾部却比多数公开宣传估计的更长。",[10,932,933,934,113,937,940],{},"在最差的一端，",[45,935,936],{},"17.6% 的账户曾比峰值低 50% 以上",[45,938,939],{},"38.2% 的账户曾回撤超过 20%","。换句话说，大约每六个账户就有一个碰上过上面回本表里 50% 那一行：光是回到原来的水平，就需要 100% 的涨幅。",[10,942,943,944,947,948,113,950,952,953,956,957,960,961,965],{},"最好的一端同样值得怀疑：",[45,945,946],{},"38.5%"," 的账户最大回撤不到 5%。其中有些确实稳健保守，但很多只是资历太浅。中位数水平的已发布账户有 ",[45,949,102],{},[14,951,97],{"href":96},"中位数 ",[45,954,955],{},"2.4 小时","；样本就这么大，最大回撤小，记录的只是“还没发生”，而不是“不会发生”。最大回撤说的是分布的尾部，而",[14,958,959],{"href":426},"尾部需要足够长的历史来支撑","，所以这个数字只有在",[14,962,964],{"href":963},"\u002Fglossary\u002Fwhat-is-a-verified-track-record","经验证的业绩记录","上才真正有分量。",[25,967,139],{"id":138},[10,969,970,971,973,974,334,976,978,979,981],{},"每个已发布账户页面的",[45,972,165],{},"面板里，",[45,975,22],{},[45,977,385],{},"紧挨着排在",[45,980,375],{}," 下方，两者都来自经纪商的数据，而非自行填报。先把这两个数字对比一下：它们之间的差距，是整个页面上最快的判断依据。",[10,983,984,985,987,988,991,992,994],{},"图表模块里有一个专门的",[45,986,22],{},"视图，用柱状图画出每日回撤，回答了醒目百分比回答不了的问题：账户在高水位线下方待了",[45,989,990],{},"多久","。七周内就收复的 25% 回撤，和十四个月后仍未收复的 25% 回撤，显示的是同一个数字，却完全不是同一种账户。",[14,993,400],{"href":399},"可以拿您自己的余额套用上面的回本表。",[25,996,184],{"id":184},[144,998,999,1005,1011,1017],{},[147,1000,189,1001,1004],{},[45,1002,1003],{},"我的最大回撤今年改善了。","”它不可能改善。它是历史最大值，一年业绩再好也抹不掉。",[147,1006,189,1007,1010],{},[45,1008,1009],{},"两个回撤数字应该一致。","”只有仓位在亏损附近就平掉时，两者才会一致。差距大是死扛亏损单的标志，不是数据出错。",[147,1012,189,1013,1016],{},[45,1014,1015],{},"最大回撤小，风险就低。","”历史短的话就不一定。把它当风险指标之前，先问问它是多少笔交易、多少个月得出来的。",[147,1018,189,1019,1022],{},[45,1020,1021],{},"百分比回撤和金额回撤可以互相替代。","”$2,000 的账户和 $200,000 的账户各跌 30%，风险特征相同，感受却天差地别；但能在账户之间比较的，只有百分比。",[10,1024,1025,1026,130],{},"想在实时账户页面上把最大回撤和其他指标放在一起看，请阅读",[14,1027,440],{"href":439},{"title":38,"searchDepth":225,"depth":225,"links":1029},[1030,1031,1032,1033,1034],{"id":27,"depth":225,"text":27},{"id":74,"depth":225,"text":74},{"id":88,"depth":225,"text":88},{"id":138,"depth":225,"text":139},{"id":184,"depth":225,"text":184},"最大回撤是账户有史以来从峰值到谷底的最深跌幅。本文介绍计算公式、回本对照表，以及数千个账户的真实分布。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-maximum-drawdown",[241,453,1039,455],"what-is-a-verified-track-record",{"title":743,"description":1035},"zh\u002F5.glossary\u002Fwhat-is-maximum-drawdown","最大回撤 (Maximum Drawdown)","H1pMHY5DcM__vxubkgaLVDhrp8FNU0EbYexdvdzrV1o",{"id":1045,"title":1046,"body":1047,"category":232,"date":233,"description":1330,"draft":235,"extension":236,"meta":1331,"navigation":238,"path":1332,"related":1333,"seo":1335,"stem":1336,"term":1337,"updated":248,"__hash__":1338},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-risk-of-ruin.md","什么是破产风险？公式与仓位对照表",{"type":7,"value":1048,"toc":1323},[1049,1052,1054,1057,1063,1070,1141,1144,1152,1154,1162,1165,1170,1172,1179,1190,1205,1207,1210,1283,1285,1316],[10,1050,1051],{},"破产风险（risk of ruin）是账户在优势还没来得及兑现之前，就亏掉一定比例资金的概率。它衡量的是能不能活下来，而不是预测收益，由胜率、盈亏比和单笔风险算出。一个确有正向优势的系统，破产风险照样可能很高，起决定作用的几乎总是仓位大小。",[25,1053,27],{"id":27},[10,1055,1056],{},"经典的闭式公式假设每次按固定比例下注、盈亏比 1:1，并把资金归零定义为破产。",[29,1058,1061],{"className":1059,"code":1060,"language":34},[32],"RoR = (q \u002F p) ^ N\n\np = 一笔交易盈利的概率\nq = 1 − p\nN = 资金 ÷ 单笔风险   (可用的风险单位数)\n",[36,1062,1060],{"__ignoreMap":38},[10,1064,1065,1066,1069],{},"关键在指数：单笔风险减半，",[36,1067,1068],{},"N"," 就翻倍，而指数翻倍，概率就变成原来的平方。以一个胜率 52%、盈亏比 1:1 的系统为例，表中从上到下只有手数在变。",[488,1071,1072,1085],{},[491,1073,1074],{},[494,1075,1076,1079,1082],{},[497,1077,1078],{},"单笔风险",[497,1080,1081],{},"风险单位数",[497,1083,1084],{},"破产风险",[509,1086,1087,1098,1109,1120,1131],{},[494,1088,1089,1092,1095],{},[514,1090,1091],{},"1%",[514,1093,1094],{},"100",[514,1096,1097],{},"0.03%",[494,1099,1100,1103,1106],{},[514,1101,1102],{},"2%",[514,1104,1105],{},"50",[514,1107,1108],{},"1.8%",[494,1110,1111,1114,1117],{},[514,1112,1113],{},"4%",[514,1115,1116],{},"25",[514,1118,1119],{},"13.5%",[494,1121,1122,1125,1128],{},[514,1123,1124],{},"5%",[514,1126,1127],{},"20",[514,1129,1130],{},"20.2%",[494,1132,1133,1135,1138],{},[514,1134,861],{},[514,1136,1137],{},"10",[514,1139,1140],{},"44.9%",[10,1142,1143],{},"从 1% 提到 2%，破产概率放大了五十多倍。从 1% 提到 10%，一个小到可以忽略的数字就变成了抛硬币。而优势始终没变。",[10,1145,1146,1147,1151],{},"真实的系统不会刚好按 1:1 盈亏，交易之间也并不独立，所以闭式公式只是教学工具，给不出答案。实际估算时，会模拟成千上万条交易序列，数一数有多少条路径触及亏损水平。",[14,1148,1150],{"href":1149},"\u002Ftools\u002Frisk-of-ruin-calculator","破产风险计算器","就是这样算的；它还会给出回撤风险，即资金不归零、但跌到某个幅度的概率，这才是大多数交易者真正需要的数字。",[25,1153,74],{"id":74},[10,1155,1156,1157,1161],{},"破产风险连接着",[14,1158,1160],{"href":1159},"\u002Fglossary\u002Fwhat-is-expectancy","期望值","和生存：期望值告诉您平均每笔交易值多少，破产风险告诉您，等到平均值兑现的那天，您是否还在场上。",[10,1163,1164],{},"这也是为什么两个交易者用同样的信号，结局却截然相反。入场出场一模一样，手数不同：胜率相同，盈利因子相同，一个账户在复利增长，另一个已经销户。策略本身解释不了这种差别。",[10,1166,1167,1168,130],{},"实际用法是倒过来算：先定下您能接受的概率，再反推出对应的",[14,1169,912],{"href":332},[25,1171,88],{"id":88},[10,1173,91,1174,113,1177,103],{},[45,1175,1176],{},"17.6% 的账户最深回撤超过 50%",[45,1178,119],{},[10,1180,1181,1182,1184,1185,1189],{},"这 17.6% 就是上表在真实数据里的对照：亏掉一半以上资金的账户约占六分之一，算不上罕见的尾部事件。最深回撤的中位数是 ",[45,1183,112],{},"，所以这批账户分成了两类：一类仍然救得回来，另一类为数不少，已经跌到",[14,1186,1188],{"href":1187},"\u002Fguides\u002Fmaximum-drawdown-explained","需要 100% 的收益才能回本","的地步。",[10,1191,1192,1193,354,1197,1200,1201,1204],{},"输入数据也指向同一个方向。",[14,1194,1196],{"href":1195},"\u002Fglossary\u002Fwhat-is-a-profit-factor","盈利因子",[45,1198,1199],{},"1.28","，胜率中位数为 ",[45,1202,1203],{},"68.8%","，两者合起来意味着平均盈亏比接近 0.6：亏的比赚的多，账户全靠交易频率撑着。这种形态的期望值不高，左尾很厚，两者都会进入公式里的指数。",[25,1206,139],{"id":138},[10,1208,1209],{},"账户页面上没有实时的破产概率，但计算它所需的每一项数据都已公开。",[144,1211,1212,1232,1241,1260,1275],{},[147,1213,1214,1217,1218,827,1221,827,1223,334,1226,1229,1230,130],{},[45,1215,1216],{},"高级统计","模块里的",[45,1219,1220],{},"胜率",[45,1222,1196],{},[45,1224,1225],{},"平均盈利",[45,1227,1228],{},"平均亏损","。平均盈利除以平均亏损，就是公式需要的盈亏比；胜率就是 ",[36,1231,10],{},[147,1233,1234,1236,1237,1240],{},[45,1235,1160],{},"（以点数和货币计）是模拟时抽样所依据的优势；旁边的 ",[45,1238,1239],{},"Z 值（概率）"," 显示盈亏是不是成串出现，而这种扎堆现象正是独立性假设所忽略的。",[147,1242,1243,1244,334,1247,1252,1253,1256,1257,1259],{},"同一模块里的",[45,1245,1246],{},"总交易数",[14,1248,1249],{"href":96},[45,1250,1251],{},"平均持仓时间","：中位数水平的已发布账户有 ",[45,1254,1255],{},"171"," 笔已平仓交易，持仓时间中位数 ",[45,1258,955],{},"，估算胜率够用，用来估计尾部还嫌太少。",[147,1261,1262,334,1264,1266,1267,662,1269,1271,1272,1274],{},[45,1263,22],{},[45,1265,385],{},"，位于",[45,1268,165],{},[45,1270,375],{}," 和",[45,1273,656],{},"之间的两行：这就是那个概率所描述的、已经发生的结果。",[147,1276,1277,676,1280,1282],{},[45,1278,1279],{},"图表模块",[45,1281,22],{},"视图，每一次逼近亏损水平都以随时间排列的柱状图呈现，而不是只有一个醒目的数字。",[25,1284,184],{"id":184},[144,1286,1287,1293,1299,1310],{},[147,1288,189,1289,1292],{},[45,1290,1291],{},"期望值为正，我就不会爆仓。","”只有每次下注无穷小、下注无穷多次才成立。每笔冒 10% 的风险，正向优势和 45% 的破产概率完全可以同时存在。",[147,1294,189,1295,1298],{},[45,1296,1297],{},"高胜率能保护我。","”胜率只是两个输入之一。胜率 68.8%、盈亏比接近 0.6，算下来离盈亏平衡比表面数字显示的近得多。",[147,1300,189,1301,1304,1305,1309],{},[45,1302,1303],{},"破产就是余额归零。","”破产指的是任何让账户终结的水平：自营交易公司的",[14,1306,1308],{"href":1307},"\u002Fglossary\u002Fwhat-is-a-daily-drawdown-limit","每日回撤限制","、投资者赎回，或者您不再信任这个系统的那一刻。",[147,1311,189,1312,1315],{},[45,1313,1314],{},"破产风险是策略固有的属性。","”它既取决于策略，也取决于仓位管理。前者改起来很慢，后者下一笔订单之前就能改。",[10,1317,1318,1319,130],{},"高胜率对生存的意义为什么比看上去小，请阅读",[14,1320,1322],{"href":1321},"\u002Fguides\u002Fwin-rate-is-not-an-edge","胜率并不是优势",{"title":38,"searchDepth":225,"depth":225,"links":1324},[1325,1326,1327,1328,1329],{"id":27,"depth":225,"text":27},{"id":74,"depth":225,"text":74},{"id":88,"depth":225,"text":88},{"id":138,"depth":225,"text":139},{"id":184,"depth":225,"text":184},"破产风险，是在优势兑现之前就亏掉一定比例资金的概率。本文给出公式、仓位对照表，以及数千个账户的数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-risk-of-ruin",[453,242,1334,736],"what-is-expectancy",{"title":1046,"description":1330},"zh\u002F5.glossary\u002Fwhat-is-risk-of-ruin","破产风险 (Risk of Ruin)","v2i-o8v5HE9I6UGvert22zPlkpKhl-3-gbd0Xt16eQA",[1340,1341],{"path":1307},{"path":239},1793898068495]