[{"data":1,"prerenderedAt":1057},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-a-funded-account":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-funded-account-related":246,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-funded-account-langs":1054},{"id":4,"title":5,"body":6,"category":228,"date":229,"description":230,"draft":231,"extension":232,"meta":233,"navigation":234,"path":235,"related":236,"seo":241,"stem":242,"term":243,"updated":244,"__hash__":245},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-funded-account.md","什么是资金账户？",{"type":7,"value":8,"toc":220},"minimark",[9,19,23,35,38,49,60,66,69,72,80,83,86,98,113,125,129,136,161,175,181,184,213],[10,11,12,13,18],"p",{},"资金账户里的钱不属于操作它的交易者，而属于一家公司（在零售市场，通常是",[14,15,17],"a",{"href":16},"\u002Fglossary\u002Fwhat-is-a-prop-firm","自营交易公司","），账户按书面的风险规则和盈利分成来运作。交易者拿到的是授权，不是所有权：不能提走资金，不能越过限制，一旦触线，账户就没了。其他一切都由此而来。",[20,21,22],"h2",{"id":22},"工作原理",[10,24,25,26,30,31,34],{},"一般分两个阶段，用的是同一套规则。",[27,28,29],"strong",{},"考核","是一次付费挑战，在规定规模的模拟账户上进行，达到盈利目标、触犯风险限制或时间到期，考核就结束。通过之后进入",[27,32,33],{},"资金账户","阶段。规则并不会放松，通常一模一样甚至更严，区别在于已实现盈利开始分成（一般交易者拿大头），并按固定周期发放。",[10,36,37],{},"决定成败的规则有两类，失败的方式各不相同。",[39,40,45],"pre",{"className":41,"code":43,"language":44},[42],"language-text","亏损限制 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Shield","，填入公司写明的各项限制，账户页面就会显示每项限制已经用掉多少，并在日亏损、最大回撤和盈利目标上发出提醒。它只提醒，从不拦截任何操作。除此之外，账户页面提供的是测量数据。",[10,137,138,141,142,144,145,148,149,152,153,156,157,160],{},[27,139,140],{},"账户统计","面板显示",[27,143,78],{},"（按净值计算，包含持仓的浮动亏损），旁边是",[27,146,147],{},"余额回撤","（只按已平仓交易计算）。这对数字在这里尤其重要：规则一般按净值衡量，一个总把亏损单拖着不平的策略，",[14,150,147],{"href":151},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance","看起来不错，第一个数字却会不及格。同一面板还有",[27,154,155],{},"日均 %"," 和",[27,158,159],{},"月均 %","，一致性规则判断某一天是否过于突出，比的就是这两个基准。",[10,162,163,164,166,167,170,171,174],{},"图表模块里的",[27,165,78],{},"视图逐日画出净值比不断刷新的峰值余额低了多少，这正是总底线或追踪底线看的形态。至于一致性问题，",[27,168,169],{},"月度收益","表格能看出盈利是分散还是集中，",[27,172,173],{},"日历","视图则细到每一天。",[10,176,177,178,180],{},"可见性按账户设置：已发布、私密，或",[27,179,123],{},"（凭直接链接可以访问，不出现在列表里）。所有者还可以隐藏单个模块，所以页面少了某一块，是所有者的选择，不代表没有数据。",[20,182,183],{"id":183},"常见误解",[185,186,187,195,201,207],"ul",{},[188,189,190,191,194],"li",{},"“",[27,192,193],{},"拿到资金账户，钱就是我的了。","”钱自始至终是公司的。归您的只有已实现盈利中实际发给您的那一份。",[188,196,190,197,200],{},[27,198,199],{},"资金账户阶段比考核容易。","”限制通常一样，甚至更严。不同的是，现在失败丢掉的是一份收入，而不是一笔费用。",[188,202,190,203,206],{},[27,204,205],{},"只要别碰每日限制就行。","”多数账户倒在总底线上，而追踪底线会随着您赚钱越收越紧。",[188,208,190,209,212],{},[27,210,211],{},"大赚一天就是进步。","”在一致性规则下，这恰恰可能是出金被拒的原因。",[10,214,215,216,59],{},"想看这些限制在完整的账户历史中如何起作用，请阅读",[14,217,219],{"href":218},"\u002Fguides\u002Fmaximum-drawdown-explained","最大回撤详解",{"title":48,"searchDepth":221,"depth":221,"links":222},2,[223,224,225,226,227],{"id":22,"depth":221,"text":22},{"id":71,"depth":221,"text":71},{"id":85,"depth":221,"text":85},{"id":127,"depth":221,"text":128},{"id":183,"depth":221,"text":183},"经纪商","2026-08-19T00:00:00.000Z","资金账户的资金归公司所有，交易要遵守一套规则。考核与资金账户两个阶段、会让账户终止的规则，以及真实的回撤数据。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-funded-account",[237,238,239,240],"what-is-a-prop-firm","what-is-drawdown","what-is-drawdown-on-balance","what-is-an-unlisted-account",{"title":5,"description":230},"zh\u002F5.glossary\u002Fwhat-is-a-funded-account","资金账户 (Funded Account)","2026-09-10T00:00:00.000Z","aViF-rV-_rJSjzmnHFLR9pUec1Iu0uXtzEMX2_m5K0o",[247,451,638,837],{"id":248,"title":249,"body":250,"category":228,"date":229,"description":439,"draft":231,"extension":232,"meta":440,"navigation":234,"path":441,"related":442,"seo":447,"stem":448,"term":449,"updated":244,"__hash__":450},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-prop-firm.md","什么是自营交易公司（Prop Firm）？",{"type":7,"value":251,"toc":432},[252,255,257,264,267,273,279,282,285,287,295,298,300,325,328,344,346,354,364,375,397,399,425],[10,253,254],{},"自营交易公司（prop firm）拿自己的资金去承担风险，由交易者来操作，而不是替外部客户管钱。交易者负责决策，分得一部分盈利；公司出资金，并定下封顶亏损的规则。2010 年代以来兴起的零售模式里，要拿到资金靠的是付费考核，而不是入职。",[20,256,22],{"id":22},[10,258,259,260,263],{},"零售模式分两步。挑战者先交一笔费用，在规定规模的模拟账户上参加考核，要在不违反任何风险规则的前提下达到盈利目标。通过后就能拿到一个",[14,261,33],{"href":262},"\u002Fglossary\u002Fwhat-is-a-funded-account","，规则不变，已实现盈利由交易者和公司分成。",[10,265,266],{},"几乎所有的失败都来自三项限制，而其中只有一项是目标。",[39,268,271],{"className":269,"code":270,"language":44},[42],"日亏损限制     = 当日开盘余额（或净值）x 日百分比\n静态总限制     = 初始余额 x 总百分比\n追踪总限制     = 高水位线 x 总百分比\n",[46,272,270],{"__ignoreMap":48},[10,274,275,278],{},[14,276,277],{"href":57},"日亏损限制","每个交易日重置，管的是单日最多亏多少。总限制则是贯穿账户整个生命周期的底线。这条底线是静态还是追踪，规则就完全两样：追踪底线随每个净值新高上移，赚得越多，约束反而越紧，交易者可能账户还在盈利就被淘汰。",[10,280,281],{},"次要条件通常有：最少交易日数、重大新闻前后的交易限制、周末持仓限制，以及一条一致性规则，限制总盈利中来自单日或单笔交易的比例。盈利分成一般交易者拿大头；具体比例、出金周期和扩展计划都由合同约定。",[10,283,284],{},"自营交易公司不是经纪商。账户归公司，交易者对资金没有所有权，而且大多数零售计划只是模拟经纪商的报价源，订单并不进入市场。哪些公司靠得住、某个计划受什么监管，术语表给不出答案：请读合同，查清背后的公司主体。",[20,286,71],{"id":71},[10,288,289,290,294],{},"这套规则让大多数交易者的习惯思路完全反了过来。在个人账户上，只要策略能回来，深度回撤也熬得过去。在自营公司的规则下，一碰限制账户就结束，后面会怎样都无关紧要：过程比结果更重要，所以",[14,291,293],{"href":292},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","和每日亏损纪律要排在入场质量前面。",[10,296,297],{},"考核费也会改变动机：交了钱的挑战者急着在期限内达标，这种压力很容易让人仓位过重。",[20,299,85],{"id":85},[10,301,302,303,305,306,309,310,313,314,317,318,320,321,324],{},"看看 ShowMyTrades 上已发布账户的回撤分布，就知道这些限制卡得有多紧。最深",[14,304,78],{"href":77},"中位数为 ",[27,307,308],{},"9.7%","。只有 ",[27,311,312],{},"38.5%"," 的账户在整个生命周期中",[14,315,316],{"href":95},"从峰值到谷底","的跌幅始终不到 5%，",[27,319,91],{}," 超过 20%，",[27,322,323],{},"17.6%"," 超过 50%。这些数字说的是本站有交易历史的公开账户，不代表全体交易者。",[10,326,327],{},"说白了：只要总亏损限制设在 20% 或更严，这些账户里至少有 38.2% 会触线，而几乎所有零售规则都比 20% 更严。它们交易时没有任何规则约束，深度回撤只是麻烦，不是终点。",[10,329,330,331,334,335,338,339,343],{},"在本站同时跑多个账户很常见：",[27,332,333],{},"699"," 位用户连接了不止一个账户，",[27,336,337],{},"429"," 位在不止一家经纪商交易。",[14,340,342],{"href":341},"\u002Fguides\u002Ftracking-multiple-accounts-portfolio","把考核账户、资金账户和个人账户放在一起看","，再平常不过。",[20,345,128],{"id":127},[10,347,348,349,353],{},"ShowMyTrades 不运营自营交易计划。针对考核规则，我们有 ",[14,350,352],{"href":351},"\u002Fprop-shield","Prop Shield","：在账户上填入公司的各项限制，就能收到日亏损、最大回撤和盈利目标的提醒；一致性和最少交易日会显示在页面上，但不发提醒。除此之外，我们提供的是挑战者证明自身表现所需的证据。",[10,355,356,141,358,360,361,363],{},[27,357,140],{},[27,359,78],{},"（按净值计算，持仓的浮动亏损也算在内），旁边是",[27,362,147],{},"（只按已平仓交易计算）。多数规则按净值衡量，所以和限制对得上的是前一个数字。",[10,365,163,366,368,369,371,372,374],{},[27,367,78],{},"视图逐日画出净值比账户不断刷新的峰值余额低了多少。它对应的是总限制或追踪限制，而不是日限制。想看单日细节，",[27,370,169],{},"表格的",[27,373,173],{},"视图列出每一天的结果；一致性规则也要在月度收益里核对。",[10,376,377,378,384,385,388,389,392,393,396],{},"账户头部列出公司能独立核实的信息：",[14,379,381],{"href":380},"\u002Fglossary\u002Fwhat-is-a-verified-track-record",[27,382,383],{},"业绩记录","和",[27,386,387],{},"交易权限","徽章（通过时显示绿色），以及",[27,390,391],{},"真实账户","或",[27,394,395],{},"模拟账户","徽章和账户的自动交易占比。",[20,398,183],{"id":183},[185,400,401,407,413,419],{},[188,402,190,403,406],{},[27,404,405],{},"通过考核，资金就归我了。","”永远不会。资金始终属于公司，规则照旧，一旦违规，账户随时可能被关。",[188,408,190,409,412],{},[27,410,411],{},"追踪回撤和普通回撤一个样。","”不是。它跟着净值往上走，所以赚钱的一周过后，剩下的空间可能比上周还少。",[188,414,190,415,418],{},[27,416,417],{},"盈利目标才是最难的。","”难的是亏损限制。目标一般都够得着；被限制淘汰的，恰恰是那些本来能达标的挑战者。",[188,420,190,421,424],{},[27,422,423],{},"资金是模拟的，结果也是模拟的。","”决策和风险纪律是真的，把它们记下来的业绩记录也是真的。只有成交不是。",[10,426,427,428,59],{},"外人会怎样解读这样一份记录，请阅读",[14,429,431],{"href":430},"\u002Fguides\u002Fverified-vs-unverified-track-records","经验证与未经验证的业绩记录",{"title":48,"searchDepth":221,"depth":221,"links":433},[434,435,436,437,438],{"id":22,"depth":221,"text":22},{"id":71,"depth":221,"text":71},{"id":85,"depth":221,"text":85},{"id":127,"depth":221,"text":128},{"id":183,"depth":221,"text":183},"自营交易公司把自有资金交给交易者操作，用一套规则控制风险。考核、盈利分成和亏损限制如何运作，真实回撤数据又说明了什么。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-prop-firm",[443,444,445,446],"what-is-a-funded-account","what-is-a-daily-drawdown-limit","what-is-position-sizing","what-is-a-track-record",{"title":249,"description":439},"zh\u002F5.glossary\u002Fwhat-is-a-prop-firm","自营交易公司 (Prop Firm)","Nxcyl0GAiEjazTMAzFTDnUkB6m2hvO7r8Ua3U66Aogo",{"id":452,"title":453,"body":454,"category":625,"date":229,"description":626,"draft":231,"extension":232,"meta":627,"navigation":234,"path":628,"related":629,"seo":633,"stem":634,"term":635,"updated":636,"__hash__":637},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-an-unlisted-account.md","什么是不公开列出的账户？仅凭链接访问的记录",{"type":7,"value":455,"toc":618},[456,459,461,468,475,495,498,511,513,524,535,538,540,547,549,570,580,582,611],[10,457,458],{},"不公开列出的账户，是一个仍处于已发布状态、但已从平台所有列表中撤下的 ShowMyTrades 账户：有网址的人都能看到完整页面，但站内没有任何地方链接到它。它介于私密和已发布之间：私密时，除了所有者谁都打不开页面；已发布时，页面既能看到，也能被找到。",[20,460,22],{"id":22},[10,462,463,464,467],{},"不公开列出既不是一种单独的页面，也不是可见性字段里的另一个取值。在内部，账户仍然是 ",[46,465,466],{},"published","，只是多了一个“仅凭链接访问”的布尔标记。所以切换前后，页面、统计、小组件、关注者和链接标识（slug）的表现完全一样：为了支持这个功能，没有任何公开接口需要改动。变的只有列表。",[10,469,470,471,474],{},"有三个公开列表会过滤掉不公开列出的对象，每个列表的查询都用同一个 ",[46,472,473],{},"unlisted = false"," 条件：",[185,476,477,483,489],{},[188,478,479,482],{},[27,480,481],{},"您的公开交易者主页","。每个账户页面底部“该交易者的其他账户”推荐，用的也是这个接口。",[188,484,485,488],{},[27,486,487],{},"探索动态","，以及上面的社区计数。",[188,490,491,494],{},[27,492,493],{},"公开账户搜索","，供小组件生成器使用，因此没人能按名称或 ID 搜到这个账户并嵌入它。",[10,496,497],{},"另有两处是特意排除，而不是出于列表逻辑：推荐页面不会把不公开列出的账户作为您公开分享的链接；AI 分析任务也会跳过它们，所以不会再生成新的分析。切换之前生成的分析仍保留在页面上。",[10,499,500,501,505,506,510],{},"其他一切照旧。任何知道地址的人都能打开账户页面，小组件接口照常提供数据，已经嵌入的",[14,502,504],{"href":503},"\u002Fglossary\u002Fwhat-is-a-trading-widget","小组件","继续显示，更改自定义链接标识后也照样会留下 301 重定向。",[14,507,509],{"href":508},"\u002Fglossary\u002Fwhat-is-a-trading-portfolio","投资组合","也有同样的选项，含义完全相同。",[20,512,71],{"id":71},[10,514,515,516,518,519,523],{},"因为“给某个人看”和“向全世界公开”是两种不同的需求，而大多数平台只提供后者。不公开列出的页面，正适合发给正在审核您申请的",[14,517,17],{"href":16},"、正在做尽职调查的投资者，或者您追踪的二十个客户中的某一位；这个账户不会出现在您的公开主页上，不会",[14,520,522],{"href":521},"\u002Fguides\u002Ffinding-real-trading-accounts","出现在社区动态里","，也不会出现在别人制作的小组件中。",[10,525,526,527,530,531,534],{},"也要清楚它不做什么。它",[27,528,529],{},"不是","私密的：有链接的人能看到整个页面，包括交易。它没有 ",[46,532,533],{},"noindex"," 标签，也留在站点地图中，这是有意为之，并非疏忽：不公开列出的页面被 Google 收录，是可以接受的结果。切换之前就已关注该账户的人，仍会在“关注”中看到它，因为他们本来就有链接。平台的计数仍把它算作已发布。另外，所有者在自己的公开主页上也看不到自己不公开列出的账户，这些账户要在私人控制台中管理。",[10,536,537],{},"如果页面绝不能让猜到网址或收到转发的陌生人看到，应该设为私密，而不是不公开列出。",[20,539,85],{"id":85},[10,541,542,543,546],{},"在 ShowMyTrades 上发布的 1 万+ 个账户中，有 ",[27,544,545],{},"37 个是不公开列出的","（2026 年 8 月）。这是一个刻意做窄的工具，只有少数所有者在用，而使用情况也和设计初衷一致：用的人追踪着很多账户，只想把其中一个单独发给别人。",[20,548,128],{"id":127},[10,550,551,552,555,556,559,560,384,563,566,567,569],{},"在",[27,553,554],{},"账户设置 → 常规 → 可见性","中，下拉菜单只有三个选项，每个前面都有一个小图标：",[27,557,558],{},"私密：仅您可见","、",[27,561,562],{},"已发布：对他人可见",[27,564,565],{},"不公开列出：仅可通过直接链接访问","。在这个账户的控制台页面上，复制链接和打开页面按钮旁边会显示一枚琥珀色的",[27,568,123],{},"徽章。在控制台的账户和投资组合表格里，它是“状态”列的第三种状态，显示为琥珀色，“状态”筛选中也有对应选项。管理后台的“可见性”列同样会区分它，只是筛选器暂时还不能选它。",[10,571,572,573,384,576,579],{},"有一点值得了解：这些表格里的批量",[27,574,575],{},"发布",[27,577,578],{},"隐藏","操作都会清除这个标记。发布就是要让它真正公开；隐藏也不该留着一个“仅凭链接访问”的标记，等下次发布时又生效。",[20,581,183],{"id":183},[185,583,584,590,599,605],{},[188,585,190,586,589],{},[27,587,588],{},"不公开列出就是带链接的私密。","”它是已发布，只是别人找不到。对有地址的人来说，页面完全公开。",[188,591,190,592,595,596,598],{},[27,593,594],{},"搜索引擎找不到它。","”找得到。页面没有 ",[46,597,533],{},"，而且留在站点地图中。",[188,600,190,601,604],{},[27,602,603],{},"设为不公开列出会让我嵌入的小组件失效。","”不会。小组件服务的是已发布的账户，而不公开列出的账户就是已发布的。设为私密，小组件才会失效。",[188,606,190,607,610],{},[27,608,609],{},"再也没人能看到它了。","”原来的关注者仍然可以，收到转发链接的人也可以。",[10,612,613,614,59],{},"关于可见性、链接标识和公开主页如何配合，请参阅",[14,615,617],{"href":616},"\u002Fguides\u002Fpublic-profile-and-custom-slugs","公开主页与自定义链接标识指南",{"title":48,"searchDepth":221,"depth":221,"links":619},[620,621,622,623,624],{"id":22,"depth":221,"text":22},{"id":71,"depth":221,"text":71},{"id":85,"depth":221,"text":85},{"id":127,"depth":221,"text":128},{"id":183,"depth":221,"text":183},"验证","不公开列出是第三种可见性状态：持有链接的人都能打开账户页面，但它不会出现在探索、搜索和您的公开主页上。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-an-unlisted-account",[630,631,632,237],"what-is-a-trading-widget","what-is-a-verified-track-record","what-is-a-trading-portfolio",{"title":453,"description":626},"zh\u002F5.glossary\u002Fwhat-is-an-unlisted-account","不公开列出的账户 (Unlisted Account)","2026-09-04T00:00:00.000Z","aMUxd11AWHJR0x8XswbHBo9C1ZfhZaLddC5NP1gfdlU",{"id":639,"title":640,"body":641,"category":825,"date":229,"description":826,"draft":231,"extension":232,"meta":827,"navigation":234,"path":828,"related":829,"seo":833,"stem":834,"term":835,"updated":229,"__hash__":836},"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":642,"toc":818},[643,646,648,651,657,660,663,695,697,700,707,710,713,723,725,730,742,745,747,764,779,781,811],[10,644,645],{},"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。",[20,647,22],{"id":22},[10,649,650],{},"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。",[39,652,655],{"className":653,"code":654,"language":44},[42],"回撤 % = (峰值 − 当前值) \u002F 峰值 × 100\n",[46,656,654],{"__ignoreMap":48},[10,658,659],{},"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。",[10,661,662],{},"这个数字到底是什么意思，要看三组区分：",[185,664,665,675,681],{},[188,666,667,670,671,674],{},[27,668,669],{},"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",[27,672,673],{},"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%。",[188,676,677,680],{},[27,678,679],{},"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。",[188,682,683,686,687,690,691,694],{},[27,684,685],{},"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",[14,688,689],{"href":95},"最大回撤","，大多数",[14,692,383],{"href":693},"\u002Fglossary\u002Fwhat-is-a-track-record","引用的就是它。",[20,696,71],{"id":71},[10,698,699],{},"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%。",[10,701,702],{},[703,704],"img",{"alt":705,"src":706},"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",[10,708,709],{},"跌幅一旦超过 50%，回本所需的涨幅就比亏损本身还大。",[10,711,712],{},"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。",[10,714,715,716,384,718,722],{},"另外，回撤主要取决于",[14,717,293],{"href":292},[14,719,721],{"href":720},"\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。",[20,724,85],{"id":85},[10,726,727,728,59],{},"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 ",[27,729,308],{},[10,731,732,733,305,737,108,739,741],{},"再看同一批账户赚了多少。",[14,734,736],{"href":735},"\u002Fglossary\u002Fwhat-is-time-weighted-return","时间加权收益率",[27,738,107],{},[27,740,111],{}," 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。",[10,743,744],{},"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。",[20,746,128],{"id":127},[10,748,749,750,752,753,755,756,758,759,763],{},"在每个已发布账户页面上，",[27,751,140],{},"面板在",[27,754,159],{}," 下方连续两行显示两个数字：",[27,757,78],{},"，基于净值计算，包含持仓的浮动亏损；以及",[14,760,761],{"href":151},[27,762,147],{},"，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。",[10,765,766,767,769,770,773,774,778],{},"图表模块有一个",[27,768,78],{},"视图，用柱状图画出账户整个生命周期的每日回撤。下跌",[27,771,772],{},"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。",[14,775,777],{"href":776},"\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。",[20,780,183],{"id":183},[185,782,783,789,795,805],{},[188,784,190,785,788],{},[27,786,787],{},"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。",[188,790,190,791,794],{},[27,792,793],{},"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。",[188,796,190,797,800,801,59],{},[27,798,799],{},"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，",[14,802,804],{"href":803},"\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",[188,806,190,807,810],{},[27,808,809],{},"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。",[10,812,813,814,59],{},"回撤如何和账户页面上的其他数字对照着看，请参阅",[14,815,817],{"href":816},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台",{"title":48,"searchDepth":221,"depth":221,"links":819},[820,821,822,823,824],{"id":22,"depth":221,"text":22},{"id":71,"depth":221,"text":71},{"id":85,"depth":221,"text":85},{"id":127,"depth":221,"text":128},{"id":183,"depth":221,"text":183},"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",[830,445,831,832],"what-is-maximum-drawdown","what-is-a-stop-loss","what-is-a-profit-factor",{"title":640,"description":826},"zh\u002F5.glossary\u002Fwhat-is-drawdown","回撤 (Drawdown)","tI3oDk8FJPfBVP8sboa1RV13uVvVqDQQ3BpyQp8BpuI",{"id":838,"title":839,"body":840,"category":1042,"date":229,"description":1043,"draft":231,"extension":232,"meta":1044,"navigation":234,"path":1045,"related":1046,"seo":1049,"stem":1050,"term":1051,"updated":1052,"__hash__":1053},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-drawdown-on-balance.md","什么是基于余额的回撤？余额回撤（DD on Balance）",{"type":7,"value":841,"toc":1035},[842,858,860,863,869,872,875,878,904,906,909,915,918,931,933,955,971,973,989,1002,1004,1030],[10,843,844,845,848,849,851,852,854,855,857],{},"基于余额的回撤，是账户",[27,846,847],{},"已平仓","余额有史以来从峰值到谷底的最深跌幅，持仓的未实现盈亏不算在内。亏损只有兑现了才计入，所以在",[14,850,383],{"href":693},"的两个回撤数字里，它是更宽容的那一个。ShowMyTrades 把它标作",[27,853,147],{},"，并且总是和基于净值的",[27,856,78],{},"并排显示。",[20,859,22],{"id":22},[10,861,862],{},"两者都是历史最差值，参照的是同一条按余额画出的高水位线。区别在于拿什么去和它比，以及多久比一次：",[39,864,867],{"className":865,"code":866,"language":44},[42],"峰值 = 已平仓余额的高水位线，随每一笔资金流动按比例调整\n\n余额回撤 %  = 最差的 (余额 − 峰值) \u002F 峰值 × 100　　              每笔交易时\n回撤　　 %  = 最差的 (min(余额, 净值) − 峰值) \u002F 峰值 × 100       每天一次\n　　　　      其中 净值 = 余额 + 持仓的浮动盈亏\n",[46,868,866],{"__ignoreMap":48},[10,870,871],{},"余额按账户自身的历史逐笔推算，每笔已平仓交易都扣掉佣金和库存费后计入。峰值随交易盈利往上走，自己永远不会回落。两者记录的都是历史最差值，不是当前状况，所以只会变差，不会好转。",[10,873,874],{},"资金进出有专门的处理：入金或出金让余额按什么比例变化，峰值就按同样的比例调整，所以存钱取钱既不会制造回撤，也不会修复回撤。两者的下限都是 −100%，余额被强制平仓（stop-out）打到零以下时，显示为全部亏光。",[10,876,877],{},"既然两者共用一个峰值，这两个数字就可以合起来当作一次测量来看：",[185,879,880,886,892,898],{},[188,881,882,885],{},[27,883,884],{},"两者接近","。仓位在出问题的位置附近就平掉了，没扛着多少亏损。",[188,887,888,891],{},[27,889,890],{},"净值回撤大得多","。亏损单一直拿着不平。账户的亏损报得晚，余额数字反映的是账面记录，而不是风险。",[188,893,894,897],{},[27,895,896],{},"两者完全相同","。要么浮亏从来没有和高水位时刻撞在一起，要么那段时间根本没有浮动盈亏的历史数据。",[188,899,900,903],{},[27,901,902],{},"余额回撤反而更大","。通常是采样方式造成的：余额每笔交易都检查，净值只看每日收盘值，所以一天之内出现又填平的坑，前者看得到，后者看不到。",[20,905,71],{"id":71},[10,907,908],{},"两者之间的差距，是识别“从不平亏损单”的系统最清楚的一个信号。网格、马丁格尔和摊平加仓策略，天生就会画出平滑的余额曲线：一笔永远不平的仓位，永远碰不到余额。它们的净值说的是另一回事，而最终让账户完蛋的，正是净值。",[10,910,911],{},[703,912],{"alt":913,"src":914},"平滑的余额线旁边，一条净值线被亏损持有的仓位拉到其下方","\u002Fimages\u002Farticles\u002Fequity-vs-balance.svg",[10,916,917],{},"两条线之间的差距，就是余额还没有记上账的亏损。",[10,919,920,921,925,926,930],{},"这不是见仁见智的解读。保证金按净值计算，所以",[14,922,924],{"href":923},"\u002Fglossary\u002Fwhat-is-margin-level","保证金比例","和任何",[14,927,929],{"href":928},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","都跟着净值线走，完全不看余额线。一份记录收益可观、余额回撤只有 3%，旁边的净值回撤却有 45%，这不是低风险系统：它曾经亏掉 45%，只是一直没认。两个数字贴得近，这本身就是证据：亏损一出现就了结了。",[20,932,85],{"id":85},[10,934,935,936,939,940,942,943,945,946,948,949,951,952,954],{},"以下数据描述的是在 ShowMyTrades 上公开的账户，并不代表所有交易者。在",[27,937,938],{},"有交易历史的已发布账户","中（2026 年 8 月），最深",[14,941,78],{"href":77},"的中位数为 ",[27,944,308],{},"。两头分得很开：",[27,947,312],{}," 的账户从未从峰值回落超过 5%，而 ",[27,950,91],{}," 曾回撤超过 20%，",[27,953,323],{}," 超过 50%。",[10,956,957,958,961,962,966,967,970],{},"正是在第一组里，这一对数字最能派上用场：回撤低于 5% 的记录，要么是风控严格，要么是浮亏还没兑现，而这两种情况在余额图上看起来一模一样。这批账户大多是自动化交易：中位账户 ",[27,959,960],{},"99%"," 的交易由",[14,963,965],{"href":964},"\u002Fglossary\u002Fwhat-is-an-expert-advisor","自动化系统","执行，",[27,968,969],{},"53.9%"," 的账户自动化程度超过 90%。机器人扛着亏损单，既不会累，也不会慌。",[20,972,128],{"id":127},[10,974,975,977,978,980,981,983,984,988],{},[27,976,147],{},"位于",[27,979,140],{},"面板中",[27,982,78],{},"的正下方，每个已发布账户的页面上都有，",[14,985,987],{"href":986},"\u002Fguides\u002Ftrading-widgets-and-embeds","完整控制台小组件","里也有。这两行就是面板的整个风险区块，用一条分隔线隔开，上面没有标题。数值由我们的统计服务根据账户已同步的历史计算得出，没有任何人手动填写，显示时不带负号。",[10,990,991,992,995,996,998,999,1001],{},"页面上另有两处能把情况补全。",[27,993,994],{},"净值","一行显示净值占余额的百分比：低于 100%，说明此刻持仓处于浮亏，而这块缺口正是余额回撤不计入的部分。图表模块里的",[27,997,78],{},"视图用柱状图画出账户整个生命周期的日回撤，下跌",[27,1000,772],{},"一眼就能看到，不用去猜。",[20,1003,183],{"id":183},[185,1005,1006,1012,1018,1024],{},[188,1007,190,1008,1011],{},[27,1009,1010],{},"数字小的那个才是真实风险。","”数字小的通常是余额回撤，而它天生就是偏乐观的那一个。",[188,1013,190,1014,1017],{},[27,1015,1016],{},"它没算交易成本。","”算了。每笔已平仓交易计入余额时，佣金和库存费都已经扣掉。",[188,1019,190,1020,1023],{},[27,1021,1022],{},"出金会显示成回撤。","”不会。资金变动会让高水位线和余额按同样的比例调整。入金也同样修复不了回撤。",[188,1025,190,1026,1029],{},[27,1027,1028],{},"两个数字看到的细节一样多。","”净值每天只采样一次，所以在一个交易日内跌下去又完全涨回来，它不会留下任何痕迹。",[10,1031,1032,1033,59],{},"完整的计算方法，包括为什么回撤深度和持续时间是两个不同的问题，请参阅",[14,1034,219],{"href":218},{"title":48,"searchDepth":221,"depth":221,"links":1036},[1037,1038,1039,1040,1041],{"id":22,"depth":221,"text":22},{"id":71,"depth":221,"text":71},{"id":85,"depth":221,"text":85},{"id":127,"depth":221,"text":128},{"id":183,"depth":221,"text":183},"风险","余额回撤（DD on Balance）只看已平仓结果，衡量余额从峰值到谷底的最深跌幅。本文讲解如何对照净值回撤来看它，以及公开账户的数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[238,830,1047,1048],"what-is-margin-level","what-is-absolute-gain",{"title":839,"description":1043},"zh\u002F5.glossary\u002Fwhat-is-drawdown-on-balance","余额回撤 (DD on Balance)","2026-09-17T00:00:00.000Z","AEfaiFChn3YA1Ovbc3Qe6AeT3M2CoD7NND9m3xVT6kU",[1055,1056],{"path":262},{"path":235},1793898057685]