[{"data":1,"prerenderedAt":1080},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-a-lot-in-forex":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-lot-in-forex-related":234,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-lot-in-forex-langs":1076},{"id":4,"title":5,"body":6,"category":216,"date":217,"description":218,"draft":219,"extension":220,"meta":221,"navigation":222,"path":223,"related":224,"seo":229,"stem":230,"term":231,"updated":232,"__hash__":233},"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":8,"toc":208},"minimark",[9,13,17,20,31,34,40,49,52,55,63,81,84,100,119,123,145,160,167,175,178,201],[10,11,12],"p",{},"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。",[14,15,16],"h2",{"id":16},"工作原理",[10,18,19],{},"手是一个乘数，乘在经纪商为每个品种设定的合约规模上。",[21,22,27],"pre",{"className":23,"code":25,"language":26},[24],"language-text","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","text",[28,29,25],"code",{"__ignoreMap":30},"",[10,32,33],{},"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：",[21,35,38],{"className":36,"code":37,"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",[28,39,37],{"__ignoreMap":30},[10,41,42,43,48],{},"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。",[44,45,47],"a",{"href":46},"\u002Fglossary\u002Fwhat-is-a-cent-account","美分账户","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。",[14,50,51],{"id":51},"为什么重要",[10,53,54],{},"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。",[10,56,57,58,62],{},"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",[44,59,61],{"href":60},"\u002Fguides\u002Fbroker-cost-audit","把一家经纪商的收费和另一家放在一起比","。",[10,64,65,66,70,71,75,76,80],{},"交易量还是交易者唯一完全由自己决定的数字。",[44,67,69],{"href":68},"\u002Fguides\u002Fwin-rate-is-not-an-edge","胜率","、回撤和",[44,72,74],{"href":73},"\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",[44,77,79],{"href":78},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","有没有纪律。",[14,82,83],{"id":83},"数据显示了什么",[10,85,86,87,91,92,95,96,99],{},"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 ",[88,89,90],"strong",{},"1,724,575 手","，平均每个有交易历史的已发布账户约 ",[88,93,94],{},"770 手","，分布在 ",[88,97,98],{},"703 个不同的经纪商服务器","上。",[10,101,102,103,106,107,114,115,118],{},"这些交易量对应的成本：在此同步的交易共产生 ",[88,104,105],{},"$4,782,670 佣金","和 ",[88,108,109,110],{},"$862,547 ",[44,111,113],{"href":112},"\u002Fglossary\u002Fwhat-is-a-swap-in-forex","库存费","，在付过库存费的账户中，",[88,116,117],{},"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。",[14,120,122],{"id":121},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,124,125,128,129,132,133,136,137,140,141,144],{},[88,126,127],{},"总手数","在",[88,130,131],{},"高级统计","的",[88,134,135],{},"交易","栏里，保留两位小数，正下方就是",[88,138,139],{},"佣金合计","和",[88,142,143],{},"已付库存费合计","。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。",[10,146,147,148,151,152,155,156,159],{},"具体到每笔交易，",[88,149,150],{},"交易历史与余额变化","中的",[88,153,154],{},"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",[88,157,158],{},"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。",[10,161,162,163,166],{},"同一个高级统计面板里的",[88,164,165],{},"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。",[10,168,169,170,174],{},"下单前想算好仓位，可以用",[44,171,173],{"href":172},"\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）。",[14,176,177],{"id":177},"常见误解",[179,180,181,189,195],"ul",{},[182,183,184,185,188],"li",{},"“",[88,186,187],{},"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%。",[182,190,184,191,194],{},[88,192,193],{},"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。",[182,196,184,197,200],{},[88,198,199],{},"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。",[10,202,203,204,62],{},"想把交易量列当作风险指纹来解读，请参阅",[44,205,207],{"href":206},"\u002Fguides\u002Ftrading-volume-analysis","交易量分析指南",{"title":30,"searchDepth":209,"depth":209,"links":210},2,[211,212,213,214,215],{"id":16,"depth":209,"text":16},{"id":51,"depth":209,"text":51},{"id":83,"depth":209,"text":83},{"id":121,"depth":209,"text":122},{"id":177,"depth":209,"text":177},"成本","2026-08-19T00:00:00.000Z","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。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-lot-in-forex",[225,226,227,228],"what-is-position-sizing","what-is-a-spread","what-is-a-swap-in-forex","what-is-average-trade-length",{"title":5,"description":218},"zh\u002F5.glossary\u002Fwhat-is-a-lot-in-forex","手 (Lot)","2026-08-29T00:00:00.000Z","fij9ydCEZ30hDoAqII7e_JOwXlNKxdpqFWWeD1XoHSI",[235,451,664,873],{"id":236,"title":237,"body":238,"category":216,"date":217,"description":440,"draft":219,"extension":220,"meta":441,"navigation":222,"path":442,"related":443,"seo":447,"stem":448,"term":449,"updated":217,"__hash__":450},"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":239,"toc":433},[240,243,245,248,254,262,273,289,291,299,302,304,311,318,321,327,333,335,391,393,426],[10,241,242],{},"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。",[14,244,16],{"id":16},[10,246,247],{},"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。",[21,249,252],{"className":250,"code":251,"language":26},[24],"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",[28,253,251],{"__ignoreMap":30},[10,255,256,257,261],{},"EUR\u002FUSD 一个标准手的",[44,258,260],{"href":259},"\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。",[10,263,264,265,268,269,272],{},"经纪商的定价方式有两种。",[88,266,267],{},"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。",[88,270,271],{},"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。",[10,274,275,276,279,280,283,284,288],{},"点差分",[88,277,278],{},"固定点差","（不变，通常较宽，由做市商报价）和",[88,281,282],{},"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",[44,285,287],{"href":286},"\u002Fglossary\u002Fwhat-is-a-stop-loss","止损","最容易被打到的时候。",[14,290,51],{"id":51},[10,292,293,294,298],{},"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",[44,295,297],{"href":296},"\u002Fglossary\u002Fwhat-is-cost-percentage","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。",[10,300,301],{},"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。",[14,303,83],{"id":83},[10,305,306,307,310],{},"截至 2026 年 8 月，ShowMyTrades 上有交易历史的公开账户共支付了 ",[88,308,309],{},"$4,782,670 的佣金","。这只是执行成本中看得见的那一半；点差没法用同样的方式汇总，因为它包含在成交价里，而不是单独收取。",[10,312,313],{},[314,315],"img",{"alt":316,"src":317},"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",[10,319,320],{},"三项成本里，只有一项会带着数字出现。",[10,322,323,324,326],{},"看不见的这一半有多大，不难估算。这些账户共交易了 ",[88,325,90],{},"。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。",[10,328,329,330,332],{},"而且各家的交易条件确实不一样：这些账户连接了 ",[88,331,98],{},"，还有 429 位用户特意在多家经纪商开户，就是为了相互比较。",[14,334,122],{"id":121},[179,336,337,355,365,385],{},[182,338,339,341,342,344,345,140,347,350,351,354],{},[88,340,131],{},"显示",[88,343,139],{},"、",[88,346,127],{},[88,348,349],{},"总点数","。用第一项除以第二项，就得到",[44,352,353],{"href":60},"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。",[182,356,357,358,360,361,62],{},"最有用的检查，是把",[88,359,349],{},"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。",[44,362,364],{"href":363},"\u002Fguides\u002Ftrading-cost-percentage","这个差距就是点差和佣金的账单",[182,366,367,369,370,373,374,377,378,140,381,384],{},[88,368,150],{},"下的",[88,371,372],{},"已平仓交易","表格，每个订单都有一列",[88,375,376],{},"佣金","，旁边是",[88,379,380],{},"开仓价",[88,382,383],{},"平仓价","，每一笔成交实际花了多少钱，一看便知。",[182,386,387,390],{},[88,388,389],{},"账户头部","显示经纪商标识（提示框里有交易服务器名称），旁边是账户货币和杠杆。正因为有这些信息，运行同一策略的两个账户才谈得上比较。",[14,392,177],{"id":177},[394,395,396,402,408,414],"ol",{},[182,397,398,401],{},[88,399,400],{},"“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。",[182,403,404,407],{},[88,405,406],{},"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。",[182,409,410,413],{},[88,411,412],{},"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。",[182,415,416,62,419,140,421,425],{},[88,417,418],{},"光看点差，排不出经纪商的高下",[44,420,113],{"href":112},[44,422,424],{"href":423},"\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。",[10,427,428,429,62],{},"想用您自己的品种和手数算出真实数字，请参阅",[44,430,432],{"href":431},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",{"title":30,"searchDepth":209,"depth":209,"links":434},[435,436,437,438,439],{"id":16,"depth":209,"text":16},{"id":51,"depth":209,"text":51},{"id":83,"depth":209,"text":83},{"id":121,"depth":209,"text":122},{"id":177,"depth":209,"text":177},"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",[227,444,445,446],"what-is-slippage","what-is-a-regulated-broker","what-is-a-profit-factor",{"title":237,"description":440},"zh\u002F5.glossary\u002Fwhat-is-a-spread","点差 (Spread)","pmILRTUEL-hRknwSO9zZZssKW8sK6YY1FwEoFE5VfCc",{"id":452,"title":453,"body":454,"category":216,"date":217,"description":654,"draft":219,"extension":220,"meta":655,"navigation":222,"path":656,"related":657,"seo":660,"stem":661,"term":662,"updated":232,"__hash__":663},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-swap-in-forex.md","外汇中的库存费（Swap）是什么？隔夜成本详解",{"type":7,"value":455,"toc":647},[456,459,461,469,475,486,492,503,505,513,516,518,528,534,537,552,554,602,604,635],[10,457,458],{},"库存费（swap），也叫展期费（rollover）或隔夜利息，是仓位持有超过经纪商每日展期时间后，从您账户扣除或计入的利息。之所以有这笔费用，是因为每笔外汇交易都是借入一种货币去买另一种货币：做空的那种货币要付利息，做多的那种货币能拿利息。仓位只拿一个下午，库存费无足轻重；拿三个月，它可能比这笔交易本身的盈亏还大。",[14,460,16],{"id":16},[10,462,463,464,468],{},"根本的驱动因素，是货币对中两种货币的",[44,465,467],{"href":466},"\u002Fglossary\u002Fwhat-are-interest-rates","利率","之差，再扣除经纪商自己的加价，按全年天数摊开，最后乘以您的仓位规模。",[21,470,473],{"className":471,"code":472,"language":26},[24],"每晚库存费 ≈ 仓位规模 × (利差 − 经纪商加价) \u002F 365\n",[28,474,472],{"__ignoreMap":30},[10,476,477,478,481,482,485],{},"实际上，经纪商不会以利率的形式公布库存费，而是在每个品种的合约规格里，按每手给出",[88,479,480],{},"多头库存费","（swap long）和",[88,483,484],{},"空头库存费","（swap short）两个数字，单位是 point 或账户货币。您持有哪个方向，就按哪个方向收取，每晚一次，在展期时扣，通常是 UTC 21:00 或 22:00，具体取决于经纪商的服务器时间。",[10,487,488,491],{},[88,489,490],{},"周三三倍库存费","并不是惩罚。即期外汇在两个工作日后交割，周三晚上持有的仓位要到周一才交割，等于背了三天的融资成本，一次性收取。有些经纪商对贵金属、指数和 CFD 改在周五收三倍，所以哪一天收很关键，这条规则也并非处处通用。",[10,493,494,497,498,502],{},[88,495,496],{},"正利差收益","确实存在，但空间很小。做多高息货币，可能赚到库存费而不是付出库存费，这正是",[44,499,501],{"href":500},"\u002Fguides\u002Fswap-and-carry-trade","套息交易","的原理。可经纪商的加价两个方向都收，所以很多货币对两个方向都是负的；真正能拿到正套息的货币对，往往正是那个货币在贬值的货币对。",[14,504,51],{"id":51},[10,506,507,508,512],{},"库存费惩罚的是持仓，尤其是死扛亏损单。网格或马丁格尔系统不肯平掉浮亏仓位，只要还拿着，每晚都要为这些仓位付融资成本，成本跟着错误一起涨。",[44,509,511],{"href":510},"\u002Fglossary\u002Fwhat-is-an-equity-curve","净值曲线","看上去风平浪静，账户却在一点点失血。",[10,514,515],{},"它甚至会改变一个策略的性质。两天内有正优势的系统，拉长到两周，光是融资成本就可能让它净亏，期间却连一笔新的亏损交易都没有。",[14,517,83],{"id":83},[10,519,306,520,523,524,527],{},[88,521,522],{},"$862,547"," 库存费。在有库存费记录的账户中，",[88,525,526],{},"86.3% 的账户净库存费为负","：赚到套息是例外，不能当成计划。",[10,529,530],{},[314,531],{"alt":532,"src":533},"价格不动，账户却每晚下跌，周三扣三倍：ShowMyTrades 上有库存费的账户中，86.3% 是在付库存费，而不是赚库存费","\u002Fimages\u002Farticles\u002Fswap-bleed.svg",[10,535,536],{},"融资成本按持仓时间累积，与交易次数无关：图表可以一直平坦，余额却在往下沉。",[10,538,539,540,543,544,547,548,551],{},"这个总额之所以惊人，是因为典型的持仓时间很短。这些账户的持仓时间中位数为 ",[88,541,542],{},"2.4 小时","，中位数账户有 ",[88,545,546],{},"171 笔已平仓交易","。这里的大多数账户几乎碰不到展期，库存费却仍相当于 ",[88,549,550],{},"$4,782,670"," 佣金的约 18%。可见这笔账单集中在少数长时间持仓的账户身上。",[14,553,122],{"id":121},[179,555,556,567,582,592],{},[182,557,558,560,561,563,564,566],{},[88,559,143],{},"位于",[88,562,131],{},"面板，就在",[88,565,139],{},"旁边。融资净额为负时显示红色，为正时显示绿色，方向一眼就能看出。",[182,568,569,369,571,373,573,377,575,577,578,581],{},[88,570,150],{},[88,572,372],{},[88,574,113],{},[88,576,376],{},"。注意盈利列的名称是",[88,579,580],{},"盈利（毛额）","：融资成本单独列出，没有算进去。",[182,583,584,587,588,591],{},[88,585,586],{},"自定义分析","里有一个开关：",[88,589,590],{},"计算盈利时包含库存费","。打开、关闭各算一次，两组统计之间的差异，就是经纪商的融资成本给这份业绩记录带来的影响。",[182,593,594,595,601],{},"高级统计中的",[44,596,598],{"href":597},"\u002Fglossary\u002Fwhat-is-average-trade-length",[88,599,600],{},"平均持仓时间","，让您还没看具体数字，就能判断库存费对这个账户该不该有影响。平均只持仓两小时，却有一大笔库存费账单，这两件事对不上。",[14,603,177],{"id":177},[394,605,606,612,618,629],{},[182,607,608,611],{},[88,609,610],{},"库存费不是服务费","。它是融资成本，也可能是付给您的钱。经纪商的加价才是费用，而且两个方向都收。",[182,613,614,617],{},[88,615,616],{},"三倍库存费是交割惯例，不是周三交易要多收的钱","。在展期前平仓，就能完全避开。",[182,619,620,623,624,628],{},[88,621,622],{},"套息不是白捡的钱","。利差相比汇率波动很小，而汇率波动通常会把它整个抹掉；",[44,625,627],{"href":626},"\u002Fglossary\u002Fwhat-is-leverage","杠杆","放大波动的幅度，也远远超过放大套息。",[182,630,631,634],{},[88,632,633],{},"图表平坦，不代表这个月没有成本","。不管有没有交易平仓，持仓的融资成本都在累积。",[10,636,637,638,642,643,62],{},"想了解库存费如何与",[44,639,641],{"href":640},"\u002Fglossary\u002Fwhat-is-a-spread","点差","以及公开账户上的其他指标一起解读，请阅读",[44,644,646],{"href":645},"\u002Fguides\u002Ftracking-trading-performance","交易表现追踪指南",{"title":30,"searchDepth":209,"depth":209,"links":648},[649,650,651,652,653],{"id":16,"depth":209,"text":16},{"id":51,"depth":209,"text":51},{"id":83,"depth":209,"text":83},{"id":121,"depth":209,"text":122},{"id":177,"depth":209,"text":177},"库存费是外汇仓位持有过夜时收取或支付的利息。本文讲解它怎么算、周三为什么收三倍，以及数千个账户实际付了多少。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-swap-in-forex",[226,658,659,444],"what-are-interest-rates","what-is-leverage",{"title":453,"description":654},"zh\u002F5.glossary\u002Fwhat-is-a-swap-in-forex","库存费 (Swap)","yIgwXRve5oDzb43RhHA8KKSEvofJAFq296eXB3MNHfg",{"id":665,"title":666,"body":667,"category":860,"date":217,"description":861,"draft":219,"extension":220,"meta":862,"navigation":222,"path":863,"related":864,"seo":868,"stem":869,"term":870,"updated":871,"__hash__":872},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-average-trade-length.md","什么是平均持仓时间？公式与真实数据",{"type":7,"value":668,"toc":853},[669,672,674,677,683,686,693,700,703,705,708,720,731,733,743,754,765,767,778,799,824,826,846],[10,670,671],{},"平均持仓时间是仓位从开仓到平仓的平均时长，统计范围是账户上的每一笔已平仓交易。它反映的是策略实际的持仓周期（以经纪商的记录为准），而不是策略设计时设想的周期。要检验一套宣称的策略和公开的业绩记录是不是一回事，这是最快的一项检查。",[14,673,16],{"id":16},[10,675,676],{},"每笔已平仓交易都有开仓时间和平仓时间。这项指标就是两者间隔的算术平均值，由我们的服务器根据账户的交易记录算好，发送到页面直接显示。",[21,678,681],{"className":679,"code":680,"language":26},[24],"平均持仓时间 = Σ (平仓时间 − 开仓时间) \u002F 同时带有两个时间戳的已平仓交易笔数\n",[28,682,680],{"__ignoreMap":30},[10,684,685],{},"这个公式有三个特点，决定了该怎么看它。",[10,687,688,689,692],{},"它是",[88,690,691],{},"均值，不是中位数","。一笔开了三个月的仓位，和四百笔只持续九十秒的交易算在同一个平均值里，它对结果的影响比其中任何一笔都大得多。所以平均值短，基本可以说明交易确实短；平均值长，却可能只是几个离群值造成的。",[10,694,695,696,699],{},"它",[88,697,698],{},"只算已平仓交易","，而且只算买入和卖出订单：入金、出金和已取消的挂单都不算。一笔浮亏扛了一年的仓位，平仓之前完全不计入，等到终于平仓那天，平均值会突然跳升。",[10,701,702],{},"仓位逐笔计算，不合并。一个同时开着二十个订单的网格会记下二十个持续时间，所以这个数字回答的是“一笔交易开了多久”，而不是“账户在风险里暴露了多久”。",[14,704,51],{"id":51},[10,706,707],{},"持仓周期是交易记录里藏不住的结构性事实。一份号称波段交易的记录，平均持仓却只有四分钟，那就不是波段交易，介绍怎么写都没用。两种风格本身没有高下之分，问题在于说的和做的对不上。",[10,709,710,711,62,714,716,717,719],{},"它还决定了",[44,712,713],{"href":296},"哪类成本占大头",[44,715,641],{"href":640},"和佣金每笔交易付一次，所以对持仓最短的交易负担最重。",[44,718,113],{"href":112},"按夜计算，只针对跨过展期（rollover）时点的仓位。两个毛利相同、持仓周期不同的系统，钱花在了完全不同的地方。",[10,721,722,723,727,728,730],{},"它也决定了",[44,724,726],{"href":725},"\u002Fguides\u002Fhow-much-history-a-track-record-needs","一份业绩记录在单位时间内能证明多少","。平均持仓两小时的账户很快就能积累证据；平均持仓三周的账户，要好几年才能攒够同样数量的独立结果。所以持仓周期必须和",[44,729,74],{"href":73},"一起看。",[14,732,83],{"id":83},[10,734,735,736,739,740,62],{},"以下数字只描述在 ShowMyTrades 上发布的账户，不代表全体交易者。截至 2026 年 8 月，有交易历史的已发布账户中，",[88,737,738],{},"持仓时间中位数为 2.4 小时","，账户已平仓交易数中位数为 ",[88,741,742],{},"171 笔",[10,744,745,746,749,750,753],{},"这是一个以日内交易为主的群体。中位数账户在同一个交易日内开仓、平仓，大部分仓位从没跨过展期时点，可这些记录里仍有 ",[88,747,748],{},"$862,547 的库存费","，而且",[88,751,752],{},"产生过库存费的账户中，86.3% 的净库存费为负","。隔夜成本集中在少数持仓过夜的账户上，对它们来说，这是一笔实实在在的支出，不是可以忽略的零头。",[10,755,756,757,760,761,764],{},"自动化的数字解释了中位数为什么这么短。",[88,758,759],{},"自动交易占比中位数为 99%","，",[88,762,763],{},"53.9% 的账户自动化程度超过 90%","。程序在规则触发时平仓，不会等到一天工作结束。",[14,766,122],{"id":121},[10,768,769,771,772,774,775,777],{},[88,770,600],{},"是",[88,773,131],{},"表格视图中",[88,776,135],{},"一栏的最后一行，账户所有者的控制台和公开账户页面上都一样。单位会自动调整：不到一小时显示分钟，不到一天显示保留一位小数的小时，再长就显示天和小时。",[10,779,780,781,783,784,787,788,140,791,794,795,798],{},"同一面板还能把持仓时间展开成分布。",[88,782,165],{},"按钮（表格 \u002F 星期 \u002F 小时 \u002F 持续时间切换中的第四个）会打开一张名为",[88,785,786],{},"持仓时间与盈利能力","的散点图：横轴是持仓小时数，纵轴是盈亏，气泡大小代表以手计的交易量，分为",[88,789,790],{},"盈利交易",[88,792,793],{},"亏损交易","两组。有个限制要知道：它只画",[88,796,797],{},"最近 200 笔已平仓交易","，不是全部历史，反映的是当前的交易方式，而不是整个生命周期。图上每个结果都已扣除佣金和库存费。鼠标悬停可以看到订单号、品种、交易量、持续时间、盈亏，以及精确到分钟的开仓和平仓时间。",[10,800,801,802,804,805,807,808,344,811,344,814,344,817,820,821,62],{},"在单笔交易层面，",[88,803,150],{},"表格有一个可选的",[88,806,165],{},"列（仅限已平仓交易，默认关闭，可在列菜单中开启），格式为 ",[28,809,810],{},"2d 5h",[28,812,813],{},"3h 14m",[28,815,816],{},"12m",[28,818,819],{},"4m 20s"," 或 ",[28,822,823],{},"42s",[14,825,177],{"id":177},[179,827,828,834,840],{},[182,829,184,830,833],{},[88,831,832],{},"平均值就代表典型的交易。","”它是均值，而持仓时间有一条很长的右尾。先看看持续时间散点图，再判断平均值能不能代表任何一笔真实的交易。",[182,835,184,836,839],{},[88,837,838],{},"平均值短，就证明是剥头皮。","”也可能是一个系统几分钟就平掉盈利单，亏损单却扛上几周：平均值变短了，风险却拉长了。",[182,841,184,842,845],{},[88,843,844],{},"持仓也算在内。","”平仓之前不算。一笔长期持有的浮动仓位，在这里从设计上就是看不见的。",[10,847,848,849,62],{},"持仓周期如何和账户页面上的其他数字对照着看，请参阅",[44,850,852],{"href":851},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台",{"title":30,"searchDepth":209,"depth":209,"links":854},[855,856,857,858,859],{"id":16,"depth":209,"text":16},{"id":51,"depth":209,"text":51},{"id":83,"depth":209,"text":83},{"id":121,"depth":209,"text":122},{"id":177,"depth":209,"text":177},"指标","平均持仓时间是已平仓仓位从开仓到平仓的平均时长。本文介绍公式、为什么它是均值而不代表典型交易，以及数千个账户的数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-average-trade-length",[865,446,866,867],"what-is-expectancy","what-is-a-lot-in-forex","what-is-terminal-ping",{"title":666,"description":861},"zh\u002F5.glossary\u002Fwhat-is-average-trade-length","平均持仓时间 (Avg. Trade Length)","2026-09-17T00:00:00.000Z","cNRr16YihC40iUp7Oj1a2qe2HNL7B77C1i1hmhGTHlg",{"id":874,"title":875,"body":876,"category":1064,"date":217,"description":1065,"draft":219,"extension":220,"meta":1066,"navigation":222,"path":1067,"related":1068,"seo":1072,"stem":1073,"term":1074,"updated":217,"__hash__":1075},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-position-sizing.md","什么是仓位管理？公式与手数计算",{"type":7,"value":877,"toc":1057},[878,886,888,891,897,900,906,912,915,935,941,944,946,949,954,956,971,974,988,990,995,1019,1021,1052],[10,879,880,881,885],{},"仓位管理（position sizing）决定一笔交易开多大，依据是这笔交易失败时您愿意亏掉账户的多少。它用两个数把风险百分比换算成手数：到止损的距离，以及这个手数下一个点值多少钱。账户的",[44,882,884],{"href":883},"\u002Fglossary\u002Fwhat-is-drawdown","回撤","特征就由这一个变量决定，而且它是在交易前选定的，不是交易后才发现的。",[14,887,16],{"id":16},[10,889,890],{},"分三步，按顺序来。",[21,892,895],{"className":893,"code":894,"language":26},[24],"1. 风险金额   = 账户余额 × 风险 %\n2. 点值　　   = 合约规模 × 以报价货币计的一个点 × 换算为账户货币的汇率\n3. 仓位大小   = 风险金额 \u002F (止损距离点数 × 每手点值)\n",[28,896,894],{"__ignoreMap":30},[10,898,899],{},"举个例子：$10,000 的账户，每笔交易风险 1%，EUR\u002FUSD 止损 50 点，一标准手每点 $10：",[21,901,904],{"className":902,"code":903,"language":26},[24],"风险金额   = 10,000 × 0.01      = $100\n仓位大小   = 100 \u002F (50 × 10)    = 0.20 手\n",[28,905,903],{"__ignoreMap":30},[10,907,908,909,911],{},"止损放宽到 100 点，同样 $100 的风险就只能开 0.10 手。风险不变，手数跟着调整。整个思路就在这种反向关系里，也正因为如此，仓位管理和",[44,910,287],{"href":286},"位置不能分开决定。",[10,913,914],{},"实践中最常用的有三种方法：",[179,916,917,923,929],{},[182,918,919,922],{},[88,920,921],{},"固定手数","。不管止损多远、余额多少，永远 0.10 手。简单，但止损和余额一变，单笔风险就跟着漂移。",[182,924,925,928],{},[88,926,927],{},"百分比风险（固定比例）","。也就是上面的公式。风险始终与账户成比例，账户缩水时，按金额计的亏损也随之变小，回本在算术上才有可能。",[182,930,931,934],{},[88,932,933],{},"马丁格尔递增","。亏损后加大手数，想把亏损扳回来。盈利频繁而且每笔都小，净值曲线漂亮得无可挑剔，但结果的分布有一条很厚的左尾，而且会一下子全部兑现。",[10,936,937],{},[314,938],{"alt":939,"src":940},"每次亏损后手数加倍，对比按净值固定比例下单：胜率相同，市场相同，结局相反","\u002Fimages\u002Farticles\u002Flot-progression.svg",[10,942,943],{},"一个账户用的是哪一种，光看手数就能看出来。",[14,945,51],{"id":51},[10,947,948],{},"入场决定您能不能赢，仓位管理决定您还能不能留下来做下一笔。两个交易者用同样的信号、同样的止损，胜率一模一样，账户却天差地别，因为一个每笔只冒 0.5% 的风险，另一个冒 8%。",[10,950,951,953],{},[44,952,627],{"href":626},"真正造成伤害，也是通过仓位管理。高杠杆本身不是风险，只是允许您去冒险。风险来自用这份许可开出的仓位：按它的止损距离，一笔亏损大到账户连亏两次都扛不住。",[14,955,83],{"id":83},[10,957,958,959,962,963,760,967,970],{},"仓位管理会在回撤的尾部留下痕迹。在 ShowMyTrades 上有交易历史的已发布账户中（2026 年 8 月；统计对象是在本站公开的账户，并不代表所有交易者），",[88,960,961],{},"38.2%"," 曾",[44,964,966],{"href":965},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","回撤超过 20%",[88,968,969],{},"17.6%"," 亏掉了峰值的一半以上。",[10,972,973],{},"规模定得合理的固定比例账户，很少会落到最后这一档。按每笔 1% 的风险亏掉 50%，大约要连亏 69 次。落在这条尾部里的账户，一般另有原因：亏损后不断加码，或者定手数时根本没考虑止损。",[10,975,976,977,760,980,983,984,987],{},"再看看仓位大小是谁定的：这些账户自动交易占比的中位数为 ",[88,978,979],{},"99%",[88,981,982],{},"53.9%"," 的账户自动化程度超过 90%，低于 10% 的则有 ",[88,985,986],{},"42.2%","。在一半以上的已发布账户上，仓位大小只是 EA 设置里的一行，设好一次，余额怎么变都不再调整。",[14,989,122],{"id":121},[10,991,992,994],{},[44,993,173],{"href":172},"用实时价格、以您的账户货币套用上面的公式，风险可以按百分比或固定金额设定，止损可以用价格或点数表示。",[10,996,997,998,1001,1002,1004,1005,1007,1008,1010,1011,1013,1014,1018],{},"在已发布账户的页面上，仓位管理可以实际核查，不必凭空猜测。",[88,999,1000],{},"交易表格","有一列",[88,1003,154],{},"，列出每笔交易的手数，每亏一次就加一级的手数一眼就能看出来。",[88,1006,586],{},"提供",[88,1009,158],{},"的最小\u002F最大筛选：把下限设在账户正常手数之上，看看剩下的交易是不是都紧跟在亏损之后出现，这就是马丁格尔的特征。",[88,1012,131],{},"模块里的",[44,1015,1016],{"href":206},[88,1017,127],{},"给出汇总值；所有已发布账户累计交易了 1,724,575 手。",[14,1020,177],{"id":177},[179,1022,1023,1029,1040,1046],{},[182,1024,184,1025,1028],{},[88,1026,1027],{},"风险 2%，就是动用账户的 2%。","”不是。2% 是止损被触发时的亏损。仓位占用的保证金是另一个完全不同的数字，由杠杆决定。",[182,1030,184,1031,1034,1035,1039],{},[88,1032,1033],{},"我每笔只冒 1% 的风险，所以最坏也就亏 1%。","”只有同时只开一个仓位时才成立。",[44,1036,1038],{"href":1037},"\u002Fglossary\u002Fwhat-is-correlation-risk","五个相关的仓位","各占 1%，其实是一笔换了装扮的 5% 交易，而相关的货币对偏偏在最伤人的时候同涨同跌。",[182,1041,184,1042,1045],{},[88,1043,1044],{},"不设止损，就没有风险要算。","”没有止损，仓位大小公式就没有分母：风险不是很小，而是根本无法定义，它的真实数值就是追加保证金通知。",[182,1047,184,1048,1051],{},[88,1049,1050],{},"复利就是不断加仓。","”固定比例的仓位管理是双向调整的。赢了加手数、亏了却不减，这不是复利，而是一个慢慢收紧的棘轮，把账户推向一场您定仓位时从未考虑过的回撤。",[10,1053,1054,1055,62],{},"全套风险与仓位管理工具，以及各自适用的场景，请参阅",[44,1056,432],{"href":431},{"title":30,"searchDepth":209,"depth":209,"links":1058},[1059,1060,1061,1062,1063],{"id":16,"depth":209,"text":16},{"id":51,"depth":209,"text":51},{"id":83,"depth":209,"text":83},{"id":121,"depth":209,"text":122},{"id":177,"depth":209,"text":177},"风险","仓位管理就是根据止损距离和点值，把风险百分比换算成手数。本文介绍公式、三种常见方法，以及仓位定错的代价。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-position-sizing",[1069,1070,1071,659],"what-is-drawdown","what-is-maximum-drawdown","what-is-a-stop-loss",{"title":875,"description":1065},"zh\u002F5.glossary\u002Fwhat-is-position-sizing","仓位管理 (Position Sizing)","5hi2OmhGtFDhESyalituW-Nh51a9wIit5SKZxEMEQyk",[1077,1079],{"path":1078},"\u002Fglossary\u002Fwhat-is-a-lot-in-forex",{"path":223},1793898058574]