[{"data":1,"prerenderedAt":1002},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-a-margin-call":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-margin-call-related":267,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-margin-call-langs":999},{"id":4,"title":5,"body":6,"category":250,"date":251,"description":252,"draft":253,"extension":254,"meta":255,"navigation":256,"path":257,"related":258,"seo":262,"stem":263,"term":264,"updated":265,"__hash__":266},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-margin-call.md","什么是追加保证金通知？公式、强制平仓与真实数据",{"type":7,"value":8,"toc":242},"minimark",[9,19,23,34,37,40,85,88,104,117,120,123,126,134,137,145,148,151,155,158,199,202,234],[10,11,12,13,18],"p",{},"追加保证金通知（margin call）是经纪商发出的警告：账户净值已经跌到离持仓占用的保证金太近了。触发它的是一个比率阈值，而不是谁的主观判断：",[14,15,17],"a",{"href":16},"\u002Fglossary\u002Fwhat-is-margin-level","净值除以已用保证金","一跌破公布的水平，警告就会发出。置之不理，接下来就是强制平仓（stop out），平台会替您把仓位平掉。",[20,21,22],"h2",{"id":22},"工作原理",[24,25,30],"pre",{"className":26,"code":28,"language":29},[27],"language-text","净值       = 余额 + 持仓的浮动盈亏\n可用保证金 = 净值 − 已用保证金\n保证金比例 = (净值 ÷ 已用保证金) × 100\n","text",[31,32,28],"code",{"__ignoreMap":33},"",[10,35,36],{},"举个例子：余额 $10,000，两个仓位占用 $2,000 保证金，浮亏 $1,500。此时净值 $8,500，保证金比例 425%。亏损如果扩大到 $8,100，净值只剩 $1,900，保证金比例降到 95%，已经低于常见的 100% 追加保证金阈值。",[10,38,39],{},"阈值各家经纪商不同，但一定写在合同里。最常见的一组：",[41,42,43,59],"table",{},[44,45,46],"thead",{},[47,48,49,53,56],"tr",{},[50,51,52],"th",{},"级别",[50,54,55],{},"常见阈值",[50,57,58],{},"会发生什么",[60,61,62,74],"tbody",{},[47,63,64,68,71],{},[65,66,67],"td",{},"追加保证金通知",[65,69,70],{},"100%",[65,72,73],{},"发出警告，不再接受新开仓",[47,75,76,79,82],{},[65,77,78],{},"强制平仓",[65,80,81],{},"50%",[65,83,84],{},"平台自动平仓",[10,86,87],{},"顺序是固定的：",[89,90,91,95,98,101],"ol",{},[92,93,94],"li",{},"浮动亏损不断侵蚀净值，已用保证金却纹丝不动。",[92,96,97],{},"保证金比例跌破追加保证金阈值。发出警告，新订单被拒绝。",[92,99,100],{},"亏损继续扩大，保证金比例触及强制平仓水平。",[92,102,103],{},"平台逐个平仓，直到比率回到阈值之上。大多数经纪商先平亏损最大的仓位。",[10,105,106,107,111,112,116],{},"这些步骤没有一步会等您回到电脑前：凌晨 3 点在流动性稀薄的市场里被强平，成交记录和您自己下单平仓没有任何区别。开仓之前，可以先用",[14,108,110],{"href":109},"\u002Ftools\u002Fmargin-calculator","保证金计算器","算一算，某个手数配合某个",[14,113,115],{"href":114},"\u002Fglossary\u002Fwhat-is-leverage","杠杆","，实际会冻结多少保证金。",[20,118,119],{"id":119},"为什么重要",[10,121,122],{},"问题出在时机，而且是结构性的。追加保证金通知总在不利行情走到最深时到来，“最深”本来就是这个意思。仓位在这一轮行情最差的价格上被平掉，那笔本来能回本的交易，还没等到回本就被平了。自己熬过去的回撤，和别人替您兑现的回撤，区别就在这里。",[10,124,125],{},"平仓顺序更是雪上加霜：先平亏损最大的仓位，意味着被强行平掉的，正是离开仓价最远的那一笔。",[10,127,128,129,133],{},"价格没有任何异常波动，它也照样可能到来。隔夜收取的",[14,130,132],{"href":131},"\u002Fglossary\u002Fwhat-is-a-swap-in-forex","库存费","会减少净值，保证金比例随之下降，哪怕这些仓位您碰都没碰过。一篮子负套息的仓位拿上几个月，可能就这样一点点地自己走进追加保证金通知。",[20,135,136],{"id":136},"数据显示了什么",[10,138,139,140,144],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），17.6% 的账户",[14,141,143],{"href":142},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","最深回撤","超过 50%。统计对象是在本站公开的账户，并不代表全体交易者。",[10,146,147],{},"这个数字之所以重要，在于强制平仓线的位置。如果持仓已经把大部分净值占作保证金，账户的保证金比例本来就在 100% 附近；净值一减半，比率就落到 50% 的强平线，不管账户主人本意如何。回撤超过 50% 并不能证明发生过追加保证金通知，因为其中有些仓位是手动平掉的；但它圈出了一批离强平足够近、经纪商已经能插手的账户。",[10,149,150],{},"这笔账还有另一半：回本。从 −50% 回到原点需要 +100%，而同一批账户的时间加权收益率中位数只有 +3.2%。",[20,152,154],{"id":153},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,156,157],{},"公开账户页面上没有实时的保证金比例仪表，但决定它的每一项数据都能看到。",[159,160,161,173,180,193],"ul",{},[92,162,163,164,168,169,172],{},"账户统计面板里的",[165,166,167],"strong",{},"余额","和",[165,170,171],{},"净值","。两者之差就是把保证金比例往下压的浮动盈亏。差额为负且很大，说明这个账户的保证金比例此刻正在下滑。",[92,174,175,176,179],{},"图表模块的",[165,177,178],{},"净值曲线","把两条线画在一起。净值几乎垂直下跌，随后余额线跟着追上来，就是一笔亏损被兑现了，不管是主动平仓还是被动强平。",[92,181,182,183,168,186,192],{},"统计面板里的",[165,184,185],{},"回撤",[14,187,189],{"href":188},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[165,190,191],{},"余额回撤","对照着看。前者包含持仓，后者不包含。一段很深的净值回撤后来出现在余额数字里，那一刻就是浮亏被平仓的时刻。",[92,194,195,198],{},[165,196,197],{},"交易表格","里的持续时间和盈利（毛额）两列。一批仓位在同一分钟内全部平仓、全部亏损，这就是强制平仓留下的指纹。",[20,200,201],{"id":201},"常见误解",[159,203,204,211,217,228],{},[92,205,206,207,210],{},"“",[165,208,209],{},"追加保证金通知和强制平仓是一回事。","”它们是两道阈值：前者是警告，后者是执行。有些经纪商把两者设得很近，中间那点空档根本用不上。",[92,212,206,213,216],{},[165,214,215],{},"到时候我再入金就行。","”收到通知并不是理所当然的，而在快速行情里，从追加保证金通知到强制平仓可能只隔几秒。银行转账按银行的时间到账，不按市场的时间。",[92,218,206,219,222,223,227],{},[165,220,221],{},"止损能让我躲开追加保证金通知。","”前提是止损能成交。遇到周末跳空，市场重新开盘时可能已远远越过您的",[14,224,226],{"href":225},"\u002Fglossary\u002Fwhat-is-a-stop-loss","止损","，第一个报价还没出来，保证金比例就可能已经低于强平线。",[92,229,206,230,233],{},[165,231,232],{},"有负余额保护，亏损就不会超过入金。","”在提供并切实执行这项保护的地方，它封顶的是欠款，而不是亏损。账户照样会亏光。",[10,235,236,237,241],{},"想了解净值、余额和回撤在实时页面上如何相互关联，请阅读",[14,238,240],{"href":239},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台","。",{"title":33,"searchDepth":243,"depth":243,"links":244},2,[245,246,247,248,249],{"id":22,"depth":243,"text":22},{"id":119,"depth":243,"text":119},{"id":136,"depth":243,"text":136},{"id":153,"depth":243,"text":154},{"id":201,"depth":243,"text":201},"风险","2026-08-19T00:00:00.000Z","追加保证金通知是经纪商发出的警告，说明您的净值已经撑不住持仓。本文介绍保证金比例公式、强制平仓的流程，并附真实数据。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-margin-call",[259,260,261],"what-is-leverage","what-is-maximum-drawdown","what-is-position-sizing",{"title":5,"description":252},"zh\u002F5.glossary\u002Fwhat-is-a-margin-call","追加保证金通知 (Margin Call)","2026-09-24T00:00:00.000Z","IoIDIVeAg4hDnv0aSOS5rUe9BuDPQFPMGUa80vpHcn8",[268,479,797],{"id":269,"title":270,"body":271,"category":250,"date":251,"description":470,"draft":253,"extension":254,"meta":471,"navigation":256,"path":472,"related":473,"seo":475,"stem":476,"term":477,"updated":251,"__hash__":478},"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":272,"toc":463},[273,276,278,281,287,290,338,341,344,354,356,359,362,379,381,384,390,393,395,398,428,430,456],[10,274,275],{},"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。",[20,277,22],{"id":22},[10,279,280],{},"保证金是持仓期间经纪商冻结的押金。算法很简单。",[24,282,285],{"className":283,"code":284,"language":29},[27],"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",[31,286,284],{"__ignoreMap":33},[10,288,289],{},"一标准手 EUR\u002FUSD 是 100,000 单位。价格在 1.0850 时，仓位价值 $108,500。",[41,291,292,305],{},[44,293,294],{},[47,295,296,299,302],{},[50,297,298],{},"账户杠杆",[50,300,301],{},"冻结的保证金",[50,303,304],{},"50 点不利波动的成本",[60,306,307,318,328],{},[47,308,309,312,315],{},[65,310,311],{},"1:30",[65,313,314],{},"$3,616.67",[65,316,317],{},"$500",[47,319,320,323,326],{},[65,321,322],{},"1:100",[65,324,325],{},"$1,085.00",[65,327,317],{},[47,329,330,333,336],{},[65,331,332],{},"1:500",[65,334,335],{},"$217.00",[65,337,317],{},[10,339,340],{},"三行的仓位一模一样。杠杆动的是保证金，从来不是风险。",[10,342,343],{},"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。",[10,345,346,347,168,351,353],{},"用",[14,348,350],{"href":349},"\u002Ftools\u002Fleverage-calculator","杠杆计算器",[14,352,110],{"href":109},"，拿您自己交易的品种算一算。",[20,355,119],{"id":119},[10,357,358],{},"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。",[10,360,361],{},"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。",[10,363,364,365,369,370,374,375,378],{},"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：",[14,366,368],{"href":367},"\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",[14,371,373],{"href":372},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","，而",[14,376,67],{"href":377},"\u002Fglossary\u002Fwhat-is-a-margin-call","只是症状，不是病因。",[20,380,136],{"id":136},[10,382,383],{},"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。",[10,385,386,387,389],{},"结果并不随档位排序。在有交易历史的公开账户中，",[14,388,143],{"href":142},"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。",[10,391,392],{},"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。",[20,394,154],{"id":153},[10,396,397],{},"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。",[10,399,400,401,404,405,409,410,168,412,416,417,422,423,168,425,427],{},"交易者拿杠杆做了什么，要看别的地方。高级统计里的",[165,402,403],{},"总手数","是",[14,406,408],{"href":407},"\u002Fguides\u002Ftrading-volume-analysis","实际交易的累计交易量","。账户统计面板里的",[165,411,185],{},[14,413,414],{"href":188},[165,415,191],{},"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",[14,418,420],{"href":419},"\u002Fglossary\u002Fwhat-is-an-equity-curve",[165,421,178],{},"把",[165,424,167],{},[165,426,171],{},"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。",[20,429,201],{"id":201},[159,431,432,438,444,450],{},[92,433,206,434,437],{},[165,435,436],{},"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。",[92,439,206,440,443],{},[165,441,442],{},"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。",[92,445,206,446,449],{},[165,447,448],{},"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。",[92,451,206,452,455],{},[165,453,454],{},"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。",[10,457,458,459,241],{},"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",[14,460,462],{"href":461},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",{"title":33,"searchDepth":243,"depth":243,"links":464},[465,466,467,468,469],{"id":22,"depth":243,"text":22},{"id":119,"depth":243,"text":119},{"id":136,"depth":243,"text":136},{"id":153,"depth":243,"text":154},{"id":201,"depth":243,"text":201},"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",[474,261,260],"what-is-a-margin-call",{"title":270,"description":470},"zh\u002F5.glossary\u002Fwhat-is-leverage","杠杆 (Leverage)","1K2tTcEclXFA4muLuzmkGaobTWxAuO3stEO8wQ-6IfM",{"id":480,"title":481,"body":482,"category":514,"date":251,"description":786,"draft":253,"extension":254,"meta":787,"navigation":256,"path":788,"related":789,"seo":793,"stem":794,"term":795,"updated":251,"__hash__":796},"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":483,"toc":779},[484,492,494,497,503,506,555,560,578,580,583,644,647,654,656,663,670,673,684,713,715,731,746,748,774],[10,485,486,487,491],{},"最大回撤是账户整个历史上出现过的最大一次",[14,488,490],{"href":489},"\u002Fglossary\u002Fwhat-is-drawdown","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%。",[20,493,22],{"id":22},[10,495,496],{},"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。",[24,498,501],{"className":499,"code":500,"language":29},[27],"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",[31,502,500],{"__ignoreMap":33},[10,504,505],{},"结果完全取决于用的是哪条曲线，ShowMyTrades 两条都公布。",[41,507,508,524],{},[44,509,510],{},[47,511,512,515,518,521],{},[50,513,514],{},"指标",[50,516,517],{},"计算基础",[50,519,520],{},"是否计入持仓？",[50,522,523],{},"说明了什么",[60,525,526,540],{},[47,527,528,532,535,537],{},[65,529,530],{},[165,531,185],{},[65,533,534],{},"净值（余额 + 浮动盈亏）",[65,536,404],{},[65,538,539],{},"账户在那一刻实际价值的真实跌幅",[47,541,542,546,549,552],{},[65,543,544],{},[165,545,191],{},[65,547,548],{},"仅已平仓余额",[65,550,551],{},"否",[65,553,554],{},"已实现结果的跌幅",[10,556,557,559],{},[14,558,191],{"href":188},"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。",[10,561,562,563,566,567,570,571,574,575,577],{},"所以，一个账户显示",[165,564,565],{},"回撤 41%","、",[165,568,569],{},"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",[165,572,573],{},"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",[14,576,226],{"href":225},"的用处。",[20,579,119],{"id":119},[10,581,582],{},"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。",[41,584,585,595],{},[44,586,587],{},[47,588,589,592],{},[50,590,591],{},"最大回撤",[50,593,594],{},"回到原峰值所需涨幅",[60,596,597,605,613,621,628,636],{},[47,598,599,602],{},[65,600,601],{},"10%",[65,603,604],{},"11.1%",[47,606,607,610],{},[65,608,609],{},"20%",[65,611,612],{},"25.0%",[47,614,615,618],{},[65,616,617],{},"30%",[65,619,620],{},"42.9%",[47,622,623,625],{},[65,624,81],{},[65,626,627],{},"100.0%",[47,629,630,633],{},[65,631,632],{},"70%",[65,634,635],{},"233.3%",[47,637,638,641],{},[65,639,640],{},"90%",[65,642,643],{},"900.0%",[10,645,646],{},"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。",[10,648,649,650,653],{},"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",[14,651,652],{"href":372},"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。",[20,655,136],{"id":136},[10,657,658,659,662],{},"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 ",[165,660,661],{},"9.7%","，但无论往高还是往低，分布都很散。",[10,664,665],{},[666,667],"img",{"alt":668,"src":669},"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",[10,671,672],{},"中位数 9.7%，尾部却比多数公开宣传估计的更长。",[10,674,675,676,679,680,683],{},"在最差的一端，",[165,677,678],{},"17.6% 的账户曾比峰值低 50% 以上","，",[165,681,682],{},"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。",[10,685,686,687,690,691,679,694,698,699,702,703,707,708,712],{},"最好的一端同样值得怀疑：",[165,688,689],{},"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 ",[165,692,693],{},"171 笔已平仓交易",[14,695,697],{"href":696},"\u002Fglossary\u002Fwhat-is-average-trade-length","持仓时间","中位数 ",[165,700,701],{},"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",[14,704,706],{"href":705},"\u002Fguides\u002Fhow-much-history-a-track-record-needs","尾部需要足够长的历史来支撑","，所以这个数字只有在",[14,709,711],{"href":710},"\u002Fglossary\u002Fwhat-is-a-verified-track-record","经验证的业绩记录","上才真正有分量。",[20,714,154],{"id":153},[10,716,717,718,721,722,168,724,726,727,730],{},"每个已发布账户页面的",[165,719,720],{},"账户统计","面板里，",[165,723,185],{},[165,725,191],{},"紧挨着排在",[165,728,729],{},"月均 %"," 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。",[10,732,733,734,736,737,740,741,745],{},"图表模块里有一个专门的",[165,735,185],{},"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",[165,738,739],{},"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。",[14,742,744],{"href":743},"\u002Ftools\u002Fdrawdown-calculator","回撤计算器","可以拿您自己的余额套用上面的回本表。",[20,747,201],{"id":201},[159,749,750,756,762,768],{},[92,751,206,752,755],{},[165,753,754],{},"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。",[92,757,206,758,761],{},[165,759,760],{},"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。",[92,763,206,764,767],{},[165,765,766],{},"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。",[92,769,206,770,773],{},[165,771,772],{},"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。",[10,775,776,777,241],{},"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",[14,778,240],{"href":239},{"title":33,"searchDepth":243,"depth":243,"links":780},[781,782,783,784,785],{"id":22,"depth":243,"text":22},{"id":119,"depth":243,"text":119},{"id":136,"depth":243,"text":136},{"id":153,"depth":243,"text":154},{"id":201,"depth":243,"text":201},"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",[790,261,791,792],"what-is-drawdown","what-is-a-verified-track-record","what-is-a-profit-factor",{"title":481,"description":786},"zh\u002F5.glossary\u002Fwhat-is-maximum-drawdown","最大回撤 (Maximum Drawdown)","H1pMHY5DcM__vxubkgaLVDhrp8FNU0EbYexdvdzrV1o",{"id":798,"title":799,"body":800,"category":250,"date":251,"description":990,"draft":253,"extension":254,"meta":991,"navigation":256,"path":992,"related":993,"seo":995,"stem":996,"term":997,"updated":251,"__hash__":998},"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":801,"toc":983},[802,808,810,813,819,822,828,834,837,857,863,866,868,871,876,878,892,895,909,911,918,945,947,978],[10,803,804,805,807],{},"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",[14,806,185],{"href":489},"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。",[20,809,22],{"id":22},[10,811,812],{},"分三步，按顺序来。",[24,814,817],{"className":815,"code":816,"language":29},[27],"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",[31,818,816],{"__ignoreMap":33},[10,820,821],{},"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：",[24,823,826],{"className":824,"code":825,"language":29},[27],"风险金额   = 10,000 × 0.01      = $100\n仓位大小   = 100 \u002F (50 × 10)    = 0.20 手\n",[31,827,825],{"__ignoreMap":33},[10,829,830,831,833],{},"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",[14,832,226],{"href":225},"位置不能分开决定。",[10,835,836],{},"实践中最常用的有三种方法：",[159,838,839,845,851],{},[92,840,841,844],{},[165,842,843],{},"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。",[92,846,847,850],{},[165,848,849],{},"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。",[92,852,853,856],{},[165,854,855],{},"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。",[10,858,859],{},[666,860],{"alt":861,"src":862},"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",[10,864,865],{},"一个账户用的是哪一种，光看手数就能看出来。",[20,867,119],{"id":119},[10,869,870],{},"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%。",[10,872,873,875],{},[14,874,115],{"href":114},"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。",[20,877,136],{"id":136},[10,879,880,881,884,885,679,888,891],{},"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），",[165,882,883],{},"38.2%"," 曾",[14,886,887],{"href":142},"回撤超过 20%",[165,889,890],{},"17.6%"," 亏掉了峰值的一半以上。",[10,893,894],{},"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。",[10,896,897,898,679,901,904,905,908],{},"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 ",[165,899,900],{},"99%",[165,902,903],{},"53.9%"," 的账户自动化程度超过 90%，低于 10% 的则有 ",[165,906,907],{},"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。",[20,910,154],{"id":153},[10,912,913,917],{},[14,914,916],{"href":915},"\u002Ftools\u002Fposition-size-calculator","仓位计算器","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。",[10,919,920,921,923,924,927,928,931,932,935,936,939,940,944],{},"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。",[165,922,197],{},"有一列",[165,925,926],{},"交易量","，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。",[165,929,930],{},"自定义分析","提供",[165,933,934],{},"手数","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。",[165,937,938],{},"高级统计","模块里的",[14,941,942],{"href":407},[165,943,403],{},"给出汇总值；所有已发布账户累计交易了 1,724,575 手。",[20,946,201],{"id":201},[159,948,949,955,966,972],{},[92,950,206,951,954],{},[165,952,953],{},"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。",[92,956,206,957,960,961,965],{},[165,958,959],{},"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。",[14,962,964],{"href":963},"\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。",[92,967,206,968,971],{},[165,969,970],{},"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。",[92,973,206,974,977],{},[165,975,976],{},"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。",[10,979,980,981,241],{},"全套风险与仓位管理工具，以及各自适用的场景，请参阅",[14,982,462],{"href":461},{"title":33,"searchDepth":243,"depth":243,"links":984},[985,986,987,988,989],{"id":22,"depth":243,"text":22},{"id":119,"depth":243,"text":119},{"id":136,"depth":243,"text":136},{"id":153,"depth":243,"text":154},{"id":201,"depth":243,"text":201},"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",[790,260,994,259],"what-is-a-stop-loss",{"title":799,"description":990},"zh\u002F5.glossary\u002Fwhat-is-position-sizing","仓位管理 (Position Sizing)","5hi2OmhGtFDhESyalituW-Nh51a9wIit5SKZxEMEQyk",[1000,1001],{"path":377},{"path":257},1793898068632]