[{"data":1,"prerenderedAt":1148},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-a-prop-firm":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-prop-firm-related":246,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-prop-firm-langs":1145},{"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-prop-firm.md","什么是自营交易公司（Prop Firm）？",{"type":7,"value":8,"toc":220},"minimark",[9,13,17,26,29,40,47,50,53,56,64,67,70,100,103,119,123,131,144,158,180,183,212],[10,11,12],"p",{},"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。",[14,15,16],"h2",{"id":16},"工作原理",[10,18,19,20,25],{},"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",[21,22,24],"a",{"href":23},"\u002Fglossary\u002Fwhat-is-a-funded-account","资金账户","，规则不变，已实现盈利由交易者和公司分成。",[10,27,28],{},"几乎所有的失败都来自三项限制，而其中只有一项是目标。",[30,31,36],"pre",{"className":32,"code":34,"language":35},[33],"language-text","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","text",[37,38,34],"code",{"__ignoreMap":39},"",[10,41,42,46],{},[21,43,45],{"href":44},"\u002Fglossary\u002Fwhat-is-a-daily-drawdown-limit","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。",[10,48,49],{},"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。",[10,51,52],{},"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。",[14,54,55],{"id":55},"为什么重要",[10,57,58,59,63],{},"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",[21,60,62],{"href":61},"\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。",[10,65,66],{},"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。",[14,68,69],{"id":69},"数据显示了什么",[10,71,72,73,77,78,82,83,86,87,91,92,95,96,99],{},"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",[21,74,76],{"href":75},"\u002Fglossary\u002Fwhat-is-drawdown","回撤","中位数为 ",[79,80,81],"strong",{},"9.7%","。只有 ",[79,84,85],{},"38.5%"," 的账户在整个生命周期中",[21,88,90],{"href":89},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","从峰值到谷底","的跌幅始终不到 5%，",[79,93,94],{},"38.2%"," 超过 20%，",[79,97,98],{},"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。",[10,101,102],{},"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。",[10,104,105,106,109,110,113,114,118],{},"在本站同时跑多个账户很常见：",[79,107,108],{},"699"," 位用户连接了不止一个账户，",[79,111,112],{},"429"," 位在不止一家经纪商交易。",[21,115,117],{"href":116},"\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。",[14,120,122],{"id":121},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,124,125,126,130],{},"ShowMyTrades 不运营自营交易计划。针对考核规则，我们有 ",[21,127,129],{"href":128},"\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。",[10,132,133,136,137,139,140,143],{},[79,134,135],{},"账户统计","面板显示",[79,138,76],{},"（按净值计算，持仓的浮动亏损也算在内），旁边是",[79,141,142],{},"余额回撤","（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。",[10,145,146,147,149,150,153,154,157],{},"图表模块里的",[79,148,76],{},"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，",[79,151,152],{},"月度收益","表格的",[79,155,156],{},"日历","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。",[10,159,160,161,167,168,171,172,175,176,179],{},"账户头部列出公司能独立核实的信息：",[21,162,164],{"href":163},"\u002Fglossary\u002Fwhat-is-a-verified-track-record",[79,165,166],{},"业绩记录","和",[79,169,170],{},"交易权限","徽章（通过时显示绿色），以及",[79,173,174],{},"真实账户","或",[79,177,178],{},"模拟账户","徽章和账户的自动交易占比。",[14,181,182],{"id":182},"常见误解",[184,185,186,194,200,206],"ul",{},[187,188,189,190,193],"li",{},"“",[79,191,192],{},"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。",[187,195,189,196,199],{},[79,197,198],{},"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。",[187,201,189,202,205],{},[79,203,204],{},"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。",[187,207,189,208,211],{},[79,209,210],{},"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。",[10,213,214,215,219],{},"外人会怎样解读这样一份记录，请阅读",[21,216,218],{"href":217},"\u002Fguides\u002Fverified-vs-unverified-track-records","经验证与未经验证的业绩记录","。",{"title":39,"searchDepth":221,"depth":221,"links":222},2,[223,224,225,226,227],{"id":16,"depth":221,"text":16},{"id":55,"depth":221,"text":55},{"id":69,"depth":221,"text":69},{"id":121,"depth":221,"text":122},{"id":182,"depth":221,"text":182},"经纪商","2026-08-19T00:00:00.000Z","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。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-prop-firm",[237,238,239,240],"what-is-a-funded-account","what-is-a-daily-drawdown-limit","what-is-position-sizing","what-is-a-track-record",{"title":5,"description":230},"zh\u002F5.glossary\u002Fwhat-is-a-prop-firm","自营交易公司 (Prop Firm)","2026-09-10T00:00:00.000Z","Nxcyl0GAiEjazTMAzFTDnUkB6m2hvO7r8Ua3U66Aogo",[247,462,661,938],{"id":248,"title":249,"body":250,"category":448,"date":229,"description":449,"draft":231,"extension":232,"meta":450,"navigation":234,"path":451,"related":452,"seo":457,"stem":458,"term":459,"updated":460,"__hash__":461},"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":251,"toc":441},[252,263,265,271,274,280,286,292,295,302,304,307,315,317,332,335,348,362,364,367,398,401,403,434],[10,253,254,255,259,260,262],{},"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",[21,256,258],{"href":257},"\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",[21,261,76],{"href":75},"不同：每天重置，日内随时判定。",[14,264,16],{"id":16},[30,266,269],{"className":267,"code":268,"language":35},[33],"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",[37,270,268],{"__ignoreMap":39},[10,272,273],{},"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。",[10,275,276,279],{},[79,277,278],{},"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。",[10,281,282,285],{},[79,283,284],{},"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。",[10,287,288,291],{},[79,289,290],{},"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。",[10,293,294],{},"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。",[10,296,297,298,301],{},"与它同时生效的还有",[21,299,300],{"href":89},"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。",[14,303,55],{"id":55},[10,305,306],{},"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。",[10,308,309,310,314],{},"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",[21,311,313],{"href":312},"\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。",[14,316,69],{"id":69},[10,318,319,320,327,328,331],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），",[79,321,322,326],{},[21,323,325],{"href":324},"\u002Fglossary\u002Fwhat-is-average-trade-length","持仓时间","的中位数为 2.4 小时","，中位账户有 ",[79,329,330],{},"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。",[10,333,334],{},"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。",[10,336,337,338,340,341,340,344,347],{},"再看回撤深度：最深回撤的中位数为 ",[79,339,81],{},"，",[79,342,343],{},"38.5% 低于 5%",[79,345,346],{},"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。",[10,349,350,351,340,354,219,357,361],{},"自动化也不能忽略：自动交易占比的中位数为 ",[79,352,353],{},"99%",[79,355,356],{},"53.9% 的账户自动化程度超过 90%",[21,358,360],{"href":359},"\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。",[14,363,122],{"id":121},[10,365,366],{},"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。",[184,368,369,377,386,392],{},[187,370,371,373,374,376],{},[79,372,152],{},"模块除了表格、图表和汇总，还有",[79,375,156],{},"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。",[187,378,379,382,383,385],{},[79,380,381],{},"日均 %"," 位于",[79,384,135],{},"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。",[187,387,388,389,391],{},"图表模块的",[79,390,76],{},"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。",[187,393,394,397],{},[79,395,396],{},"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。",[10,399,400],{},"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。",[14,402,182],{"id":182},[184,404,405,411,417,423],{},[187,406,189,407,410],{},[79,408,409],{},"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。",[187,412,189,413,416],{},[79,414,415],{},"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。",[187,418,189,419,422],{},[79,420,421],{},"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。",[187,424,189,425,428,429,433],{},[79,426,427],{},"对冲能让亏损暂停。","”两边仓位照样浮动，照样要付",[21,430,432],{"href":431},"\u002Fglossary\u002Fwhat-is-a-spread","点差","和库存费，而规则看的是合并后的净值。",[10,435,436,437,219],{},"想结合当月整体情况看懂某一天，请参阅",[21,438,440],{"href":439},"\u002Fguides\u002Fmonthly-returns-table-explained","月度收益表解读",{"title":39,"searchDepth":221,"depth":221,"links":442},[443,444,445,446,447],{"id":16,"depth":221,"text":16},{"id":55,"depth":221,"text":55},{"id":69,"depth":221,"text":69},{"id":121,"depth":221,"text":122},{"id":182,"depth":221,"text":182},"风险","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。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-daily-drawdown-limit",[453,454,455,456],"what-is-drawdown","what-is-maximum-drawdown","what-is-margin-level","what-is-risk-of-ruin",{"title":249,"description":449},"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",{"id":463,"title":464,"body":465,"category":228,"date":229,"description":650,"draft":231,"extension":232,"meta":651,"navigation":234,"path":652,"related":653,"seo":657,"stem":658,"term":659,"updated":244,"__hash__":660},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-funded-account.md","什么是资金账户？",{"type":7,"value":466,"toc":643},[467,473,475,485,488,494,503,509,512,514,520,523,525,535,549,561,563,570,591,602,608,610,636],[10,468,469,470,472],{},"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",[21,471,258],{"href":257},"），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。",[14,474,16],{"id":16},[10,476,477,478,481,482,484],{},"一般分两个阶段，用的是同一套规则。",[79,479,480],{},"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",[79,483,24],{},"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。",[10,486,487],{},"决定成败的规则有两类，失败的方式各不相同。",[30,489,492],{"className":490,"code":491,"language":35},[33],"亏损限制         每日底线，每个交易日重置\n                 总底线，静态或追踪，从不重置\n一致性规则       单日最大盈利 \u002F 总盈利 \u003C= 上限\n",[37,493,491],{"__ignoreMap":39},[10,495,496,499,500,219],{},[79,497,498],{},"亏损限制","是硬性红线。追踪式总底线会随每一个净值新高上移（像棘轮一样只升不降），所以刚过完一个好周，剩下的空间反而比上周更小，账户甚至可能还在盈利就被关掉。每日底线是两者中更紧的一条，每个交易日都要过一遍；它有单独的词条：",[21,501,502],{"href":44},"每日回撤限制",[10,504,505,508],{},[79,506,507],{},"一致性规则","很少有人提，淘汰的人却比多数人想象的多。它限制总盈利中来自单日或单笔交易的比例，理由是一笔超大仓位无法复制。挑战者可能已经达标，也没碰任何亏损限制，却仍然失败，只因为 60% 的盈利出自同一个下午。",[10,510,511],{},"此外还有一些小条件：最少交易日数，重大新闻发布期间或周末能否持仓，连续出金后提高资金额度的扩展计划。这些都是合同条款，各家不同。",[14,513,55],{"id":55},[10,515,516,517,519],{},"有了资金账户，风险管理就不再是个人偏好，而是一场非过即挂的考试。在您自己的账户上，15% 的",[21,518,76],{"href":75},"虽然难受，还能扳回来。在底线为 10% 的资金账户上，同样的走势就是终点：根本等不到回本，因为账户已经没了。",[10,521,522],{},"所以公司看重的数字，很少是业绩页面放在最显眼位置的那些。收益是标题；跌得多深、每天怎么跌，才决定授权能否保住。",[14,524,69],{"id":69},[10,526,527,528,530,531,534],{},"在 ShowMyTrades 上有交易历史的公开账户中，",[79,529,94],{}," 曾经",[21,532,533],{"href":89},"从峰值回撤超过 20%","。以 20% 为线（比几乎所有零售规则都宽松），将近四成账户早就挂了，而且它们交易时没有任何规则约束，没有什么会逼它们平仓。这些数字反映的是在本站发布的账户，不代表全体交易者。",[10,536,537,541,542,340,545,548],{},[21,538,540],{"href":539},"\u002Fglossary\u002Fwhat-is-recovery-factor","这些风险换来的收益","：时间加权收益率中位数 ",[79,543,544],{},"+3.2%",[79,546,547],{},"63.0%"," 的账户收益为正。多数挑战者先撞上的是限制，而不是收益。",[10,550,551,552,555,556,560],{},"本站有 ",[79,553,554],{},"37"," 个账户设为",[21,557,559],{"href":558},"\u002Fglossary\u002Fwhat-is-an-unlisted-account","不公开列出","：有自己的链接，但不出现在任何列表里。挑战者想把业绩记录发给公司、又不想公开在网站上，用的就是这个设置。",[14,562,122],{"id":121},[10,564,565,566,569],{},"我们没有和任何自营交易计划对接。不过有一个管规则的工具：在账户设置中打开",[79,567,568],{},"启用 Prop 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。",[10,571,572,136,574,576,577,579,580,583,584,586,587,590],{},[79,573,135],{},[79,575,76],{},"（按净值计算，包含持仓的浮动亏损），旁边是",[79,578,142],{},"（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，",[21,581,142],{"href":582},"\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",[79,585,381],{}," 和",[79,588,589],{},"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。",[10,592,146,593,595,596,598,599,601],{},[79,594,76],{},"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，",[79,597,152],{},"表格能看出盈利是分散还是集中，",[79,600,156],{},"视图则细到每一天。",[10,603,604,605,607],{},"可见性按账户设置：已发布、私密，或",[79,606,559],{},"（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。",[14,609,182],{"id":182},[184,611,612,618,624,630],{},[187,613,189,614,617],{},[79,615,616],{},"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。",[187,619,189,620,623],{},[79,621,622],{},"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。",[187,625,189,626,629],{},[79,627,628],{},"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。",[187,631,189,632,635],{},[79,633,634],{},"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。",[10,637,638,639,219],{},"想看这些限制在完整的账户历史中如何起作用，请阅读",[21,640,642],{"href":641},"\u002Fguides\u002Fmaximum-drawdown-explained","最大回撤详解",{"title":39,"searchDepth":221,"depth":221,"links":644},[645,646,647,648,649],{"id":16,"depth":221,"text":16},{"id":55,"depth":221,"text":55},{"id":69,"depth":221,"text":69},{"id":121,"depth":221,"text":122},{"id":182,"depth":221,"text":182},"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。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-funded-account",[654,453,655,656],"what-is-a-prop-firm","what-is-drawdown-on-balance","what-is-an-unlisted-account",{"title":464,"description":650},"zh\u002F5.glossary\u002Fwhat-is-a-funded-account","资金账户 (Funded Account)","aViF-rV-_rJSjzmnHFLR9pUec1Iu0uXtzEMX2_m5K0o",{"id":662,"title":663,"body":664,"category":926,"date":229,"description":927,"draft":231,"extension":232,"meta":928,"navigation":234,"path":929,"related":930,"seo":934,"stem":935,"term":936,"updated":244,"__hash__":937},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-track-record.md","什么是业绩记录？",{"type":7,"value":665,"toc":919},[666,672,674,677,717,720,726,729,731,734,741,743,758,761,768,771,788,803,805,826,838,879,881,912],[10,667,668,669,219],{},"业绩记录，是一个交易账户有据可查的历史：每一笔已平仓交易，这些交易走出来的净值走势，以及中间的各个时段。它记录的是已经发生的事，并不预言将来。本词条讲的是一份记录必须包含什么，以及要积累多久才有意义。至于数据本身可不可信，则要看",[21,670,671],{"href":163},"经验证的业绩记录",[14,673,16],{"id":16},[10,675,676],{},"能当作证据的记录，必须细到每一笔交易，不能只有汇总。至少要包含：",[184,678,679,685,696,702,708],{},[187,680,681,684],{},[79,682,683],{},"每一笔已平仓交易","：开仓和平仓时间、交易品种、方向、交易量、开仓价和平仓价，以及结果。",[187,686,687,690,691,695],{},[79,688,689],{},"每笔交易的成本","：",[21,692,694],{"href":693},"\u002Fglossary\u002Fwhat-is-cost-percentage","佣金和库存费","要和毛利润分开列，因为把它们轧在一起的汇总，会掩盖钱到底去了哪里。",[187,697,698,701],{},[79,699,700],{},"净值走势","，这样才看得出结果的先后顺序。亏损出现在前面还是后面，盈利因子都一样，曲线却不一样。",[187,703,704,707],{},[79,705,706],{},"空档期","。没有交易的月份也是信息，入金和出金也一样，它们会改变百分比的含义。",[187,709,710,713,714,716],{},[79,711,712],{},"无法展示的成本","，也要说明：",[21,715,432],{"href":431},"藏在每个成交价里，不出现在任何字段中。",[10,718,719],{},"记录的长度要看两只彼此独立的时钟，而且二者不能互相换算。",[30,721,724],{"className":722,"code":723,"language":35},[33],"交易笔数  -> 关于优势的证据有多少\n日历时间  -> 优势经历过多少种市场环境\n",[37,725,723],{"__ignoreMap":39},[10,727,728],{},"高频系统一个月就能打出 500 笔交易，见识的却只是一个市场的一个月。波段交易者攒够 500 笔交易时，已经过了好几年。两只时钟都要看，以较短的那只为准。",[14,730,55],{"id":55},[10,732,733],{},"业绩记录往往很早就能证明一个策略亏钱，要证明它赚钱却要久得多。盈利积累得慢，靠运气也很容易做出来；失败却往往是一下子来的。",[10,735,736,737,740],{},"所以，",[21,738,739],{"href":89},"最大回撤","是最经不起时间考验的数字。它只会变大。一份记录显示 4%，并不说明策略风险低，只说明它最糟糕的那一天还没来；之后每多一个月，这个数字只会变大，或者原地不动。",[14,742,69],{"id":69},[10,744,745,746,749,750,753,754,757],{},"在 ShowMyTrades 上有交易历史的已发布账户中（来自 1 万+ 个已连接账户、",[79,747,748],{},"15,436,464"," 笔已同步交易），已平仓交易数的中位数是 ",[79,751,752],{},"171"," 笔，持仓时间中位数是 ",[79,755,756],{},"2.4 小时","。这些数字只代表在这里发布的账户，并非全体交易者。",[10,759,760],{},"把两个数字放在一起看。每个仓位持有 2.4 小时，171 笔交易算不上好几年的历史；对一个活跃的系统来说，可能只是几周的日历时间。中位数水平的公开记录在两只时钟上都很单薄，这对业绩记录来说是常态，并不稀奇。",[10,762,763],{},[764,765],"img",{"alt":766,"src":767},"三个月算样本，六个月算线索，十二个月算论据，二十四个月才算业绩记录；这里的中位数账户有 171 笔已平仓交易，每笔持仓 2.4 小时","\u002Fimages\u002Farticles\u002Fsample-size.svg",[10,769,770],{},"数交易笔数，别数日历；以较短的那只时钟为准。",[10,772,773,774,776,777,779,780,782,783,340,785,787],{},"风险数字也反映出这一点。最深回撤的中位数为 ",[79,775,81],{},"，但 ",[79,778,94],{}," 的账户曾回撤超过 20%，",[79,781,98],{}," 曾回撤超过 50%。时间加权收益率的中位数为 ",[79,784,544],{},[79,786,547],{}," 的账户为正。这些极端情况出自较长的记录，较短的记录还没机会经历。",[10,789,790,791,794,795,219,798,802],{},"有一组数字值得对照着看：胜率中位数 ",[79,792,793],{},"68.8%","，盈利因子中位数 ",[79,796,797],{},"1.28",[21,799,801],{"href":800},"\u002Fguides\u002Fwin-rate-is-not-an-edge","大多数已发布账户赢下了多数交易，最后却几乎没赚到钱","：这正是业绩记录能衡量、而一个醒目的数字永远衡量不了的东西。",[14,804,122],{"id":121},[10,806,807,808,811,812,815,816,819,820,822,823,825],{},"账户页面本身就是业绩记录。交易时钟在",[79,809,810],{},"高级统计","模块里，即",[79,813,814],{},"总交易数","，旁边是",[79,817,818],{},"平均持仓时间","；两者相乘，就是这个账户实际持仓的总时长。日历时钟要看",[79,821,152],{},"表格：它按月展示记录，没有交易的月份留空，交易中断一目了然，不会被平均掉；切换到",[79,824,156],{},"视图，还能逐日查看某一个月。",[10,827,828,830,831,167,834,837],{},[79,829,135],{},"旁边的信息图标会显示",[79,832,833],{},"创建于",[79,835,836],{},"公开浏览量","。“创建于”是账户连接到 ShowMyTrades 的日期，不是开始交易的日期：导入的经纪商历史往往早好几年，所以时间跨度要看月度表格，不要看这个日期。",[10,839,840,841,844,845,848,849,852,853,167,856,859,860,863,864,852,867,852,870,852,873,167,876,878],{},"逐笔明细在",[79,842,843],{},"交易历史与余额变化","表格中，每个仓位一行。",[79,846,847],{},"净盈亏","始终显示，",[79,850,851],{},"盈利（毛额）","、",[79,854,855],{},"库存费",[79,857,858],{},"佣金","可以在",[79,861,862],{},"显示","菜单中作为单独的列打开。图表模块可以在",[79,865,866],{},"增长",[79,868,869],{},"余额",[79,871,872],{},"盈利",[79,874,875],{},"逐笔交易增长",[79,877,76],{},"之间切换；逐笔交易增长用的是同一份数据，只是把日历时钟换成了交易时钟。账户所有者可以对公开页面隐藏个别模块。",[14,880,182],{"id":182},[184,882,883,889,895,906],{},[187,884,189,885,888],{},[79,886,887],{},"已经运行两年了，所以是一份很长的记录。","”两年只有九笔交易，就只有九个样本。先看交易笔数，再看开始日期。",[187,890,189,891,894],{},[79,892,893],{},"业绩记录能证明策略有效。","”它记录的只是一个结果。这个结果来自优势还是运气，是样本量的问题，而大多数记录都太短，回答不了。",[187,896,189,897,900,901,905],{},[79,898,899],{},"已发布就等于已验证。","”这是两回事。一份记录可以完整、详细，却",[21,902,904],{"href":903},"\u002Fguides\u002Fspotting-fake-ea-results","完全是伪造的","；数据从哪里来，要看认证徽章。",[187,907,189,908,911],{},[79,909,910],{},"回撤数字已经定型了。","”它是一个不断刷新的最大值，只升不降；在新账户上，它反映的主要是还没发生的事。",[10,913,914,915,219],{},"关于样本量的算法，以及值得遵循的最低标准：",[21,916,918],{"href":917},"\u002Fguides\u002Fhow-much-history-a-track-record-needs","业绩记录要多长才有意义",{"title":39,"searchDepth":221,"depth":221,"links":920},[921,922,923,924,925],{"id":16,"depth":221,"text":16},{"id":55,"depth":221,"text":55},{"id":69,"depth":221,"text":69},{"id":121,"depth":221,"text":122},{"id":182,"depth":221,"text":182},"验证","业绩记录是一个交易账户有据可查的历史。本文说明它必须包含什么、要积累多久才算得上证据，以及真实账户的情况。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-track-record",[931,454,932,933],"what-is-a-verified-track-record","what-is-a-profit-factor","what-is-cost-percentage",{"title":663,"description":927},"zh\u002F5.glossary\u002Fwhat-is-a-track-record","业绩记录 (Track Record)","d50DdZ-DBiq8T8-QEcOODv2qk9qQJcGufJkNm3hNyHU",{"id":939,"title":940,"body":941,"category":448,"date":229,"description":1135,"draft":231,"extension":232,"meta":1136,"navigation":234,"path":1137,"related":1138,"seo":1141,"stem":1142,"term":1143,"updated":229,"__hash__":1144},"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":942,"toc":1128},[943,949,951,954,960,963,969,977,980,1000,1006,1009,1011,1014,1021,1023,1035,1038,1051,1053,1060,1088,1090,1121],[10,944,945,946,948],{},"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",[21,947,76],{"href":75},"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。",[14,950,16],{"id":16},[10,952,953],{},"分三步，按顺序来。",[30,955,958],{"className":956,"code":957,"language":35},[33],"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",[37,959,957],{"__ignoreMap":39},[10,961,962],{},"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：",[30,964,967],{"className":965,"code":966,"language":35},[33],"风险金额   = 10,000 × 0.01      = $100\n仓位大小   = 100 \u002F (50 × 10)    = 0.20 手\n",[37,968,966],{"__ignoreMap":39},[10,970,971,972,976],{},"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",[21,973,975],{"href":974},"\u002Fglossary\u002Fwhat-is-a-stop-loss","止损","位置不能分开决定。",[10,978,979],{},"实践中最常用的有三种方法：",[184,981,982,988,994],{},[187,983,984,987],{},[79,985,986],{},"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。",[187,989,990,993],{},[79,991,992],{},"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。",[187,995,996,999],{},[79,997,998],{},"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。",[10,1001,1002],{},[764,1003],{"alt":1004,"src":1005},"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",[10,1007,1008],{},"一个账户用的是哪一种，光看手数就能看出来。",[14,1010,55],{"id":55},[10,1012,1013],{},"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%。",[10,1015,1016,1020],{},[21,1017,1019],{"href":1018},"\u002Fglossary\u002Fwhat-is-leverage","杠杆","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。",[14,1022,69],{"id":69},[10,1024,1025,1026,1028,1029,340,1032,1034],{},"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），",[79,1027,94],{}," 曾",[21,1030,1031],{"href":89},"回撤超过 20%",[79,1033,98],{}," 亏掉了峰值的一半以上。",[10,1036,1037],{},"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。",[10,1039,1040,1041,340,1043,1046,1047,1050],{},"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 ",[79,1042,353],{},[79,1044,1045],{},"53.9%"," 的账户自动化程度超过 90%，低于 10% 的则有 ",[79,1048,1049],{},"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。",[14,1052,122],{"id":121},[10,1054,1055,1059],{},[21,1056,1058],{"href":1057},"\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。",[10,1061,1062,1063,1065,1066,1069,1070,1073,1074,1077,1078,1080,1081,1087],{},"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。",[79,1064,396],{},"有一列",[79,1067,1068],{},"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。",[79,1071,1072],{},"自定义分析","提供",[79,1075,1076],{},"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。",[79,1079,810],{},"模块里的",[21,1082,1084],{"href":1083},"\u002Fguides\u002Ftrading-volume-analysis",[79,1085,1086],{},"总手数","给出汇总值；所有已发布账户累计交易了 1,724,575 手。",[14,1089,182],{"id":182},[184,1091,1092,1098,1109,1115],{},[187,1093,189,1094,1097],{},[79,1095,1096],{},"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。",[187,1099,189,1100,1103,1104,1108],{},[79,1101,1102],{},"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。",[21,1105,1107],{"href":1106},"\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。",[187,1110,189,1111,1114],{},[79,1112,1113],{},"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。",[187,1116,189,1117,1120],{},[79,1118,1119],{},"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。",[10,1122,1123,1124,219],{},"全套风险与仓位管理工具，以及各自适用的场景，请参阅",[21,1125,1127],{"href":1126},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",{"title":39,"searchDepth":221,"depth":221,"links":1129},[1130,1131,1132,1133,1134],{"id":16,"depth":221,"text":16},{"id":55,"depth":221,"text":55},{"id":69,"depth":221,"text":69},{"id":121,"depth":221,"text":122},{"id":182,"depth":221,"text":182},"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",[453,454,1139,1140],"what-is-a-stop-loss","what-is-leverage",{"title":940,"description":1135},"zh\u002F5.glossary\u002Fwhat-is-position-sizing","仓位管理 (Position Sizing)","5hi2OmhGtFDhESyalituW-Nh51a9wIit5SKZxEMEQyk",[1146,1147],{"path":257},{"path":235},1793898069422]