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及离岸监管制度",[63,111,112],{},"德国、南非、塞舌尔、伯利兹等",[63,114,115],{},"要求从相当于欧盟水平到明显宽松不等",[10,117,118,119,122],{},"有两点值得注意。第一，杠杆上限和赔偿限额会调整，所以只有监管机构自己的公开登记册才是最新的。第二，",[21,120,121],{},"监管针对的是法律实体，而不是品牌","：大型集团旗下往往有多个实体，各持不同牌照。适用于您资金的，是客户协议上写明的那个实体的规则，而它常常不是广告里出现的那个。",[14,124,125],{"id":125},"为什么重要",[10,127,128,129,133],{},"经纪商一旦倒闭，您的余额还在不在，取决于资金隔离。价格走多远会触发",[30,130,132],{"href":131},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","，取决于杠杆上限。破产之后能拿回多少，取决于赔偿计划，但赔付有上限，通常远低于一个已入金交易账户的规模。",[10,135,136,137,141,142,146],{},"这些都和业绩无关。一家完全合规的经纪商，处理亏损策略和处理盈利策略一样高效；牌照也告诉不了您任何关于",[30,138,140],{"href":139},"\u002Fglossary\u002Fwhat-is-a-spread","点差","、库存费或执行质量的信息，而",[30,143,145],{"href":144},"\u002Fguides\u002Fbroker-cost-audit","各家公司真正的差别，就在这三项成本上","。",[14,148,149],{"id":149},"数据显示了什么",[10,151,152,153,156],{},"连接到 ShowMyTrades 的 1 万+ 个账户（2026 年 8 月），交易来自 ",[21,154,155],{},"703 个不同的经纪商服务器","。这就是问题的实际规模：看上去一模一样的账户页面背后，是七百套不同的交易条件。",[10,158,159,160,163,164,168],{},"交易者也确实在意这些差别。",[21,161,162],{},"429 位用户在不止一家经纪商开有账户","，699 位用户有不止一个账户。",[30,165,167],{"href":166},"\u002Fguides\u002Fsame-strategy-different-brokers","在不同公司之间比较同一策略","，是平台上的常规用法，不是个别现象。",[10,170,171,172,180,181,184],{},"监管和证据是两回事，而这两样都不多见：在 1 万+ 个已发布账户中，",[21,173,174,175,179],{},"65 个带有“",[30,176,178],{"href":177},"\u002Fglossary\u002Fwhat-is-a-verified-track-record","业绩记录已验证","”徽章","，",[21,182,183],{},"264 个带有“交易权限已验证”徽章","。牌照说明经纪商受到监管；验证说明页面上的数字来自这家经纪商，而不是有人填表填出来的。",[14,186,188],{"id":187},"在-showmytrades-上的位置","在 ShowMyTrades 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100\n","text",[328,329,325],"code",{"__ignoreMap":279},[10,331,332],{},"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。",[10,334,335],{},"阈值各家经纪商不同，但一定写在合同里。最常见的一组：",[39,337,338,351],{},[42,339,340],{},[45,341,342,345,348],{},[48,343,344],{},"级别",[48,346,347],{},"常见阈值",[48,349,350],{},"会发生什么",[58,352,353,363],{},[45,354,355,357,360],{},[63,356,132],{},[63,358,359],{},"100%",[63,361,362],{},"发出警告，不再接受新开仓",[45,364,365,368,371],{},[63,366,367],{},"强制平仓",[63,369,370],{},"50%",[63,372,373],{},"平台自动平仓",[10,375,376],{},"顺序是固定的：",[245,378,379,382,385,388],{},[193,380,381],{},"浮动亏损不断侵蚀净值，已用保证金却纹丝不动。",[193,383,384],{},"保证金比例跌破追加保证金阈值。发出警告，新订单被拒绝。",[193,386,387],{},"亏损继续扩大，保证金比例触及强制平仓水平。",[193,389,390],{},"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。",[10,392,393,394,398,399,401],{},"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",[30,395,397],{"href":396},"\u002Ftools\u002Fmargin-calculator","保证金计算器","算一算，某个手数配合某个",[30,400,33],{"href":32},"，实际会冻结多少保证金。",[14,403,125],{"id":125},[10,405,406],{},"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。",[10,408,409],{},"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。",[10,411,412,413,417],{},"价格没有任何异常波动，它也照样可能到来。隔夜收取的",[30,414,416],{"href":415},"\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。",[14,419,149],{"id":149},[10,421,422,423,427],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），17.6% 的账户",[30,424,426],{"href":425},"\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。",[10,429,430],{},"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。",[10,432,433],{},"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%。",[14,435,188],{"id":187},[10,437,438],{},"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。",[190,440,441,451,458,471],{},[193,442,443,444,233,447,450],{},"账户统计面板里的",[21,445,446],{},"余额",[21,448,449],{},"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。",[193,452,453,454,457],{},"图表模块的",[21,455,456],{},"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。",[193,459,460,461,233,464,470],{},"统计面板里的",[21,462,463],{},"回撤",[30,465,467],{"href":466},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[21,468,469],{},"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。",[193,472,473,476],{},[21,474,475],{},"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。",[14,478,243],{"id":243},[190,480,481,488,494,505],{},[193,482,483,484,487],{},"“",[21,485,486],{},"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。",[193,489,483,490,493],{},[21,491,492],{},"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。",[193,495,483,496,499,500,504],{},[21,497,498],{},"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",[30,501,503],{"href":502},"\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。",[193,506,483,507,510],{},[21,508,509],{},"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。",[10,512,513,514,146],{},"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",[30,515,517],{"href":516},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台",{"title":279,"searchDepth":280,"depth":280,"links":519},[520,521,522,523,524],{"id":16,"depth":280,"text":16},{"id":125,"depth":280,"text":125},{"id":149,"depth":280,"text":149},{"id":187,"depth":280,"text":188},{"id":243,"depth":280,"text":243},"风险","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。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-margin-call",[295,530,531],"what-is-maximum-drawdown","what-is-position-sizing",{"title":307,"description":526},"zh\u002F5.glossary\u002Fwhat-is-a-margin-call","追加保证金通知 (Margin Call)","2026-09-24T00:00:00.000Z","IoIDIVeAg4hDnv0aSOS5rUe9BuDPQFPMGUa80vpHcn8",{"id":538,"title":539,"body":540,"category":742,"date":287,"description":743,"draft":289,"extension":290,"meta":744,"navigation":292,"path":745,"related":746,"seo":751,"stem":752,"term":753,"updated":287,"__hash__":754},"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":541,"toc":735},[542,545,547,550,556,564,575,589,591,599,602,604,611,618,621,628,634,636,694,696,728],[10,543,544],{},"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。",[14,546,16],{"id":16},[10,548,549],{},"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。",[321,551,554],{"className":552,"code":553,"language":326},[324],"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",[328,555,553],{"__ignoreMap":279},[10,557,558,559,563],{},"EUR\u002FUSD 一个标准手的",[30,560,562],{"href":561},"\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。",[10,565,566,567,570,571,574],{},"经纪商的定价方式有两种。",[21,568,569],{},"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。",[21,572,573],{},"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。",[10,576,577,578,581,582,585,586,588],{},"点差分",[21,579,580],{},"固定点差","（不变，通常较宽，由做市商报价）和",[21,583,584],{},"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",[30,587,503],{"href":502},"最容易被打到的时候。",[14,590,125],{"id":125},[10,592,593,594,598],{},"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",[30,595,597],{"href":596},"\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。",[10,600,601],{},"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。",[14,603,149],{"id":149},[10,605,606,607,610],{},"截至 2026 年 8 月，ShowMyTrades 上有交易历史的公开账户共支付了 ",[21,608,609],{},"$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。",[10,612,613],{},[614,615],"img",{"alt":616,"src":617},"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",[10,619,620],{},"三项成本里，只有一项会带着数字出现。",[10,622,623,624,627],{},"看不见的这一半有多大，不难估算。这些账户共交易了 ",[21,625,626],{},"1,724,575 手","。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。",[10,629,630,631,633],{},"而且各家的交易条件确实不一样：这些账户连接了 ",[21,632,155],{},"，还有 429 位用户特意在多家经纪商开户，就是为了相互比较。",[14,635,188],{"id":187},[190,637,638,658,668,689],{},[193,639,640,643,644,206,647,233,650,653,654,657],{},[21,641,642],{},"高级统计","显示",[21,645,646],{},"佣金合计",[21,648,649],{},"总手数",[21,651,652],{},"总点数","。用第一项除以第二项，就得到",[30,655,656],{"href":144},"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。",[193,659,660,661,663,664,146],{},"最有用的检查，是把",[21,662,652],{},"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。",[30,665,667],{"href":666},"\u002Fguides\u002Ftrading-cost-percentage","这个差距就是点差和佣金的账单",[193,669,670,673,674,677,678,681,682,233,685,688],{},[21,671,672],{},"交易历史与余额变化","下的",[21,675,676],{},"已平仓交易","表格，每个订单都有一列",[21,679,680],{},"佣金","，旁边是",[21,683,684],{},"开仓价",[21,686,687],{},"平仓价","，每一笔成交实际花了多少钱，一看便知。",[193,690,691,693],{},[21,692,197],{},"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。",[14,695,243],{"id":243},[245,697,698,704,710,716],{},[193,699,700,703],{},[21,701,702],{},"“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。",[193,705,706,709],{},[21,707,708],{},"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。",[193,711,712,715],{},[21,713,714],{},"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。",[193,717,718,146,721,233,723,727],{},[21,719,720],{},"光看点差，排不出经纪商的高下",[30,722,416],{"href":415},[30,724,726],{"href":725},"\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。",[10,729,730,731,146],{},"想用您自己的品种和手数算出真实数字，请参阅",[30,732,734],{"href":733},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",{"title":279,"searchDepth":280,"depth":280,"links":736},[737,738,739,740,741],{"id":16,"depth":280,"text":16},{"id":125,"depth":280,"text":125},{"id":149,"depth":280,"text":149},{"id":187,"depth":280,"text":188},{"id":243,"depth":280,"text":243},"成本","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",[747,748,749,750],"what-is-a-swap-in-forex","what-is-slippage","what-is-a-regulated-broker","what-is-a-profit-factor",{"title":539,"description":743},"zh\u002F5.glossary\u002Fwhat-is-a-spread","点差 (Spread)","pmILRTUEL-hRknwSO9zZZssKW8sK6YY1FwEoFE5VfCc",{"id":756,"title":757,"body":758,"category":925,"date":287,"description":926,"draft":289,"extension":290,"meta":927,"navigation":292,"path":928,"related":929,"seo":933,"stem":934,"term":935,"updated":287,"__hash__":936},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-verified-track-record.md","什么是经验证的业绩记录？定义与核查",{"type":7,"value":759,"toc":918},[760,763,765,788,794,797,803,806,808,818,821,823,833,849,851,868,879,881,911],[10,761,762],{},"经验证的业绩记录，是通过只读连接直接从经纪商持续传来的交易结果记录，整条链路上没有任何一个环节能让发布者编辑、删除或调整顺序。这正是“说法”和“证据”的区别。这个词里其实藏着两个不同的问题，关于验证的争论，大多源于把两者混为一谈。",[14,764,16],{"id":16},[10,766,767,768,772,773,777,778,782,783,787],{},"第一个问题：数据是不是真的。这由连接本身来回答：通道只能读取账户，永远不能写入，而且不间断地运行，所以记录是持续积累起来的，而不是挑个方便的时候导出来的。在 ShowMyTrades 上，这条通道是以下四种之一：安装在 MetaTrader 4 或 5 中的 EA（智能交易系统）、使用 ",[30,769,771],{"href":770},"\u002Fglossary\u002Fwhat-is-an-mt4-investor-password","MT4 投资者密码","的直接连接、",[30,774,776],{"href":775},"\u002Fctrader-account-tracking","cTrader OAuth2 授权","，或 ",[30,779,781],{"href":780},"\u002Ftradelocker-tracking","TradeLocker REST API","。这四种方式都不能下单、改单或平仓。只读凭据是行业里实现这一点的通用机制，",[30,784,786],{"href":785},"\u002Fglossary\u002Fwhat-is-myfxbook","Myfxbook"," 等第三方追踪工具也是这样连接 MetaTrader 账户的。",[321,789,792],{"className":790,"code":791,"language":326},[324],"经纪商服务器 → 只读连接 → ShowMyTrades → 公开页面\n　　　　　　   整条链路中没有任何可编辑的环节\n",[328,793,791],{"__ignoreMap":279},[10,795,796],{},"第二个问题：发布页面的人是不是账户的主人。只读数据流能证明交易确实存在，却证明不了交易是谁的，因为投资者密码可以交给任何人。要补上这个缺口，得做一件只有拥有交易权限的人才能做的事：以一个不可能成交的价格挂一笔单，并在注释栏里填上发布者的用户 ID。在 cTrader 上，一次 OAuth 授权就能同时回答这两个问题。",[10,798,799],{},[614,800],{"alt":801,"src":802},"“业绩记录已验证”回答的是：数据是否通过一条无法下单、改单或平仓的通道从经纪商传来；“交易权限已验证”回答的是：发布者是否控制着这个账户","\u002Fimages\u002Farticles\u002Ftwo-badges.svg",[10,804,805],{},"一份记录可能过了一关、没过另一关，所以两者分开统计。",[14,807,125],{"id":125},[10,809,810,811,233,814,817],{},"连接之后的一切都只是算术。只要输入能被改动，盈利因子、",[30,812,463],{"href":813},"\u002Fglossary\u002Fwhat-is-drawdown",[30,815,456],{"href":816},"\u002Fglossary\u002Fwhat-is-an-equity-curve","就全是摆设，页面做得再详细也没用。截图、PDF 对账单和电子表格有着同一个毛病：它们都出自请您信任它们的那个人之手。",[10,819,820],{},"连续性和只读访问同样重要。可以暂停、再恢复的记录，能让一个糟糕的月份凭空消失。数据流连续时，中断本身就会在页面上显示出来，这本身就是信息，而不是信息的缺失。",[14,822,149],{"id":149},[10,824,825,826,180,829,832],{},"验证要自己主动去做，还得花点功夫，数字也说明了这一点。截至 2026 年 8 月，在 ShowMyTrades 上发布的 1 万+ 个账户中，只有 ",[21,827,828],{},"65 个带有“业绩记录已验证”",[21,830,831],{},"264 个带有“交易权限已验证”","。证明所有权的账户比证明数据来源的多，因为挂一笔单，比去经纪商那里改密码容易。",[10,834,835,836,840,841,844,845,848],{},"已验证不等于表现好。在有交易历史的公开账户中，",[30,837,839],{"href":838},"\u002Fglossary\u002Fwhat-is-time-weighted-return","时间加权收益率","的中位数为 ",[21,842,843],{},"+3.2%","，63.0% 为正，最深回撤的中位数为 ",[21,846,847],{},"9.7%","，还有 17.6% 的账户曾经亏掉峰值的一半以上。这个分布来自 15,436,464 笔已同步交易，这才是诚实的记录该有的样子，和广告里的那些完全不同。",[14,850,188],{"id":187},[10,852,853,854,857,858,233,860,862,863,210,865,867],{},"两枚徽章都在每个账户页面头部的",[21,855,856],{},"认证","组里，位于各项数字上方：",[21,859,232],{},[21,861,236],{},"，获得时显示绿色，未获得时显示灰色，每枚都有提示框，说明它在该平台上认证的是什么。同一组里还会显示",[21,864,205],{},[21,866,209],{},"，这是根据经纪商服务器判断的，不是用户自己填的。",[10,869,870,871,874,875,878],{},"验证在账户设置中管理，",[21,872,873],{},"投资者密码（可选）"," 字段就在那里：清空它并保存，业绩记录徽章当即变灰。",[21,876,877],{},"完整控制台","小组件也会显示这两枚徽章，因为它嵌入了账户头部，所以放在别人网站上的小组件，也带着自己的数据来源。",[14,880,243],{"id":243},[190,882,883,893,899,905],{},[193,884,885,146,888,892],{},[21,886,887],{},"指向某个追踪网站的链接，不等于验证",[30,889,891],{"href":890},"\u002Fguides\u002Fthird-party-verification-explained","任何平台都能托管未经验证的账户","。要看页面上的徽章，而不是网址里的域名。",[193,894,895,898],{},[21,896,897],{},"“业绩记录已验证”证明不了所有权","。它证明的是交易真实存在。转卖别人投资者密码的人，同样能提供真实的数据流，只是那些交易不是他自己的。",[193,900,901,904],{},[21,902,903],{},"已验证不等于盈利","。徽章只认证数据来源，别的一概不管。之后还得把增长率和回撤放在一起看。",[193,906,907,910],{},[21,908,909],{},"经验证的模拟账户，仍然是模拟账户","。偏偏在实盘成交最吃亏的那些时候，模拟成交显得过于乐观。",[10,912,913,914,146],{},"两枚徽章的验证步骤详解：",[30,915,917],{"href":916},"\u002Fguides\u002Fhow-to-verify-your-account","如何验证您的交易账户",{"title":279,"searchDepth":280,"depth":280,"links":919},[920,921,922,923,924],{"id":16,"depth":280,"text":16},{"id":125,"depth":280,"text":125},{"id":149,"depth":280,"text":149},{"id":187,"depth":280,"text":188},{"id":243,"depth":280,"text":243},"验证","经验证的业绩记录，是通过只读连接直接从经纪商持续获取的业绩数据，发布者无法改动其中任何内容。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-verified-track-record",[930,931,932],"what-is-an-mt4-investor-password","what-is-myfxbook","what-is-drawdown",{"title":757,"description":926},"zh\u002F5.glossary\u002Fwhat-is-a-verified-track-record","经验证的业绩记录 (Verified Track Record)","XXw0XywuXXvGTGPkURwZXnd-tURxBRrjPXvj-rr4h2k",{"id":938,"title":939,"body":940,"category":525,"date":287,"description":1134,"draft":289,"extension":290,"meta":1135,"navigation":292,"path":1136,"related":1137,"seo":1138,"stem":1139,"term":1140,"updated":287,"__hash__":1141},"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":941,"toc":1127},[942,945,947,950,956,959,1007,1010,1013,1023,1025,1028,1031,1047,1049,1052,1058,1061,1063,1066,1094,1096,1122],[10,943,944],{},"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。",[14,946,16],{"id":16},[10,948,949],{},"保证金是持仓期间经纪商冻结的押金。算法很简单。",[321,951,954],{"className":952,"code":953,"language":326},[324],"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",[328,955,953],{"__ignoreMap":279},[10,957,958],{},"一标准手 EUR\u002FUSD 是 100,000 单位。价格在 1.0850 时，仓位价值 $108,500。",[39,960,961,974],{},[42,962,963],{},[45,964,965,968,971],{},[48,966,967],{},"账户杠杆",[48,969,970],{},"冻结的保证金",[48,972,973],{},"50 点不利波动的成本",[58,975,976,987,997],{},[45,977,978,981,984],{},[63,979,980],{},"1:30",[63,982,983],{},"$3,616.67",[63,985,986],{},"$500",[45,988,989,992,995],{},[63,990,991],{},"1:100",[63,993,994],{},"$1,085.00",[63,996,986],{},[45,998,999,1002,1005],{},[63,1000,1001],{},"1:500",[63,1003,1004],{},"$217.00",[63,1006,986],{},[10,1008,1009],{},"三行的仓位一模一样。杠杆动的是保证金，从来不是风险。",[10,1011,1012],{},"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。",[10,1014,1015,1016,233,1020,1022],{},"用",[30,1017,1019],{"href":1018},"\u002Ftools\u002Fleverage-calculator","杠杆计算器",[30,1021,397],{"href":396},"，拿您自己交易的品种算一算。",[14,1024,125],{"id":125},[10,1026,1027],{},"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。",[10,1029,1030],{},"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。",[10,1032,1033,1034,1038,1039,1043,1044,1046],{},"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：",[30,1035,1037],{"href":1036},"\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",[30,1040,1042],{"href":1041},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","，而",[30,1045,132],{"href":131},"只是症状，不是病因。",[14,1048,149],{"id":149},[10,1050,1051],{},"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。",[10,1053,1054,1055,1057],{},"结果并不随档位排序。在有交易历史的公开账户中，",[30,1056,426],{"href":425},"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。",[10,1059,1060],{},"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。",[14,1062,188],{"id":187},[10,1064,1065],{},"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。",[10,1067,1068,1069,1071,1072,1076,1077,233,1079,1083,1084,1088,1089,233,1091,1093],{},"交易者拿杠杆做了什么，要看别的地方。高级统计里的",[21,1070,649],{},"是",[30,1073,1075],{"href":1074},"\u002Fguides\u002Ftrading-volume-analysis","实际交易的累计交易量","。账户统计面板里的",[21,1078,463],{},[30,1080,1081],{"href":466},[21,1082,469],{},"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",[30,1085,1086],{"href":816},[21,1087,456],{},"把",[21,1090,446],{},[21,1092,449],{},"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。",[14,1095,243],{"id":243},[190,1097,1098,1104,1110,1116],{},[193,1099,483,1100,1103],{},[21,1101,1102],{},"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。",[193,1105,483,1106,1109],{},[21,1107,1108],{},"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。",[193,1111,483,1112,1115],{},[21,1113,1114],{},"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。",[193,1117,483,1118,1121],{},[21,1119,1120],{},"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。",[10,1123,1124,1125,146],{},"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",[30,1126,734],{"href":733},{"title":279,"searchDepth":280,"depth":280,"links":1128},[1129,1130,1131,1132,1133],{"id":16,"depth":280,"text":16},{"id":125,"depth":280,"text":125},{"id":149,"depth":280,"text":149},{"id":187,"depth":280,"text":188},{"id":243,"depth":280,"text":243},"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",[296,531,530],{"title":939,"description":1134},"zh\u002F5.glossary\u002Fwhat-is-leverage","杠杆 (Leverage)","1K2tTcEclXFA4muLuzmkGaobTWxAuO3stEO8wQ-6IfM",[1143,1145],{"path":1144},"\u002Fglossary\u002Fwhat-is-a-regulated-broker",{"path":293},1793898059708]