[{"data":1,"prerenderedAt":968},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-a-stop-loss":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-stop-loss-related":250,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-stop-loss-langs":965},{"id":4,"title":5,"body":6,"category":233,"date":234,"description":235,"draft":236,"extension":237,"meta":238,"navigation":239,"path":240,"related":241,"seo":245,"stem":246,"term":247,"updated":248,"__hash__":249},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-stop-loss.md","什么是止损？类型、局限与真实数字",{"type":7,"value":8,"toc":225},"minimark",[9,13,17,20,49,52,63,72,75,83,96,99,107,114,117,120,128,131,135,183,186,218],[10,11,12],"p",{},"止损（stop loss）是事先挂好的订单，价格到了指定位置就平仓，给这笔交易的亏损封顶。这个决定在开仓之前就已做出，交给经纪商的服务器执行，意义全在于此：离场不必留到您最不愿意离场的那一刻再决定。它封顶的是意图，而不是结果：实际成交价可能比止损位更差。",[14,15,16],"h2",{"id":16},"工作原理",[10,18,19],{},"实际在用的止损，几乎都可以归入以下四种。",[21,22,23,31,37,43],"ul",{},[24,25,26,30],"li",{},[27,28,29],"strong",{},"固定止损","。入场时设好的价位，保存在经纪商的服务器上。停电、终端崩溃、网络断线都不影响它，因为它根本不在您的电脑上。",[24,32,33,36],{},[27,34,35],{},"追踪止损（Trailing Stop）","。价格朝盈利方向走时跟着移动，绝不往回退。它能锁住收益，可在震荡行情中也会把盈利单变成保本单。MetaTrader 内置的追踪止损由终端管理，平台开着才有效，所以 EA 一般改为修改服务器端的止损来实现追踪。",[24,38,39,42],{},[27,40,41],{},"基于波动率的止损","。止损距离按当前的波动幅度来定，通常取 ATR 的倍数，而不是凑个整数。同样是 20 点止损，放在 EUR\u002FUSD 上和放在黄金上，风险完全不同。",[24,44,45,48],{},[27,46,47],{},"时间止损","。不管价格如何，持仓满 N 小时或 N 根 K 线就离场。用的人少，价值被低估了。",[10,50,51],{},"先有止损，再定仓位大小，顺序不能反过来：",[53,54,59],"pre",{"className":55,"code":57,"language":58},[56],"language-text","仓位大小 = (净值 × 风险 %) ÷ (止损距离点数 × 点值)\n","text",[60,61,57],"code",{"__ignoreMap":62},"",[10,64,65,66,71],{},"先定手数，再去找一个保证金扛得住的止损，这是账户出现无底亏损最常见的原因。",[67,68,70],"a",{"href":69},"\u002Ftools\u002Fposition-size-calculator","仓位计算器","会按正确的顺序帮您算。",[14,73,74],{"id":74},"为什么重要",[10,76,77,78,82],{},"止损是触发条件，不是价格保证。价格一碰到止损位，订单就变成市价单，按下一个能成交的价格成交。遇到跳空（周一开盘、利率决议出人意料、2015 年 1 月的瑞士法郎），这个价格可能离止损位很远。两者的差额就是",[67,79,81],{"href":80},"\u002Fglossary\u002Fwhat-is-slippage","滑点","，而滑点没有上限。只有部分经纪商收费提供的保证止损，才会按设定价格成交。",[10,84,85,86,90,91,95],{},"更深一层的作用在于约束行为。没有事先定好的离场点，要不要平掉亏损单，就得在拿着它的时候决定，而这恰恰是最糟糕的时刻。后面的一切，包括",[67,87,89],{"href":88},"\u002Fglossary\u002Fwhat-is-a-profit-factor","盈利因子","、回撤，乃至会不会收到",[67,92,94],{"href":93},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","，都在那一刻定下了。",[14,97,98],{"id":98},"数据显示了什么",[10,100,101,102,106],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），",[67,103,105],{"href":104},"\u002Fguides\u002Fwin-rate-is-not-an-edge","胜率中位数","为 68.8%，盈利因子中位数为 1.28。统计对象是在本站公开的账户，并不代表全体交易者。",[10,108,109],{},[110,111],"img",{"alt":112,"src":113},"ShowMyTrades 公开账户中，胜率中位数 68.8% 与盈利因子中位数 1.28 的对比","\u002Fimages\u002Farticles\u002Fwin-rate-vs-payoff.svg",[10,115,116],{},"赢得多、赚得少，正是事先定好离场点所要打破的模式。",[10,118,119],{},"这两个数字要放在一起看，分开看都显得漂亮。将近七成的交易以盈利收场，可总盈利只有总亏损的 1.28 倍。两者同时成立，只能是亏损单明显比盈利单大：胜率 68.8%、盈利因子 1.28，意味着平均亏损约为平均盈利的 1.7 倍。（这是两个分布各自的中位数，只作示意，并非某个账户的实测值，但方向毫无疑问。）",[10,121,122,123,127],{},"这就是盈利早早落袋、亏损放任不管的典型特征，也正是止损要防止的。0.05 的",[67,124,126],{"href":125},"\u002Fglossary\u002Fwhat-is-the-sharpe-ratio","夏普比率","中位数再次印证了这一点：每承担一单位波动，收益只比零高一点。中位数账户平仓 171 笔交易，样本并不单薄。",[10,129,130],{},"这也不是手动操作造成的。自动交易占比的中位数为 99%，53.9% 的账户自动化程度超过 90%。对这些账户来说，没有止损就是少写了一行代码，而系统做的每一笔交易都一模一样地缺着它。",[14,132,134],{"id":133},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[21,136,137,147,158,167,173],{},[24,138,139,142,143,146],{},[27,140,141],{},"交易表格","里有一列",[27,144,145],{},"止损","（S\u002FL），显示每个仓位记录的止损价；如果交易确实是被止损平掉的，这个价格会标红。几百行的止损列都是空的，说明这个账户交易时从不预设离场点。",[24,148,149,150,153,154,157],{},"高级统计里的",[27,151,152],{},"平均盈利","和",[27,155,156],{},"平均亏损","。平均亏损如果是平均盈利的好几倍，要么根本没设止损，要么止损被挪过。",[24,159,160,166],{},[27,161,162,163,165],{},"最差交易（盈亏）",[27,164,153],{},"最差交易（点）","。不管描述里怎么说，账户吃过的最大单笔亏损，才是它真正的止损。",[24,168,169,172],{},[27,170,171],{},"期望值","以点数和账户货币显示，是盈亏合在一起后每笔交易的平均结果：这个数字，高胜率美化不了。",[24,174,175,176,182],{},"同一区块里的",[67,177,179],{"href":178},"\u002Fglossary\u002Fwhat-is-average-trade-length",[27,180,181],{},"平均持仓时间","暴露出这种不对称：亏损单一拿就是几天，盈利单几分钟就走。",[14,184,185],{"id":185},"常见误解",[21,187,188,195,206,212],{},[24,189,190,191,194],{},"“",[27,192,193],{},"止损保证了我的最大亏损。","”它管得住触发点，管不住成交价。遇到跳空或订单簿稀薄，成交会更差，有时差得多。",[24,196,190,197,200,201,205],{},[27,198,199],{},"止损越宽越安全。","”手数不变，止损越宽，亏损就越大。距离和规模是同一个决定，不是两个：参见",[67,202,204],{"href":203},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","。",[24,207,190,208,211],{},[27,209,210],{},"挪动止损是给交易留点空间。","”把止损往远离价格的方向挪，事先确定的亏损就变成了没有边界的亏损。上面平均亏损和平均盈利之间的差距，正是这一个习惯造成的。",[24,213,190,214,217],{},[27,215,216],{},"我的胜率够高，用不着止损。","”恰恰相反。这里的中位数账户胜率已经有 68.8%，盈利因子却还是只有 1.28。",[10,219,220,221,205],{},"想知道长期来看自己的记录该关注什么，请参阅",[67,222,224],{"href":223},"\u002Fguides\u002Ftracking-trading-performance","交易表现追踪指南",{"title":62,"searchDepth":226,"depth":226,"links":227},2,[228,229,230,231,232],{"id":16,"depth":226,"text":16},{"id":74,"depth":226,"text":74},{"id":98,"depth":226,"text":98},{"id":133,"depth":226,"text":134},{"id":185,"depth":226,"text":185},"风险","2026-08-19T00:00:00.000Z","止损是事先设好的离场订单，价格到了就平掉亏损的交易。本文介绍止损的类型、它为什么不是保证，以及数千个真实账户的数据。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-stop-loss",[242,243,244],"what-is-position-sizing","what-is-a-profit-factor","what-is-slippage",{"title":5,"description":235},"zh\u002F5.glossary\u002Fwhat-is-a-stop-loss","止损 (Stop Loss)","2026-09-24T00:00:00.000Z","GiHGbuQNpH6gFIz2Lq9Y4dIcuHRelVaklEcbYUiG7so",[251,527,735],{"id":252,"title":253,"body":254,"category":515,"date":234,"description":516,"draft":236,"extension":237,"meta":517,"navigation":239,"path":518,"related":519,"seo":523,"stem":524,"term":525,"updated":234,"__hash__":526},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-profit-factor.md","什么是盈利因子？公式、合理数值与真实数据",{"type":7,"value":255,"toc":508},[256,259,261,267,270,273,279,282,349,351,354,362,369,371,384,389,392,399,410,412,438,466,468,502],[10,257,258],{},"盈利因子就是总盈利除以总亏损：所有盈利交易赚的钱加起来，除以所有亏损交易亏的钱。盈利因子 1.50，意思是账户每亏 $1.00，就赚回 $1.50。低于 1.00，不管胜率多高，账户从结构上就注定亏钱。",[14,260,16],{"id":16},[53,262,265],{"className":263,"code":264,"language":58},[56],"盈利因子 = 总盈利 \u002F |总亏损|\n",[60,266,264],{"__ignoreMap":62},[10,268,269],{},"注意这个公式没有考虑什么：账户交易了多久、用了多少资金、中途跌得有多深。",[10,271,272],{},"它也可以用胜率、平均盈利和平均亏损来写，这样写就能拿来诊断问题：",[53,274,277],{"className":275,"code":276,"language":58},[56],"盈利因子 = (胜率 × 平均盈利) \u002F ((1 − 胜率) × 平均亏损)\n",[60,278,276],{"__ignoreMap":62},[10,280,281],{},"两个截然不同的系统，可能算出同一个数值。胜率 30%、盈利单平均是亏损单的四倍，结果是 1.71。胜率 80%、盈利单只有亏损单的一半，结果是 2.00。两者都能赚钱，但出问题的方式不同，做起来的感受也完全两样。",[283,284,285,297],"table",{},[286,287,288],"thead",{},[289,290,291,294],"tr",{},[292,293,89],"th",{},[292,295,296],{},"解读",[298,299,300,309,317,325,333,341],"tbody",{},[289,301,302,306],{},[303,304,305],"td",{},"低于 1.00",[303,307,308],{},"亏钱，而且是结构性的，不是差一点",[289,310,311,314],{},[303,312,313],{},"1.00 – 1.10",[303,315,316],{},"还在噪声范围内，一周行情不好就没了",[289,318,319,322],{},[303,320,321],{},"1.10 – 1.30",[303,323,324],{},"优势很薄但真实存在，前提是样本够大",[289,326,327,330],{},[303,328,329],{},"1.30 – 2.00",[303,331,332],{},"策略有效",[289,334,335,338],{},[303,336,337],{},"2.00 – 3.00",[303,339,340],{},"很强。请核对交易笔数，以及成本是否算全",[289,342,343,346],{},[303,344,345],{},"高于 3.00",[303,347,348],{},"在长期历史里很少见：通常是样本太短、靠几笔超大盈利撑着，或者还有亏损单没平仓",[14,350,74],{"id":74},[10,352,353],{},"要回答“这个系统到底赚不赚钱”，盈利因子是最干净的单一指标。它也比胜率难包装得多，因为每一笔亏损都按全额计入分母。",[10,355,356,357,361],{},"但它不是风险指标。盈利因子不管顺序：一个账户一个月赚够全部利润、另外十一个月一直失血，和一个每周稳步上涨的账户，数值可以一模一样。所以要和",[67,358,360],{"href":359},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","最大回撤","一起看，否则只看到了终点，没看到过程。",[10,363,364,368],{},[67,365,367],{"href":366},"\u002Fglossary\u002Fwhat-is-backtesting","回测","给出的盈利因子同样要小心：优化器追求的就是把这个比值做到最大，所以回测里的高数值，往往反映的是拟合做得多好，而不是策略本身多好。",[14,370,98],{"id":98},[10,372,373,374,377,378,383],{},"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，",[27,375,376],{},"盈利因子中位数为 1.28","，",[27,379,380,382],{},[67,381,105],{"href":104},"为 68.8%","。两个数字都是扣除成本后的：每笔交易先计入库存费和佣金，再判定是盈利单还是亏损单，所以 1.28 是净值，不是毛值。",[10,385,386],{},[110,387],{"alt":388,"src":113},"ShowMyTrades 公开账户的中位数：68.8% 的胜率与 1.28 的盈利因子并列",[10,390,391],{},"同一组数据的两个中位数：胜率看着很高，背后的优势却很薄。",[10,393,394,395,398],{},"要看的正是这两个数放在一起。中位数账户里，将近七成的交易以盈利平仓，可整体优势也只是每亏 $1.00 赚 $1.28。拿一个两项都正好处在中位数的账户，把公式倒推回去：它的平均盈利只有平均亏损的约 ",[27,396,397],{},"0.58 倍","。赢得多和赚得多是两回事，前者要容易制造得多：亏损单扛着不平，盈利单早早落袋，胜率就往上走，盈利因子却往下掉。",[10,400,401,402,405,406,409],{},"同一组账户的夏普比率中位数是 ",[27,403,404],{},"0.05","，中位数账户有 ",[27,407,408],{},"171 笔已平仓交易","。样本这么小，盈利因子高于 3.00 并不能证明系统更强，只能说明样本还太少，最差的那笔交易还没出现。",[14,411,134],{"id":133},[10,413,414,415,418,419,421,422,425,426,425,428,425,430,425,432,153,435,437],{},"每个已发布账户页面的",[27,416,417],{},"高级统计","模块里都有",[27,420,89],{},"，旁边是能解释它的几个数字：",[27,423,424],{},"胜率","、",[27,427,152],{},[27,429,156],{},[27,431,171],{},[27,433,434],{},"总交易数",[27,436,126],{},"。这六个数字合起来，能说清单一比值说不清的事。",[10,439,440,441,451,452,153,455,458,459,465],{},"有两个产品细节值得注意。第一，已经算进比值的成本会另外逐项列出：交易表格有",[27,442,443,444,450],{},"盈利（毛额）",[27,445,446,447,153],{},"列，",[27,448,449],{},"库存费","佣金","各占一列；高级统计还汇总了",[27,453,454],{},"佣金合计",[27,456,457],{},"已付库存费合计","，可以看出净值数字里扣掉了多少成本。在所有已发布账户中，这两项合计分别是佣金 $4,782,670、库存费 $862,547。第二，",[67,460,462],{"href":461},"\u002Fguides\u002Fcustom-analysis-and-filter-presets",[27,463,464],{},"自定义分析","可以先筛选（按日期范围、品种、魔术号、方向或手数），再对子集重算整个统计区块。用它可以检验：去掉表现最好的那个季度，或者去掉最赚钱的那个品种，盈利因子是否依然站得住。",[14,467,185],{"id":185},[21,469,470,481,490,496],{},[24,471,190,472,475,476,480],{},[27,473,474],{},"盈利因子高于 1，就说明我在赚钱。","”前提是成本已经算进比值。如果没有，一个毛值 1.05 的高频系统，",[67,477,479],{"href":478},"\u002Fglossary\u002Fwhat-is-cost-percentage","计入佣金和库存费之后","可能持平甚至亏损。",[24,482,190,483,486,487,489],{},[27,484,485],{},"盈利因子高，风险就低。","”它反映不了回撤、仓位大小和盈亏顺序。马丁格尔式逐级加仓的",[67,488,204],{"href":203},"方案，可以一直显示 4.00，直到哪天突然失灵。",[24,491,190,492,495],{},[27,493,494],{},"不同时间周期之间可以直接比。","”不能，它没有年化。剥头皮交易者 20,000 笔交易得出的 1.20，和波段交易者 60 笔交易得出的 1.20，说的不是一回事。",[24,497,190,498,501],{},[27,499,500],{},"未平仓的交易不影响它。","”会影响，恰恰因为它们不在里面。一直不平的浮动亏损完全不计入总亏损，在平仓之前会一直把比值抬高。",[10,503,504,505,205],{},"该长期追踪哪些指标、按什么顺序看，请参阅",[67,506,507],{"href":223},"交易表现追踪完全指南",{"title":62,"searchDepth":226,"depth":226,"links":509},[510,511,512,513,514],{"id":16,"depth":226,"text":16},{"id":74,"depth":226,"text":74},{"id":98,"depth":226,"text":98},{"id":133,"depth":226,"text":134},{"id":185,"depth":226,"text":185},"指标","盈利因子是总盈利除以总亏损，低于 1.0 的账户注定亏损。本文给出各数值区间的解读，以及数千个账户的中位数 1.28。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-profit-factor",[520,521,242,522],"what-is-drawdown","what-is-maximum-drawdown","what-is-backtesting",{"title":253,"description":516},"zh\u002F5.glossary\u002Fwhat-is-a-profit-factor","盈利因子 (Profit Factor)","OLz2UdKZBQ-s3NM0RQISYNe6Jrhtmy0tM84z39S0Thk",{"id":528,"title":529,"body":530,"category":233,"date":234,"description":725,"draft":236,"extension":237,"meta":726,"navigation":239,"path":727,"related":728,"seo":731,"stem":732,"term":733,"updated":234,"__hash__":734},"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":531,"toc":718},[532,540,542,545,551,554,560,567,570,590,596,599,601,604,611,613,627,630,644,646,651,678,680,711],[10,533,534,535,539],{},"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",[67,536,538],{"href":537},"\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。",[14,541,16],{"id":16},[10,543,544],{},"分三步，按顺序来。",[53,546,549],{"className":547,"code":548,"language":58},[56],"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",[60,550,548],{"__ignoreMap":62},[10,552,553],{},"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：",[53,555,558],{"className":556,"code":557,"language":58},[56],"风险金额   = 10,000 × 0.01      = $100\n仓位大小   = 100 \u002F (50 × 10)    = 0.20 手\n",[60,559,557],{"__ignoreMap":62},[10,561,562,563,566],{},"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",[67,564,145],{"href":565},"\u002Fglossary\u002Fwhat-is-a-stop-loss","位置不能分开决定。",[10,568,569],{},"实践中最常用的有三种方法：",[21,571,572,578,584],{},[24,573,574,577],{},[27,575,576],{},"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。",[24,579,580,583],{},[27,581,582],{},"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。",[24,585,586,589],{},[27,587,588],{},"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。",[10,591,592],{},[110,593],{"alt":594,"src":595},"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",[10,597,598],{},"一个账户用的是哪一种，光看手数就能看出来。",[14,600,74],{"id":74},[10,602,603],{},"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%。",[10,605,606,610],{},[67,607,609],{"href":608},"\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。",[14,612,98],{"id":98},[10,614,615,616,619,620,377,623,626],{},"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），",[27,617,618],{},"38.2%"," 曾",[67,621,622],{"href":359},"回撤超过 20%",[27,624,625],{},"17.6%"," 亏掉了峰值的一半以上。",[10,628,629],{},"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。",[10,631,632,633,377,636,639,640,643],{},"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 ",[27,634,635],{},"99%",[27,637,638],{},"53.9%"," 的账户自动化程度超过 90%，低于 10% 的则有 ",[27,641,642],{},"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。",[14,645,134],{"id":133},[10,647,648,650],{},[67,649,70],{"href":69},"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。",[10,652,653,654,656,657,660,661,663,664,667,668,670,671,677],{},"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。",[27,655,141],{},"有一列",[27,658,659],{},"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。",[27,662,464],{},"提供",[27,665,666],{},"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。",[27,669,417],{},"模块里的",[67,672,674],{"href":673},"\u002Fguides\u002Ftrading-volume-analysis",[27,675,676],{},"总手数","给出汇总值；所有已发布账户累计交易了 1,724,575 手。",[14,679,185],{"id":185},[21,681,682,688,699,705],{},[24,683,190,684,687],{},[27,685,686],{},"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。",[24,689,190,690,693,694,698],{},[27,691,692],{},"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。",[67,695,697],{"href":696},"\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。",[24,700,190,701,704],{},[27,702,703],{},"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。",[24,706,190,707,710],{},[27,708,709],{},"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。",[10,712,713,714,205],{},"全套风险与仓位管理工具，以及各自适用的场景，请参阅",[67,715,717],{"href":716},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",{"title":62,"searchDepth":226,"depth":226,"links":719},[720,721,722,723,724],{"id":16,"depth":226,"text":16},{"id":74,"depth":226,"text":74},{"id":98,"depth":226,"text":98},{"id":133,"depth":226,"text":134},{"id":185,"depth":226,"text":185},"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",[520,521,729,730],"what-is-a-stop-loss","what-is-leverage",{"title":529,"description":725},"zh\u002F5.glossary\u002Fwhat-is-position-sizing","仓位管理 (Position Sizing)","5hi2OmhGtFDhESyalituW-Nh51a9wIit5SKZxEMEQyk",{"id":736,"title":737,"body":738,"category":953,"date":234,"description":954,"draft":236,"extension":237,"meta":955,"navigation":239,"path":956,"related":957,"seo":960,"stem":961,"term":962,"updated":963,"__hash__":964},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-slippage.md","什么是滑点（Slippage）？定义、成因与真实数据",{"type":7,"value":739,"toc":946},[740,743,745,751,754,760,766,775,782,784,794,802,804,823,834,836,839,909,911,938],[10,741,742],{},"滑点，是您下单时预期的价格与实际成交价格之间的差额。从您的终端发出请求，到经纪商服务器完成撮合，中间这段时间市场还在动，滑点就是这样产生的。滑点可能对您不利，也可能对您有利，但实际上并不对称：最容易出现大滑点的时候，恰恰也是最需要精确成交的时候。",[14,744,16],{"id":16},[53,746,749],{"className":747,"code":748,"language":58},[56],"滑点（点） = (成交价 − 请求价) \u002F 点的大小\n             卖出订单取相反符号\n",[60,750,748],{"__ignoreMap":62},[10,752,753],{},"滑点有三个来源。",[10,755,756,759],{},[27,757,758],{},"延迟","。从请求到执行，每一毫秒价格都可能变。延迟来自通往交易服务器的网络路径、终端自身的处理，以及经纪商的撮合队列。",[10,761,762,765],{},[27,763,764],{},"流动性","。订单要在订单簿上成交。如果报价上可成交的数量比您的订单小，剩下的部分就会在下一档价格成交。所以仓位越大，滑点越大；市场越深，滑点越小。",[10,767,768,771,772,774],{},[27,769,770],{},"订单类型","。市价单按当时能拿到的价格成交，所以会滑点。限价单从不滑点，但可能成交不了，这本身也是一种成本。Stop 类订单（包括",[67,773,145],{"href":565},"）一触发就变成市价单，这是最重要的一点：止损保证的是您能离场，而不是离场的价格。",[10,776,777,778,781],{},"最糟糕的时段是可以预见的：预定的经济数据公布、每日展期（rollover）前后流动性稀薄的时段、周日开盘跳空，以及一大批止损同时触发、把订单簿抽空的那一刻。",[27,779,780],{},"正滑点","也存在（成交价比请求价更好）。经纪商如果让您承担负滑点，也把正滑点照样给您，做法就是对称的；如果好的成交自己留着，差的推给您，那就不对称。",[14,783,74],{"id":74},[10,785,786,787,789,790,793],{},"滑点就是纸面上的策略和服务器上的同一策略之间的差距。用历史卖出价（bid）、按零滑点跑出来的",[67,788,367],{"href":366},"，假设了一种根本不存在的执行方式；",[67,791,792],{"href":178},"平均每笔交易","越短，这个假设凭空造出来的优势就占得越多。",[10,795,796,797,801],{},"目标越小，这笔账越无情。半个点的不利滑点，是 5 点目标的十分之一，却只是 200 点目标的四百分之一；而且它是在",[67,798,800],{"href":799},"\u002Fglossary\u002Fwhat-is-a-spread","点差","和佣金之外另算的，不是替代它们。",[14,803,98],{"id":98},[10,805,806,807,377,810,813,814,817,818,822],{},"不等合适时机就出手的系统，最看重执行质量，而平台上的大多数账户正是这样。截至 2026 年 8 月，ShowMyTrades 上有交易历史的公开账户中，",[27,808,809],{},"自动交易占比的中位数为 99%",[27,811,812],{},"53.9% 的账户自动化程度超过 90%","（42.2% 低于 10%）。这些账户连接了 ",[27,815,816],{},"703 个不同的经纪商服务器","：",[67,819,821],{"href":820},"\u002Fguides\u002Fsame-strategy-different-brokers","同一个策略，发往七百个不同的撮合引擎","，面对七百种不同的延迟情况。",[10,824,825,826,829,830,833],{},"持仓时间又放大了这种风险。这些账户的",[27,827,828],{},"持仓时间中位数为 2.4 小时","，中位数账户已平仓 ",[27,831,832],{},"171 笔交易","：执行成本付得频繁，每笔交易又没有多少时间让价格波动把它消化掉。",[14,835,134],{"id":133},[10,837,838],{},"我们不记录您的终端请求的价格，所以不公布逐笔滑点这个指标；只靠经纪商数据，任何诚实的平台也都公布不了。我们公布的是能衡量的那一半：造成滑点的延迟。",[21,840,841,878,901],{},[24,842,843,846,847,850,851,857,858,864,865,425,868,425,871,874,875,205],{},[27,844,845],{},"终端","面板（MT5 上为",[27,848,849],{},"终端与已打开的图表","）会显示 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可以用来快速检查。如果最差交易远远超出账户原本设定的止损距离，那就是跳空或滑点离场留下的痕迹，而不是入场没做好。",[14,910,185],{"id":185},[912,913,914,920,926,932],"ol",{},[24,915,916,919],{},[27,917,918],{},"止损保证的是离场，不是价格","。遇到跳空，它会按第一个能成交的价格平仓，可能远远超出您设定的价位。",[24,921,922,925],{},[27,923,924],{},"市价单上的“零滑点”，是谁都兑现不了的承诺","。保证止损确实有，但那是另一种产品，要另外付费。",[24,927,928,931],{},[27,929,930],{},"滑点不一定是亏损","。看看您的成交价有没有比请求价更好的时候；如果从来没有，这本身就说明了这家经纪商的情况。",[24,933,934,937],{},[27,935,936],{},"模拟账户的结果偏乐观","。模拟服务器不模拟排队位置和订单簿深度，所以在模拟账户上完美无缺的策略，到了实盘可能只是勉强能用。",[10,939,940,941,945],{},"想了解 Ping、重传与页面上的其他内容如何结合起来看，请阅读",[67,942,944],{"href":943},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台","指南。",{"title":62,"searchDepth":226,"depth":226,"links":947},[948,949,950,951,952],{"id":16,"depth":226,"text":16},{"id":74,"depth":226,"text":74},{"id":98,"depth":226,"text":98},{"id":133,"depth":226,"text":134},{"id":185,"depth":226,"text":185},"成本","滑点是您预期的价格与实际成交价之间的差额。本文解释它为什么总在最要命的时候最严重，以及延迟如何让它变得可以衡量。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-slippage",[958,729,959,522],"what-is-a-spread","what-is-a-vps",{"title":737,"description":954},"zh\u002F5.glossary\u002Fwhat-is-slippage","滑点 (Slippage)","2026-08-29T00:00:00.000Z","_usMaUZBN8x6rtKI1x17K10-_LxzY0duV2FLyHX73gE",[966,967],{"path":565},{"path":240},1793898069762]