[{"data":1,"prerenderedAt":1115},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-a-swap-in-forex":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-swap-in-forex-related":257,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-swap-in-forex-langs":1112},{"id":4,"title":5,"body":6,"category":239,"date":240,"description":241,"draft":242,"extension":243,"meta":244,"navigation":245,"path":246,"related":247,"seo":252,"stem":253,"term":254,"updated":255,"__hash__":256},"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":8,"toc":231},"minimark",[9,13,17,26,37,49,55,66,69,77,80,83,94,101,104,119,123,183,186,218],[10,11,12],"p",{},"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。",[14,15,16],"h2",{"id":16},"工作原理",[10,18,19,20,25],{},"根本的驱动因素，是货币对中两种货币的",[21,22,24],"a",{"href":23},"\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。",[27,28,33],"pre",{"className":29,"code":31,"language":32},[30],"language-text","每晚库存费 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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。",[10,56,57,60,61,65],{},[41,58,59],{},"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",[21,62,64],{"href":63},"\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。",[14,67,68],{"id":68},"为什么重要",[10,70,71,72,76],{},"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。",[21,73,75],{"href":74},"\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。",[10,78,79],{},"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。",[14,81,82],{"id":82},"数据显示了什么",[10,84,85,86,89,90,93],{},"截至 2026 年 8 月，ShowMyTrades 上有交易历史的公开账户共支付了 ",[41,87,88],{},"$862,547"," 库存费。在有库存费记录的账户中，",[41,91,92],{},"86.3% 的账户净库存费为负","：赚到套息是例外，不能当成计划。",[10,95,96],{},[97,98],"img",{"alt":99,"src":100},"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",[10,102,103],{},"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。",[10,105,106,107,110,111,114,115,118],{},"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 ",[41,108,109],{},"2.4 小时","，中位数账户有 ",[41,112,113],{},"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 ",[41,116,117],{},"$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。",[14,120,122],{"id":121},"在-showmytrades-上的位置","在 ShowMyTrades 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(Swap)","2026-08-29T00:00:00.000Z","yIgwXRve5oDzb43RhHA8KKSEvofJAFq296eXB3MNHfg",[258,454,665,891],{"id":259,"title":260,"body":261,"category":239,"date":240,"description":445,"draft":242,"extension":243,"meta":446,"navigation":245,"path":447,"related":448,"seo":450,"stem":451,"term":452,"updated":255,"__hash__":453},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-are-interest-rates.md","什么是利率？利率如何决定您的库存费成本",{"type":7,"value":262,"toc":438},[263,270,272,275,281,284,310,312,315,326,335,337,346,353,356,358,402,404,431],[10,264,265,266,269],{},"利率就是资金的价格，每种货币的利率由各自的央行决定。宏观评论谈利率往往谈得很大，落到交易者身上，影响其实具体得多，也算得清楚：一个货币对里两种货币的政策利率之差，决定了您隔夜持仓时要付出或能拿到多少",[21,267,153],{"href":268},"\u002Fglossary\u002Fwhat-is-a-swap-in-forex","。利率的其他方面都属于预测，唯独这一块是实打实的算术，会直接落到您的对账单上。",[14,271,16],{"id":16},[10,273,274],{},"每个外汇仓位都同时涉及两种货币：做多一种，做空另一种。持仓过了经纪商的展期时间（rollover，通常是纽约时间 17:00），交割日就顺延一天，利差也随之扣除或计入。",[27,276,279],{"className":277,"code":278,"language":32},[30],"隔夜库存费 ≈ 名义金额 × (买入货币的利率 − 卖出货币的利率) ÷ 365\n             − 经纪商加价\n",[34,280,278],{"__ignoreMap":36},[10,282,283],{},"关键在于以下四点：",[124,285,286,292,298,304],{},[127,287,288,291],{},[41,289,290],{},"方向反过来，正负号也反过来","。做多高息货币、做空低息货币，就能赚到利差；同一个货币对反向做空，则要支付利差。",[127,293,294,297],{},[41,295,296],{},"周三按三倍计算","，大多数外汇品种都是如此，因为这一次展期包含了周末的交割。对其他资产类别，有些经纪商改在周五收取三倍。",[127,299,300,303],{},[41,301,302],{},"加价两个方向都收","。正利差扣掉加价后，未必还是正的。所以很多账户不管做多还是做空，最后都在净支付融资成本。",[127,305,306,309],{},[41,307,308],{},"利率调整不是渐进的","。央行一做出决议，所有相关品种的库存费从下一次展期起就会变，而不是在之后几周里慢慢调整。",[14,311,68],{"id":68},[10,313,314],{},"库存费按时间累积，与交易笔数无关。它不在开仓订单上，不计入毛利润，您离开电脑时它也不会停。持仓只有几个小时的系统，几乎可以不管它；持仓几周的波段或网格系统，策略是成是败，往往就差在它身上。",[10,316,317,318,322,323,325],{},"失败的方式很具体：策略毛利为正，净利却为负，",[21,319,321],{"href":320},"\u002Fguides\u002Ftrading-cost-percentage","中间的差额全进了经纪商的口袋","。融资成本和",[21,324,224],{"href":223},"、佣金并列，是让回测结果和对账单对不上的三项成本之一。",[10,327,328,329,331,332,334],{},"反过来的陷阱是",[21,330,64],{"href":63},"。正库存费确实是一笔收入，但利差大到值得去赚的，往往是贬值风险最大的货币。收入每天一点点，回调却又大又突然。",[21,333,210],{"href":209},"会把这两头同时放大。",[14,336,82],{"id":82},[10,338,85,339,342,343,345],{},[41,340,341],{},"$862,547 库存费","，佣金则是 ",[41,344,117],{},"。在这批账户里，融资成本约为佣金的五分之一，而且这笔钱什么都不用做就会被收走。这些数据只代表在这里发布的账户，不是全体交易者的样本。",[10,347,348,349,352],{},"更难看的是分布：",[41,350,351],{},"在有库存费记录的账户中，86.3% 的净库存费为负","。大约每七个账户里就有六个，融资对它们来说是成本，而不是收入。少数能赚到库存费的账户，不管是不是有意为之，都正好站在利差收款的一侧。",[10,354,355],{},"再结合持仓时间来看。平台上的中位数账户每笔交易持仓 2.4 小时，已平仓 171 笔。对这种交易方式来说，库存费只是噪音。但如果经常跨周末、跨月末持仓，同样这项数字就会决定全年的结果。",[14,357,122],{"id":121},[124,359,360,368,377,387,394],{},[127,361,175,362,364,365,367],{},[41,363,131],{},"：以账户货币计的累计融资成本，就在",[41,366,139],{},"旁边。两者都是经纪商报告的绝对金额，不是我们推算出来的估计值。",[127,369,370,373,374,376],{},[41,371,372],{},"交易表格","中每笔交易都有",[41,375,153],{},"列，哪些仓位产生了融资成本、产生了多少，一看便知。持仓视图会汇总当前所有持仓的库存费，也就是此刻利率在您账户上持续产生的成本。",[127,378,379,382,383,386],{},[41,380,381],{},"分类统计","的",[41,384,385],{},"按品种","标签页按交易品种拆分盈利。哪个货币对的融资成本正在悄悄吃掉优势，用它找最快。",[127,388,175,389,393],{},[21,390,391],{"href":178},[41,392,181],{},"能告诉您，库存费对这个账户到底重不重要：持仓是按小时算，还是按周算。",[127,395,396,398,399,401],{},[41,397,167],{},"有一个",[41,400,171],{},"开关。关掉它，重新计算账户统计，差距一目了然。这个差距就是该策略的融资成本。",[14,403,185],{"id":185},[124,405,406,413,419,425],{},[127,407,408,409,412],{},"“",[41,410,411],{},"库存费只对长线交易者重要。","”只要持仓过了展期时间，谁都要付；而且不管仓位持有了一天还是一百天，周三都按三倍收取。",[127,414,408,415,418],{},[41,416,417],{},"正利差就意味着正库存费。","”经纪商的加价两个方向都要扣。要看品种上实际显示的数字，而不是央行的利率表。",[127,420,408,421,424],{},[41,422,423],{},"库存费太小，不值得建模。","”每晚确实不多，累积起来却没有上限：我们的公开账户合计 $862,547，没有一分钱出现在开仓订单上。",[127,426,408,427,430],{},[41,428,429],{},"我应该去交易利率决议。","”那是预测：成功率本来就低，参与的人又多。管理您已经能算清楚的融资成本是另一回事，而且是有确定答案的那一件。",[10,432,433,434,230],{},"完整的成本模块，以及公开账户页面上那些明摆着却常被忽略的内容，请参阅",[21,435,437],{"href":436},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台",{"title":36,"searchDepth":232,"depth":232,"links":439},[440,441,442,443,444],{"id":16,"depth":232,"text":16},{"id":68,"depth":232,"text":68},{"id":82,"depth":232,"text":82},{"id":121,"depth":232,"text":122},{"id":185,"depth":232,"text":185},"央行利率决定两种货币之间的利差，利差又变成库存费：只要仓位过夜，您每晚都要支付或收取。",{},"\u002Fzh\u002Fglossary\u002Fwhat-are-interest-rates",[449,248,250],"what-is-a-swap-in-forex",{"title":260,"description":445},"zh\u002F5.glossary\u002Fwhat-are-interest-rates","利率 (Interest Rates)","TnXv469C5SSMGLOT9N9aeM7mb4wAsL2LUbArnnCouns",{"id":455,"title":456,"body":457,"category":239,"date":240,"description":655,"draft":242,"extension":243,"meta":656,"navigation":245,"path":657,"related":658,"seo":661,"stem":662,"term":663,"updated":240,"__hash__":664},"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":458,"toc":648},[459,462,464,467,473,481,492,508,510,518,521,523,529,535,538,545,552,554,607,609,641],[10,460,461],{},"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。",[14,463,16],{"id":16},[10,465,466],{},"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。",[27,468,471],{"className":469,"code":470,"language":32},[30],"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",[34,472,470],{"__ignoreMap":36},[10,474,475,476,480],{},"EUR\u002FUSD 一个标准手的",[21,477,479],{"href":478},"\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。",[10,482,483,484,487,488,491],{},"经纪商的定价方式有两种。",[41,485,486],{},"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。",[41,489,490],{},"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。",[10,493,494,495,498,499,502,503,507],{},"点差分",[41,496,497],{},"固定点差","（不变，通常较宽，由做市商报价）和",[41,500,501],{},"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",[21,504,506],{"href":505},"\u002Fglossary\u002Fwhat-is-a-stop-loss","止损","最容易被打到的时候。",[14,509,68],{"id":68},[10,511,512,513,517],{},"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",[21,514,516],{"href":515},"\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。",[10,519,520],{},"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。",[14,522,82],{"id":82},[10,524,85,525,528],{},[41,526,527],{},"$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。",[10,530,531],{},[97,532],{"alt":533,"src":534},"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",[10,536,537],{},"三项成本里，只有一项会带着数字出现。",[10,539,540,541,544],{},"看不见的这一半有多大，不难估算。这些账户共交易了 ",[41,542,543],{},"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。",[10,546,547,548,551],{},"而且各家的交易条件确实不一样：这些账户连接了 ",[41,549,550],{},"703 个不同的经纪商服务器","，还有 429 位用户特意在多家经纪商开户，就是为了相互比较。",[14,553,122],{"id":121},[124,555,556,577,586,601],{},[127,557,558,560,561,563,564,567,568,571,572,576],{},[41,559,135],{},"显示",[41,562,139],{},"、",[41,565,566],{},"总手数","和",[41,569,570],{},"总点数","。用第一项除以第二项，就得到",[21,573,575],{"href":574},"\u002Fguides\u002Fbroker-cost-audit","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。",[127,578,579,580,582,583,230],{},"最有用的检查，是把",[41,581,570],{},"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。",[21,584,585],{"href":320},"这个差距就是点差和佣金的账单",[127,587,588,146,590,150,592,154,594,567,597,600],{},[41,589,145],{},[41,591,149],{},[41,593,157],{},[41,595,596],{},"开仓价",[41,598,599],{},"平仓价","，每一笔成交实际花了多少钱，一看便知。",[127,602,603,606],{},[41,604,605],{},"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。",[14,608,185],{"id":185},[187,610,611,617,623,629],{},[127,612,613,616],{},[41,614,615],{},"“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。",[127,618,619,622],{},[41,620,621],{},"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。",[127,624,625,628],{},[41,626,627],{},"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。",[127,630,631,230,634,567,636,640],{},[41,632,633],{},"光看点差，排不出经纪商的高下",[21,635,153],{"href":268},[21,637,639],{"href":638},"\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。",[10,642,643,644,230],{},"想用您自己的品种和手数算出真实数字，请参阅",[21,645,647],{"href":646},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",{"title":36,"searchDepth":232,"depth":232,"links":649},[650,651,652,653,654],{"id":16,"depth":232,"text":16},{"id":68,"depth":232,"text":68},{"id":82,"depth":232,"text":82},{"id":121,"depth":232,"text":122},{"id":185,"depth":232,"text":185},"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",[449,251,659,660],"what-is-a-regulated-broker","what-is-a-profit-factor",{"title":456,"description":655},"zh\u002F5.glossary\u002Fwhat-is-a-spread","点差 (Spread)","pmILRTUEL-hRknwSO9zZZssKW8sK6YY1FwEoFE5VfCc",{"id":666,"title":667,"body":668,"category":879,"date":240,"description":880,"draft":242,"extension":243,"meta":881,"navigation":245,"path":882,"related":883,"seo":887,"stem":888,"term":889,"updated":240,"__hash__":890},"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":669,"toc":872},[670,673,675,678,684,687,741,744,747,759,761,764,767,785,787,790,798,801,803,806,839,841,867],[10,671,672],{},"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。",[14,674,16],{"id":16},[10,676,677],{},"保证金是持仓期间经纪商冻结的押金。算法很简单。",[27,679,682],{"className":680,"code":681,"language":32},[30],"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",[34,683,681],{"__ignoreMap":36},[10,685,686],{},"一标准手 EUR\u002FUSD 是 100,000 单位。价格在 1.0850 时，仓位价值 $108,500。",[688,689,690,706],"table",{},[691,692,693],"thead",{},[694,695,696,700,703],"tr",{},[697,698,699],"th",{},"账户杠杆",[697,701,702],{},"冻结的保证金",[697,704,705],{},"50 点不利波动的成本",[707,708,709,721,731],"tbody",{},[694,710,711,715,718],{},[712,713,714],"td",{},"1:30",[712,716,717],{},"$3,616.67",[712,719,720],{},"$500",[694,722,723,726,729],{},[712,724,725],{},"1:100",[712,727,728],{},"$1,085.00",[712,730,720],{},[694,732,733,736,739],{},[712,734,735],{},"1:500",[712,737,738],{},"$217.00",[712,740,720],{},[10,742,743],{},"三行的仓位一模一样。杠杆动的是保证金，从来不是风险。",[10,745,746],{},"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。",[10,748,749,750,567,754,758],{},"用",[21,751,753],{"href":752},"\u002Ftools\u002Fleverage-calculator","杠杆计算器",[21,755,757],{"href":756},"\u002Ftools\u002Fmargin-calculator","保证金计算器","，拿您自己交易的品种算一算。",[14,760,68],{"id":68},[10,762,763],{},"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。",[10,765,766],{},"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。",[10,768,769,770,774,775,779,780,784],{},"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：",[21,771,773],{"href":772},"\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",[21,776,778],{"href":777},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","，而",[21,781,783],{"href":782},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","只是症状，不是病因。",[14,786,82],{"id":82},[10,788,789],{},"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。",[10,791,792,793,797],{},"结果并不随档位排序。在有交易历史的公开账户中，",[21,794,796],{"href":795},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","最深回撤","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。",[10,799,800],{},"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。",[14,802,122],{"id":121},[10,804,805],{},"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。",[10,807,808,809,811,812,816,817,567,820,826,827,831,832,567,835,838],{},"交易者拿杠杆做了什么，要看别的地方。高级统计里的",[41,810,566],{},"是",[21,813,815],{"href":814},"\u002Fguides\u002Ftrading-volume-analysis","实际交易的累计交易量","。账户统计面板里的",[41,818,819],{},"回撤",[21,821,823],{"href":822},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[41,824,825],{},"余额回撤","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",[21,828,829],{"href":74},[41,830,75],{},"把",[41,833,834],{},"余额",[41,836,837],{},"净值","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。",[14,840,185],{"id":185},[124,842,843,849,855,861],{},[127,844,408,845,848],{},[41,846,847],{},"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。",[127,850,408,851,854],{},[41,852,853],{},"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。",[127,856,408,857,860],{},[41,858,859],{},"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。",[127,862,408,863,866],{},[41,864,865],{},"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。",[10,868,869,870,230],{},"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",[21,871,647],{"href":646},{"title":36,"searchDepth":232,"depth":232,"links":873},[874,875,876,877,878],{"id":16,"depth":232,"text":16},{"id":68,"depth":232,"text":68},{"id":82,"depth":232,"text":82},{"id":121,"depth":232,"text":122},{"id":185,"depth":232,"text":185},"风险","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",[884,885,886],"what-is-a-margin-call","what-is-position-sizing","what-is-maximum-drawdown",{"title":667,"description":880},"zh\u002F5.glossary\u002Fwhat-is-leverage","杠杆 (Leverage)","1K2tTcEclXFA4muLuzmkGaobTWxAuO3stEO8wQ-6IfM",{"id":892,"title":893,"body":894,"category":239,"date":240,"description":1101,"draft":242,"extension":243,"meta":1102,"navigation":245,"path":1103,"related":1104,"seo":1108,"stem":1109,"term":1110,"updated":255,"__hash__":1111},"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":895,"toc":1094},[896,899,901,907,910,916,922,931,938,940,952,958,960,979,990,992,995,1060,1062,1088],[10,897,898],{},"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。",[14,900,16],{"id":16},[27,902,905],{"className":903,"code":904,"language":32},[30],"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",[34,906,904],{"__ignoreMap":36},[10,908,909],{},"滑点有三个来源。",[10,911,912,915],{},[41,913,914],{},"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。",[10,917,918,921],{},[41,919,920],{},"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。",[10,923,924,927,928,930],{},[41,925,926],{},"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",[21,929,506],{"href":505},"）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。",[10,932,933,934,937],{},"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。",[41,935,936],{},"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。",[14,939,68],{"id":68},[10,941,942,943,947,948,951],{},"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",[21,944,946],{"href":945},"\u002Fglossary\u002Fwhat-is-backtesting","回测","，假设了一种根本不存在的执行方式；",[21,949,950],{"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。",[10,953,954,955,957],{},"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",[21,956,224],{"href":223},"和佣金之外另算的，不是替代它们。",[14,959,82],{"id":82},[10,961,962,963,966,967,970,971,973,974,978],{},"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，",[41,964,965],{},"自动交易占比的中位数为 99%","，",[41,968,969],{},"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 ",[41,972,550],{},"：",[21,975,977],{"href":976},"\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。",[10,980,981,982,985,986,989],{},"持仓时间又放大了这种风险。这些账户的",[41,983,984],{},"持仓时间中位数为 2.4 小时","，中位数账户已平仓 ",[41,987,988],{},"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。",[14,991,122],{"id":121},[10,993,994],{},"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。",[124,996,997,1034,1051],{},[127,998,999,1002,1003,1006,1007,1013,1014,1020,1021,563,1024,563,1027,1030,1031,230],{},[41,1000,1001],{},"终端","面板（MT5 上为",[41,1004,1005],{},"终端与已打开的图表","）会显示 ",[21,1008,1010],{"href":1009},"\u002Fglossary\u002Fwhat-is-terminal-ping",[41,1011,1012],{},"Ping","，即终端与经纪商交易服务器之间的往返时间，以及",[21,1015,1017],{"href":1016},"\u002Fglossary\u002Fwhat-is-packet-retransmission",[41,1018,1019],{},"重传","，即需要重新发送的网络数据包比例。Ping 低于 50 ms 属于优秀；高于 200 ms 可能意味着执行更慢、滑点更多。重传率一直偏高，说明网络不稳定，或者交易服务器离得太远。同一面板还会显示",[41,1022,1023],{},"终端版本号",[41,1025,1026],{},"内存",[41,1028,1029],{},"自动交易","和 ",[41,1032,1033],{},"DLL 导入",[127,1035,1036,146,1038,1040,1041,567,1043,154,1045,567,1047,1050],{},[41,1037,145],{},[41,1039,149],{},"表格，每个订单都有",[41,1042,596],{},[41,1044,599],{},[41,1046,506],{},[41,1048,1049],{},"止盈","列。把离场价位的设定值和实际成交的位置一比，就是从经纪商记录里能读到的最接近滑点的数据。",[127,1052,1053,1055,1056,1059],{},[41,1054,135],{},"中的",[41,1057,1058],{},"最差交易（点）"," 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。",[14,1061,185],{"id":185},[187,1063,1064,1070,1076,1082],{},[127,1065,1066,1069],{},[41,1067,1068],{},"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。",[127,1071,1072,1075],{},[41,1073,1074],{},"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。",[127,1077,1078,1081],{},[41,1079,1080],{},"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。",[127,1083,1084,1087],{},[41,1085,1086],{},"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。",[10,1089,1090,1091,1093],{},"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",[21,1092,437],{"href":436},"指南。",{"title":36,"searchDepth":232,"depth":232,"links":1095},[1096,1097,1098,1099,1100],{"id":16,"depth":232,"text":16},{"id":68,"depth":232,"text":68},{"id":82,"depth":232,"text":82},{"id":121,"depth":232,"text":122},{"id":185,"depth":232,"text":185},"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",[248,1105,1106,1107],"what-is-a-stop-loss","what-is-a-vps","what-is-backtesting",{"title":893,"description":1101},"zh\u002F5.glossary\u002Fwhat-is-slippage","滑点 (Slippage)","_usMaUZBN8x6rtKI1x17K10-_LxzY0duV2FLyHX73gE",[1113,1114],{"path":268},{"path":246},1793898060847]