[{"data":1,"prerenderedAt":1321},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-a-track-record":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-track-record-related":322,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-track-record-langs":1317},{"id":4,"title":5,"body":6,"category":304,"date":305,"description":306,"draft":307,"extension":308,"meta":309,"navigation":310,"path":311,"related":312,"seo":317,"stem":318,"term":319,"updated":320,"__hash__":321},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-track-record.md","什么是业绩记录？",{"type":7,"value":8,"toc":296},"minimark",[9,19,23,26,71,74,85,88,91,94,102,105,120,123,130,133,156,171,175,198,212,254,257,289],[10,11,12,13,18],"p",{},"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",[14,15,17],"a",{"href":16},"\u002Fglossary\u002Fwhat-is-a-verified-track-record","经验证的业绩记录","。",[20,21,22],"h2",{"id":22},"工作原理",[10,24,25],{},"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：",[27,28,29,37,48,54,60],"ul",{},[30,31,32,36],"li",{},[33,34,35],"strong",{},"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。",[30,38,39,42,43,47],{},[33,40,41],{},"每笔交易的成本","：",[14,44,46],{"href":45},"\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。",[30,49,50,53],{},[33,51,52],{},"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。",[30,55,56,59],{},[33,57,58],{},"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。",[30,61,62,65,66,70],{},[33,63,64],{},"无法展示的成本","，也要说明：",[14,67,69],{"href":68},"\u002Fglossary\u002Fwhat-is-a-spread","点差","藏在每个成交价里，不出现在任何字段中。",[10,72,73],{},"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。",[75,76,81],"pre",{"className":77,"code":79,"language":80},[78],"language-text","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","text",[82,83,79],"code",{"__ignoreMap":84},"",[10,86,87],{},"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。",[20,89,90],{"id":90},"为什么重要",[10,92,93],{},"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。",[10,95,96,97,101],{},"所以，",[14,98,100],{"href":99},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","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。",[20,103,104],{"id":104},"数据显示了什么",[10,106,107,108,111,112,115,116,119],{},"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、",[33,109,110],{},"15,436,464"," 笔已同步交易），已平仓交易数的中位数是 ",[33,113,114],{},"171"," 笔，持仓时间中位数是 ",[33,117,118],{},"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。",[10,121,122],{},"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。",[10,124,125],{},[126,127],"img",{"alt":128,"src":129},"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",[10,131,132],{},"数交易笔数，别数日历；以较短的那只时钟为准。",[10,134,135,136,139,140,143,144,147,148,151,152,155],{},"风险数字也反映出这一点。最深回撤的中位数为 ",[33,137,138],{},"9.7%","，但 ",[33,141,142],{},"38.2%"," 的账户曾回撤超过 20%，",[33,145,146],{},"17.6%"," 曾回撤超过 50%。时间加权收益率的中位数为 ",[33,149,150],{},"+3.2%","，",[33,153,154],{},"63.0%"," 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。",[10,157,158,159,162,163,18,166,170],{},"有一组数字值得对照着看：胜率中位数 ",[33,160,161],{},"68.8%","，盈利因子中位数 ",[33,164,165],{},"1.28",[14,167,169],{"href":168},"\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。",[20,172,174],{"id":173},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,176,177,178,181,182,185,186,189,190,193,194,197],{},"账户页面本身就是业绩记录。交易时钟在",[33,179,180],{},"高级统计","模块里，即",[33,183,184],{},"总交易数","，旁边是",[33,187,188],{},"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",[33,191,192],{},"月度收益","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",[33,195,196],{},"日历","视图，还能逐日查看某一个月。",[10,199,200,203,204,207,208,211],{},[33,201,202],{},"账户统计","旁边的信息图标会显示",[33,205,206],{},"创建于","和",[33,209,210],{},"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。",[10,213,214,215,218,219,222,223,226,227,207,230,233,234,237,238,226,241,226,244,226,247,207,250,253],{},"逐笔明细在",[33,216,217],{},"交易历史与余额变化","表格中，每个仓位一行。",[33,220,221],{},"净盈亏","始终显示，",[33,224,225],{},"盈利（毛额）","、",[33,228,229],{},"库存费",[33,231,232],{},"佣金","可以在",[33,235,236],{},"显示","菜单中作为单独的列打开。图表模块可以在",[33,239,240],{},"增长",[33,242,243],{},"余额",[33,245,246],{},"盈利",[33,248,249],{},"逐笔交易增长",[33,251,252],{},"回撤","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。",[20,255,256],{"id":256},"常见误解",[27,258,259,266,272,283],{},[30,260,261,262,265],{},"“",[33,263,264],{},"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。",[30,267,261,268,271],{},[33,269,270],{},"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。",[30,273,261,274,277,278,282],{},[33,275,276],{},"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",[14,279,281],{"href":280},"\u002Fguides\u002Fspotting-fake-ea-results","完全是伪造的","；数据从哪里来，要看认证徽章。",[30,284,261,285,288],{},[33,286,287],{},"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。",[10,290,291,292,18],{},"关于样本量的算法，以及值得遵循的最低标准：",[14,293,295],{"href":294},"\u002Fguides\u002Fhow-much-history-a-track-record-needs","业绩记录要多长才有意义",{"title":84,"searchDepth":297,"depth":297,"links":298},2,[299,300,301,302,303],{"id":22,"depth":297,"text":22},{"id":90,"depth":297,"text":90},{"id":104,"depth":297,"text":104},{"id":173,"depth":297,"text":174},{"id":256,"depth":297,"text":256},"验证","2026-08-19T00:00:00.000Z","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。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-a-track-record",[313,314,315,316],"what-is-a-verified-track-record","what-is-maximum-drawdown","what-is-a-profit-factor","what-is-cost-percentage",{"title":5,"description":306},"zh\u002F5.glossary\u002Fwhat-is-a-track-record","业绩记录 (Track Record)","2026-09-10T00:00:00.000Z","d50DdZ-DBiq8T8-QEcOODv2qk9qQJcGufJkNm3hNyHU",[323,599,783,1009],{"id":324,"title":325,"body":326,"category":587,"date":305,"description":588,"draft":307,"extension":308,"meta":589,"navigation":310,"path":590,"related":591,"seo":595,"stem":596,"term":597,"updated":305,"__hash__":598},"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":327,"toc":580},[328,331,333,339,342,345,351,354,422,424,427,433,440,442,455,461,464,471,482,484,511,536,538,573],[10,329,330],{},"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。",[20,332,22],{"id":22},[75,334,337],{"className":335,"code":336,"language":80},[78],"盈利因子 = 总盈利 \u002F |总亏损|\n",[82,338,336],{"__ignoreMap":84},[10,340,341],{},"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。",[10,343,344],{},"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：",[75,346,349],{"className":347,"code":348,"language":80},[78],"盈利因子 = (胜率 × 平均盈利) \u002F ((1 − 胜率) × 平均亏损)\n",[82,350,348],{"__ignoreMap":84},[10,352,353],{},"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。",[355,356,357,370],"table",{},[358,359,360],"thead",{},[361,362,363,367],"tr",{},[364,365,366],"th",{},"盈利因子",[364,368,369],{},"解读",[371,372,373,382,390,398,406,414],"tbody",{},[361,374,375,379],{},[376,377,378],"td",{},"低于 1.00",[376,380,381],{},"亏钱，而且是结构性的，不是差一点",[361,383,384,387],{},[376,385,386],{},"1.00 – 1.10",[376,388,389],{},"还在噪声范围内，一周行情不好就没了",[361,391,392,395],{},[376,393,394],{},"1.10 – 1.30",[376,396,397],{},"优势很薄但真实存在，前提是样本够大",[361,399,400,403],{},[376,401,402],{},"1.30 – 2.00",[376,404,405],{},"策略有效",[361,407,408,411],{},[376,409,410],{},"2.00 – 3.00",[376,412,413],{},"很强。请核对交易笔数，以及成本是否算全",[361,415,416,419],{},[376,417,418],{},"高于 3.00",[376,420,421],{},"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",[20,423,90],{"id":90},[10,425,426],{},"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。",[10,428,429,430,432],{},"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",[14,431,100],{"href":99},"一起看，否则只看到了终点，没看到过程。",[10,434,435,439],{},[14,436,438],{"href":437},"\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。",[20,441,104],{"id":104},[10,443,444,445,151,448,454],{},"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，",[33,446,447],{},"盈利因子中位数为 1.28",[33,449,450,453],{},[14,451,452],{"href":168},"胜率中位数","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。",[10,456,457],{},[126,458],{"alt":459,"src":460},"ShowMyTrades 公开账户的中位数：68.8% 的胜率与 1.28 的盈利因子并列","\u002Fimages\u002Farticles\u002Fwin-rate-vs-payoff.svg",[10,462,463],{},"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。",[10,465,466,467,470],{},"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 ",[33,468,469],{},"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。",[10,472,473,474,477,478,481],{},"同一组账户的夏普比率中位数是 ",[33,475,476],{},"0.05","，中位数账户有 ",[33,479,480],{},"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。",[20,483,174],{"id":173},[10,485,486,487,489,490,492,493,226,496,226,499,226,502,226,505,207,507,510],{},"每个已发布账户页面的",[33,488,180],{},"模块里都有",[33,491,366],{},"，旁边是能解释它的几个数字：",[33,494,495],{},"胜率",[33,497,498],{},"平均盈利",[33,500,501],{},"平均亏损",[33,503,504],{},"期望值",[33,506,184],{},[33,508,509],{},"夏普比率","。这六个数字合起来，能说清单一比值说不清的事。",[10,512,513,514,521,522,207,525,528,529,535],{},"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",[33,515,225,516,232],{},[33,517,518,519,207],{},"列，",[33,520,229],{},"各占一列；高级统计还汇总了",[33,523,524],{},"佣金合计",[33,526,527],{},"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，",[14,530,532],{"href":531},"\u002Fguides\u002Fcustom-analysis-and-filter-presets",[33,533,534],{},"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。",[20,537,256],{"id":256},[27,539,540,550,561,567],{},[30,541,261,542,545,546,549],{},[33,543,544],{},"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，",[14,547,548],{"href":45},"计入佣金和库存费之后","可能持平甚至亏损。",[30,551,261,552,555,556,560],{},[33,553,554],{},"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",[14,557,559],{"href":558},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","方案，可以一直显示 4.00，直到哪天突然失灵。",[30,562,261,563,566],{},[33,564,565],{},"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。",[30,568,261,569,572],{},[33,570,571],{},"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。",[10,574,575,576,18],{},"该长期追踪哪些指标、按什么顺序看，请参阅",[14,577,579],{"href":578},"\u002Fguides\u002Ftracking-trading-performance","交易表现追踪完全指南",{"title":84,"searchDepth":297,"depth":297,"links":581},[582,583,584,585,586],{"id":22,"depth":297,"text":22},{"id":90,"depth":297,"text":90},{"id":104,"depth":297,"text":104},{"id":173,"depth":297,"text":174},{"id":256,"depth":297,"text":256},"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",[592,314,593,594],"what-is-drawdown","what-is-position-sizing","what-is-backtesting",{"title":325,"description":588},"zh\u002F5.glossary\u002Fwhat-is-a-profit-factor","盈利因子 (Profit Factor)","OLz2UdKZBQ-s3NM0RQISYNe6Jrhtmy0tM84z39S0Thk",{"id":600,"title":601,"body":602,"category":304,"date":305,"description":773,"draft":307,"extension":308,"meta":774,"navigation":310,"path":775,"related":776,"seo":779,"stem":780,"term":781,"updated":305,"__hash__":782},"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":603,"toc":766},[604,607,609,632,638,641,647,650,652,663,666,668,678,692,694,716,727,729,759],[10,605,606],{},"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。",[20,608,22],{"id":22},[10,610,611,612,616,617,621,622,626,627,631],{},"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 ",[14,613,615],{"href":614},"\u002Fglossary\u002Fwhat-is-an-mt4-investor-password","MT4 投资者密码","的直接连接、",[14,618,620],{"href":619},"\u002Fctrader-account-tracking","cTrader OAuth2 授权","，或 ",[14,623,625],{"href":624},"\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，",[14,628,630],{"href":629},"\u002Fglossary\u002Fwhat-is-myfxbook","Myfxbook"," 等第三方追踪工具也是这样连接 MetaTrader 账户的。",[75,633,636],{"className":634,"code":635,"language":80},[78],"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",[82,637,635],{"__ignoreMap":84},[10,639,640],{},"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。",[10,642,643],{},[126,644],{"alt":645,"src":646},"“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",[10,648,649],{},"一份记录可能过了一关、没过另一关，所以两者分开统计。",[20,651,90],{"id":90},[10,653,654,655,207,658,662],{},"连接之后的一切都只是算术。只要输入能被改动，盈利因子、",[14,656,252],{"href":657},"\u002Fglossary\u002Fwhat-is-drawdown",[14,659,661],{"href":660},"\u002Fglossary\u002Fwhat-is-an-equity-curve","净值曲线","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。",[10,664,665],{},"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。",[20,667,104],{"id":104},[10,669,670,671,151,674,677],{},"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 ",[33,672,673],{},"65 个带有“业绩记录已验证”",[33,675,676],{},"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。",[10,679,680,681,685,686,688,689,691],{},"已验证不等于表现好。在有交易历史的公开账户中，",[14,682,684],{"href":683},"\u002Fglossary\u002Fwhat-is-time-weighted-return","时间加权收益率","的中位数为 ",[33,687,150],{},"，63.0% 为正，最深回撤的中位数为 ",[33,690,138],{},"，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。",[20,693,174],{"id":173},[10,695,696,697,700,701,207,704,707,708,711,712,715],{},"两枚徽章都在每个账户页面头部的",[33,698,699],{},"认证","组里，位于各项数字上方：",[33,702,703],{},"业绩记录",[33,705,706],{},"交易权限","，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",[33,709,710],{},"真实账户","或",[33,713,714],{},"模拟账户","，这是根据经纪商服务器判断的，不是用户自己填的。",[10,717,718,719,722,723,726],{},"验证在账户设置中管理，",[33,720,721],{},"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。",[33,724,725],{},"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。",[20,728,256],{"id":256},[27,730,731,741,747,753],{},[30,732,733,18,736,740],{},[33,734,735],{},"指向某个追踪网站的链接，不等于验证",[14,737,739],{"href":738},"\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。",[30,742,743,746],{},[33,744,745],{},"“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。",[30,748,749,752],{},[33,750,751],{},"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。",[30,754,755,758],{},[33,756,757],{},"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。",[10,760,761,762,18],{},"两枚徽章的验证步骤详解：",[14,763,765],{"href":764},"\u002Fguides\u002Fhow-to-verify-your-account","如何验证您的交易账户",{"title":84,"searchDepth":297,"depth":297,"links":767},[768,769,770,771,772],{"id":22,"depth":297,"text":22},{"id":90,"depth":297,"text":90},{"id":104,"depth":297,"text":104},{"id":173,"depth":297,"text":174},{"id":256,"depth":297,"text":256},"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",[777,778,592],"what-is-an-mt4-investor-password","what-is-myfxbook",{"title":601,"description":773},"zh\u002F5.glossary\u002Fwhat-is-a-verified-track-record","经验证的业绩记录 (Verified Track Record)","XXw0XywuXXvGTGPkURwZXnd-tURxBRrjPXvj-rr4h2k",{"id":784,"title":785,"body":786,"category":996,"date":305,"description":997,"draft":307,"extension":308,"meta":998,"navigation":310,"path":999,"related":1000,"seo":1004,"stem":1005,"term":1006,"updated":1007,"__hash__":1008},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-cost-percentage.md","交易中的成本占比（Cost Percentage）是什么？",{"type":7,"value":787,"toc":989},[788,791,793,796,802,805,808,819,825,831,834,836,847,850,852,867,874,888,890,893,917,946,954,956,982],[10,789,790],{},"成本占比，是账户交易毛盈亏中被佣金和库存费吃掉的比例，用百分比表示。它回答的是成本总额回答不了的问题：不是您付了多少，而是策略赚来的钱里，您最后能留下多少。两个账户付的佣金可以一模一样，做的却完全不是一门生意。",[20,792,22],{"id":22},[10,794,795],{},"账户页面上的每个盈利数字都已扣除成本，所以算这个比例，第一步是把成本加回去，还原策略原本产生的结果。",[75,797,800],{"className":798,"code":799,"language":80},[78],"毛盈亏 = 净盈亏 + 已付佣金 + 已付库存费\n成本占比 = (已付佣金 + 已付库存费) \u002F 毛盈亏 x 100\n",[82,801,799],{"__ignoreMap":84},[10,803,804],{},"两项成本都按正数填：您是在撤销扣减，不是再扣一次。库存费有正有负：如果账户是库存费的净收入方，那是一笔进账而不是成本，不应放进分子。",[10,806,807],{},"举个例子：账户显示佣金 $4,900、已付库存费 $700、净盈亏 +$2,100，那么毛盈亏是 $7,700，其中 $5,600 给了经纪商。成本占比是 72.7%，交易者留下的是剩下的 $2,100。",[10,809,810,811,814,815,18],{},"再把这些总额分别除以手数和交易笔数，就能看出",[33,812,813],{},"原因","。比例高是因为每手费率高，那是经纪商的问题；是因为付费次数多，那是策略的问题。只有前者能",[14,816,818],{"href":817},"\u002Fguides\u002Fbroker-cost-audit","靠换账户解决",[10,820,821,822,824],{},"有一项成本加不回来：",[14,823,69],{"href":68},"。它藏在开仓价和平仓价里，所以哪里都不会单独列出，MetaTrader 里没有，这里也没有。因此，凡是根据公开数字算出的成本占比，都只是下限；平均每笔交易越短，差距越大。",[10,826,827],{},[126,828],{"alt":829,"src":830},"毛利润依次扣掉点差、佣金和库存费三项，剩下的净盈亏才进入余额","\u002Fimages\u002Farticles\u002Fgross-to-net.svg",[10,832,833],{},"三项中有两项可以从页面上加回来。点差则从来不会单独列出。",[20,835,90],{"id":90},[10,837,838,839,842,843,846],{},"ShowMyTrades 上公开账户的",[14,840,366],{"href":841},"\u002Fglossary\u002Fwhat-is-a-profit-factor","中位数是 1.28，而且这已经是扣除成本之后的数字：在计算任何统计之前，佣金和",[14,844,229],{"href":845},"\u002Fglossary\u002Fwhat-is-a-swap-in-forex","就已计入每一笔交易。每亏一美元只多赚二十八美分，这就是典型已发布账户的全部生存空间。",[10,848,849],{},"余量这么薄，成本占比就决定了账户落在 1.0 的哪一边。一个毛利为正、净利持平的策略，从外面看很健康：曲线是绿的，盈利月份多于亏损月份，盈利因子也在 1.0 以上。页面上什么问题都看不出来，只是优势背后站着一个不出声的合伙人，拿走了大头。",[20,851,104],{"id":104},[10,853,854,855,858,859,862,863,866],{},"在 ShowMyTrades 上发布的账户共支付了 ",[33,856,857],{},"$4,782,670"," 佣金和 ",[33,860,861],{},"$862,547"," 库存费，交易量 ",[33,864,865],{},"1,724,575"," 手。这些数字只代表在这里发布的账户，并非全体交易者。",[10,868,869,870,873],{},"库存费并不对称。在有库存费记录的账户中，",[33,871,872],{},"86.3%"," 的净库存费为负。对将近九成的账户来说，隔夜持仓是一项成本；少数能赚到库存费的，通常是刻意为之。",[10,875,876,877,879,880,884,885,887],{},"再看交易方式：每个账户的已平仓交易中位数为 ",[33,878,114],{}," 笔，",[14,881,883],{"href":882},"\u002Fglossary\u002Fwhat-is-average-trade-length","持仓时间中位数","为 ",[33,886,118],{},"。交易这么频繁的群体，付成本的次数也多；持仓越短，毛盈亏中到不了余额的部分就越大。",[20,889,174],{"id":173},[10,891,892],{},"页面上没有成本占比这个数字，后台也没有算：没有字段，没有卡片，也没有存储的值。页面公布的是计算所需的数据，比例本身两分钟就能算出来。",[10,894,895,897,898,901,902,226,904,226,906,207,909,911,912,914,915,18],{},[33,896,180],{},"模块的",[33,899,900],{},"交易","栏里有",[33,903,524],{},[33,905,527],{},[33,907,908],{},"总手数",[33,910,184],{},"。已付库存费合计带颜色（净支付为红色，净收入为绿色），不看正负号也能知道方向。要拿来相除的净盈亏，是图表旁边",[33,913,202],{},"面板中的",[33,916,246],{},[10,918,214,919,921,922,924,925,226,927,207,929,931,932,934,935,938,939,207,942,945],{},[33,920,217],{},"表格里。",[33,923,221],{},"始终显示；",[33,926,225],{},[33,928,229],{},[33,930,232],{},"是单独的列，默认隐藏，可以在",[33,933,236],{},"菜单中打开。",[33,936,937],{},"分类统计","可以",[33,940,941],{},"按品种",[33,943,944],{},"按魔术号","拆分交易记录，但它的列只有交易、点数和盈利（已扣除成本），没有单独的成本项。所以它能看出交易量和结果集中在哪里，却看不出钱具体花在了哪里。",[10,947,948,949,953],{},"有两点要注意。账户所有者可以",[14,950,952],{"href":951},"\u002Fguides\u002Fpublic-profile-and-custom-slugs","在公开页面上隐藏其中任何一个模块","，所以看不到成本模块，不等于账户没有成本。另外，我们后端计算的每手成本基准只显示在账户所有者自己的控制台里，从不出现在公开页面上。",[20,955,256],{"id":256},[27,957,958,964,970,976],{},[30,959,261,960,963],{},[33,961,962],{},"我的佣金很低，所以成本不是问题。","”低是跟什么比？四千美元放在八万美元的毛盈亏里只是零头，放在四千二百美元里就是致命的。只看绝对数字，说明不了任何问题。",[30,965,261,966,969],{},[33,967,968],{},"不可能超过 100%。","”恰恰很常见。这意味着策略产生了毛利润，账户最后却还是亏的。",[30,971,261,972,975],{},[33,973,974],{},"点差已经算在里面了。","”没有，哪里都没有。算出来的任何比例都只能当作下限。",[30,977,261,978,981],{},[33,979,980],{},"库存费只对长线交易者重要。","”只要仓位持有超过经纪商的展期（rollover）时间，就会产生库存费，下午开仓、第二天早上平仓的也不例外。",[10,983,984,985,18],{},"完整的方法，以及比例落在各个区间时该如何判断：",[14,986,988],{"href":987},"\u002Fguides\u002Ftrading-cost-percentage","交易成本占比详解",{"title":84,"searchDepth":297,"depth":297,"links":990},[991,992,993,994,995],{"id":22,"depth":297,"text":22},{"id":90,"depth":297,"text":90},{"id":104,"depth":297,"text":104},{"id":173,"depth":297,"text":174},{"id":256,"depth":297,"text":256},"成本","成本占比是佣金和库存费在交易毛盈亏中所占的比例。本文给出公式，解释为什么不含点差，以及真实账户付了多少。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-cost-percentage",[1001,1002,315,1003],"what-is-a-spread","what-is-a-swap-in-forex","what-is-a-track-record",{"title":785,"description":997},"zh\u002F5.glossary\u002Fwhat-is-cost-percentage","成本占比 (Cost Percentage)","2026-08-29T00:00:00.000Z","3ZU-VNIfAfYv5kidOBU50FV4RjFXOUdkII2hByya2s4",{"id":1010,"title":1011,"body":1012,"category":587,"date":305,"description":1309,"draft":307,"extension":308,"meta":1310,"navigation":310,"path":1311,"related":1312,"seo":1313,"stem":1314,"term":1315,"updated":305,"__hash__":1316},"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":1013,"toc":1302},[1014,1021,1023,1026,1032,1035,1085,1091,1110,1112,1115,1176,1179,1186,1188,1194,1200,1203,1213,1236,1238,1252,1267,1269,1295],[10,1015,1016,1017,1020],{},"最大回撤是账户整个历史上出现过的最大一次",[14,1018,1019],{"href":657},"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%。",[20,1022,22],{"id":22},[10,1024,1025],{},"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。",[75,1027,1030],{"className":1028,"code":1029,"language":80},[78],"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",[82,1031,1029],{"__ignoreMap":84},[10,1033,1034],{},"结果完全取决于用的是哪条曲线，ShowMyTrades 两条都公布。",[355,1036,1037,1052],{},[358,1038,1039],{},[361,1040,1041,1043,1046,1049],{},[364,1042,587],{},[364,1044,1045],{},"计算基础",[364,1047,1048],{},"是否计入持仓？",[364,1050,1051],{},"说明了什么",[371,1053,1054,1069],{},[361,1055,1056,1060,1063,1066],{},[376,1057,1058],{},[33,1059,252],{},[376,1061,1062],{},"净值（余额 + 浮动盈亏）",[376,1064,1065],{},"是",[376,1067,1068],{},"账户在那一刻实际价值的真实跌幅",[361,1070,1071,1076,1079,1082],{},[376,1072,1073],{},[33,1074,1075],{},"余额回撤",[376,1077,1078],{},"仅已平仓余额",[376,1080,1081],{},"否",[376,1083,1084],{},"已实现结果的跌幅",[10,1086,1087,1090],{},[14,1088,1075],{"href":1089},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance","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。",[10,1092,1093,1094,226,1097,1100,1101,1104,1105,1109],{},"所以，一个账户显示",[33,1095,1096],{},"回撤 41%",[33,1098,1099],{},"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",[33,1102,1103],{},"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",[14,1106,1108],{"href":1107},"\u002Fglossary\u002Fwhat-is-a-stop-loss","止损","的用处。",[20,1111,90],{"id":90},[10,1113,1114],{},"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。",[355,1116,1117,1126],{},[358,1118,1119],{},[361,1120,1121,1123],{},[364,1122,100],{},[364,1124,1125],{},"回到原峰值所需涨幅",[371,1127,1128,1136,1144,1152,1160,1168],{},[361,1129,1130,1133],{},[376,1131,1132],{},"10%",[376,1134,1135],{},"11.1%",[361,1137,1138,1141],{},[376,1139,1140],{},"20%",[376,1142,1143],{},"25.0%",[361,1145,1146,1149],{},[376,1147,1148],{},"30%",[376,1150,1151],{},"42.9%",[361,1153,1154,1157],{},[376,1155,1156],{},"50%",[376,1158,1159],{},"100.0%",[361,1161,1162,1165],{},[376,1163,1164],{},"70%",[376,1166,1167],{},"233.3%",[361,1169,1170,1173],{},[376,1171,1172],{},"90%",[376,1174,1175],{},"900.0%",[10,1177,1178],{},"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。",[10,1180,1181,1182,1185],{},"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",[14,1183,1184],{"href":558},"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。",[20,1187,104],{"id":104},[10,1189,1190,1191,1193],{},"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 ",[33,1192,138],{},"，但无论往高还是往低，分布都很散。",[10,1195,1196],{},[126,1197],{"alt":1198,"src":1199},"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",[10,1201,1202],{},"中位数 9.7%，尾部却比多数公开宣传估计的更长。",[10,1204,1205,1206,151,1209,1212],{},"在最差的一端，",[33,1207,1208],{},"17.6% 的账户曾比峰值低 50% 以上",[33,1210,1211],{},"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。",[10,1214,1215,1216,1219,1220,151,1222,1225,1226,1228,1229,1232,1233,1235],{},"最好的一端同样值得怀疑：",[33,1217,1218],{},"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 ",[33,1221,480],{},[14,1223,1224],{"href":882},"持仓时间","中位数 ",[33,1227,118],{},"；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",[14,1230,1231],{"href":294},"尾部需要足够长的历史来支撑","，所以这个数字只有在",[14,1234,17],{"href":16},"上才真正有分量。",[20,1237,174],{"id":173},[10,1239,486,1240,1242,1243,207,1245,1247,1248,1251],{},[33,1241,202],{},"面板里，",[33,1244,252],{},[33,1246,1075],{},"紧挨着排在",[33,1249,1250],{},"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。",[10,1253,1254,1255,1257,1258,1261,1262,1266],{},"图表模块里有一个专门的",[33,1256,252],{},"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",[33,1259,1260],{},"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。",[14,1263,1265],{"href":1264},"\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。",[20,1268,256],{"id":256},[27,1270,1271,1277,1283,1289],{},[30,1272,261,1273,1276],{},[33,1274,1275],{},"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。",[30,1278,261,1279,1282],{},[33,1280,1281],{},"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。",[30,1284,261,1285,1288],{},[33,1286,1287],{},"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。",[30,1290,261,1291,1294],{},[33,1292,1293],{},"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。",[10,1296,1297,1298,18],{},"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",[14,1299,1301],{"href":1300},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台",{"title":84,"searchDepth":297,"depth":297,"links":1303},[1304,1305,1306,1307,1308],{"id":22,"depth":297,"text":22},{"id":90,"depth":297,"text":90},{"id":104,"depth":297,"text":104},{"id":173,"depth":297,"text":174},{"id":256,"depth":297,"text":256},"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",[592,593,313,315],{"title":1011,"description":1309},"zh\u002F5.glossary\u002Fwhat-is-maximum-drawdown","最大回撤 (Maximum Drawdown)","H1pMHY5DcM__vxubkgaLVDhrp8FNU0EbYexdvdzrV1o",[1318,1320],{"path":1319},"\u002Fglossary\u002Fwhat-is-a-track-record",{"path":311},1793898058129]