[{"data":1,"prerenderedAt":1219},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-absolute-gain":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-absolute-gain-related":258,"\u002Fzh\u002Fglossary\u002Fwhat-is-absolute-gain-langs":1216},{"id":4,"title":5,"body":6,"category":240,"date":241,"description":242,"draft":243,"extension":244,"meta":245,"navigation":246,"path":247,"related":248,"seo":253,"stem":254,"term":255,"updated":256,"__hash__":257},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-absolute-gain.md","什么是绝对增长率？绝对增长与增长的区别",{"type":7,"value":8,"toc":231},"minimark",[9,18,22,25,36,39,67,70,81,84,95,98,101,109,112,115,129,148,152,172,187,190,193,223],[10,11,12,13,17],"p",{},"绝对增长率衡量的是账户已实现的利润和投入资金之比：已平仓净盈亏除以总入金，用百分比表示。时间加权指标会剔除资金到账时间的影响，它则完全不做这种处理。在 ShowMyTrades 上，它就是标着",[14,15,16],"strong",{},"绝对增长","的那一行。",[19,20,21],"h2",{"id":21},"工作原理",[10,23,24],{},"两个数值，都取自账户自己的历史：",[26,27,32],"pre",{"className":28,"code":30,"language":31},[29],"language-text","绝对增长 % = 已平仓净盈亏 \u002F 总入金 × 100\n\n已平仓净盈亏 = Σ 所有已平仓交易的 (盈利 + 库存费 + 佣金)\n总入金       = Σ 账户历来入账的每一笔入金\n","text",[33,34,30],"code",{"__ignoreMap":35},"",[10,37,38],{},"由此有三个特点，看别人的页面时每一个都要留意。",[40,41,42,55,61],"ul",{},[43,44,45,48,49,54],"li",{},[14,46,47],{},"分子已扣除成本","。每笔已平仓交易都先计入佣金和",[50,51,53],"a",{"href":52},"\u002Fglossary\u002Fwhat-is-a-swap-in-forex","库存费","，所以这个数字是账户真正留下的钱，而不是付给经纪商之前的交易结果。",[43,56,57,60],{},[14,58,59],{},"只算已平仓交易","。持仓的未实现盈亏不在其中。仓位平掉时数字才会变，行情对您不利时它不动。",[43,62,63,66],{},[14,64,65],{},"分母是每一笔入金，不是初始余额","。账户分五次注资，五笔都算进去，包括上周刚到账的那一笔。出金两边都不出现，所以取出利润既不会抬高、也不会拉低这个百分比。",[19,68,69],{"id":69},"把绝对增长和增长对照着看",[10,71,72,75,76,80],{},[14,73,74],{},"增长","就在它上面一行，是",[50,77,79],{"href":78},"\u002Fglossary\u002Fwhat-is-time-weighted-return","时间加权收益率","。每笔已平仓交易贡献一个因子，即该笔净结果除以交易前的余额，再把这些因子连乘起来。入金和出金会改变余额，但本身从不产生因子。",[10,82,83],{},"由此可以推出一个精确的结论。账户只注资一次、之后既不追加也不出金，这串因子就会化简为期末余额除以入金，也就是 1 + 绝对增长。两行显示的数字完全相同，只有资金进出之后才会分开。",[10,85,86,87,90,91,94],{},"账户注资 $10,000，赚了 $2,000：两行都显示 +20.00%。再入金 $10,000，又赚 $2,000。绝对增长是 $4,000 \u002F $20,000 = ",[14,88,89],{},"+20.00%","。增长是 1.20 × (1 + 2,000\u002F22,000) − 1 = ",[14,92,93],{},"+30.91%","，因为第二笔 $2,000 是拿赚到它时账户里的 $22,000 来衡量的，而不是拿历来投入的全部资金。",[10,96,97],{},"两者都没错：绝对增长回答的是投入的钱带来了多少回报，增长回答的是这些钱交易得好不好。只有后者能在规模不同的账户之间干净地比较。",[19,99,100],{"id":100},"为什么重要",[10,102,103,104,108],{},"这种不对称只朝一个方向，有用的正是这一点。亏了一个月之后补进去的救急资金，抬不高绝对增长：新钱只进分母，所以到账那一刻百分比就会下降，只能靠交易再拉回来。因此它比一张陡峭的余额图",[50,105,107],{"href":106},"\u002Fguides\u002Fspotting-fake-ea-results","更难造假","，余额图随便入一笔金就能变陡。",[10,110,111],{},"它的局限也来自同一个机制。账户在策略见效之后才加大资金，即使每笔交易都做得很好，读数也会偏低，因为大部分分母是在大部分交易完成之后才到账的。两行要一起看，千万别只看一行。",[19,113,114],{"id":114},"数据显示了什么",[10,116,117,118,124,125,128],{},"以下数字只描述在 ShowMyTrades 上发布的账户，不代表全体交易者。在这里，注资很少是一次性的：",[50,119,121],{"href":120},"\u002Fguides\u002Ftracking-multiple-accounts-portfolio",[14,122,123],{},"699 位用户运行着不止一个账户","，",[14,126,127],{},"429 位在不止一家经纪商开户","。账户之间转移的资金，到了目标账户就是一笔新入金，会永久扩大它的分母。",[10,130,131,132,135,136,139,140,143,144,147],{},"截至 2026 年 8 月，",[14,133,134],{},"有交易历史的已发布账户","基于 ",[14,137,138],{},"15,436,464 笔已同步交易","，时间加权收益率中位数为 ",[14,141,142],{},"+3.2%","，按这个口径 ",[14,145,146],{},"63.0%"," 的账户为正。一个账户的两行数字只要不一致，差距反映的就只是它的注资历史。",[19,149,151],{"id":150},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,153,154,156,157,160,161,163,164,167,168,171],{},[14,155,16],{},"是",[14,158,159],{},"账户统计","面板的第二行，就在",[14,162,74],{},"下面。每个已发布账户页面上都有；页面嵌入到别处时，完整控制台小组件里也有。面板用分隔线隔开各个区块，但不显示标题，所以增长、绝对增长、",[14,165,166],{},"日均 %"," 和",[14,169,170],{},"月均 %"," 看起来就是前四行。",[10,173,174,175,178,179,182,183,186],{},"两个组成部分在同一面板更下方都能看到。",[14,176,177],{},"盈利","是分子，即以账户货币计的已平仓净盈亏；",[14,180,181],{},"入金","是分母；旁边还有",[14,184,185],{},"出金","，读者能看到取出了多少钱，不必担心它是否影响了这个百分比。它没有影响。",[10,188,189],{},"这个数值不在您的浏览器里计算，而是由我们的统计服务根据账户已同步的历史生成，每次同步都会刷新；公开页面、所有者的控制台和小组件用的都是同一个数字。",[19,191,192],{"id":192},"常见误解",[40,194,195,211,217],{},[43,196,197,198,201,202,206,207,210],{},"“",[14,199,200],{},"我的持仓也算在里面。","”没有。",[50,203,205],{"href":204},"\u002Fglossary\u002Fwhat-is-an-equity-curve","浮动盈亏","显示在同一面板的",[14,208,209],{},"净值","一行，从不计入绝对增长。",[43,212,197,213,216],{},[14,214,215],{},"一笔出金把它拉低了。","”不可能。出金既不在分子里，也不在分母里。",[43,218,197,219,222],{},[14,220,221],{},"绝对增长越高，交易做得越好。","”跨账户比较时不成立。它同时记录了资金是何时到账的：两个完全相同的策略，一个只注资一次，一个每月追加，显示的数字不会一样。",[10,224,225,226,230],{},"这一行和页面上其他数字怎么对照着看，请参阅",[50,227,229],{"href":228},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台","。",{"title":35,"searchDepth":232,"depth":232,"links":233},2,[234,235,236,237,238,239],{"id":21,"depth":232,"text":21},{"id":69,"depth":232,"text":69},{"id":100,"depth":232,"text":100},{"id":114,"depth":232,"text":114},{"id":150,"depth":232,"text":151},{"id":192,"depth":232,"text":192},"指标","2026-08-19T00:00:00.000Z","绝对增长率是已平仓净盈亏除以总入金。本文介绍它的公式、它和增长有什么不同，以及已发布账户的数据。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-absolute-gain",[249,250,251,252],"what-is-time-weighted-return","what-is-drawdown-on-balance","what-is-an-equity-curve","what-is-a-profit-factor",{"title":5,"description":242},"zh\u002F5.glossary\u002Fwhat-is-absolute-gain","绝对增长率 (Absolute Gain)","2026-09-17T00:00:00.000Z","6aXCrSWx-FmQtQ7Yq8VEPixQJjggjl9uWdnILLOeADQ",[259,546,788,1007],{"id":260,"title":261,"body":262,"category":240,"date":241,"description":534,"draft":243,"extension":244,"meta":535,"navigation":246,"path":536,"related":537,"seo":542,"stem":543,"term":544,"updated":241,"__hash__":545},"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":263,"toc":527},[264,267,269,275,278,281,287,290,358,360,363,371,378,380,394,401,404,411,422,424,455,482,484,520],[10,265,266],{},"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。",[19,268,21],{"id":21},[26,270,273],{"className":271,"code":272,"language":31},[29],"盈利因子 = 总盈利 \u002F |总亏损|\n",[33,274,272],{"__ignoreMap":35},[10,276,277],{},"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。",[10,279,280],{},"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：",[26,282,285],{"className":283,"code":284,"language":31},[29],"盈利因子 = (胜率 × 平均盈利) \u002F ((1 − 胜率) × 平均亏损)\n",[33,286,284],{"__ignoreMap":35},[10,288,289],{},"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。",[291,292,293,306],"table",{},[294,295,296],"thead",{},[297,298,299,303],"tr",{},[300,301,302],"th",{},"盈利因子",[300,304,305],{},"解读",[307,308,309,318,326,334,342,350],"tbody",{},[297,310,311,315],{},[312,313,314],"td",{},"低于 1.00",[312,316,317],{},"亏钱，而且是结构性的，不是差一点",[297,319,320,323],{},[312,321,322],{},"1.00 – 1.10",[312,324,325],{},"还在噪声范围内，一周行情不好就没了",[297,327,328,331],{},[312,329,330],{},"1.10 – 1.30",[312,332,333],{},"优势很薄但真实存在，前提是样本够大",[297,335,336,339],{},[312,337,338],{},"1.30 – 2.00",[312,340,341],{},"策略有效",[297,343,344,347],{},[312,345,346],{},"2.00 – 3.00",[312,348,349],{},"很强。请核对交易笔数，以及成本是否算全",[297,351,352,355],{},[312,353,354],{},"高于 3.00",[312,356,357],{},"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",[19,359,100],{"id":100},[10,361,362],{},"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。",[10,364,365,366,370],{},"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",[50,367,369],{"href":368},"\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。",[10,372,373,377],{},[50,374,376],{"href":375},"\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。",[19,379,114],{"id":114},[10,381,382,383,124,386,393],{},"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，",[14,384,385],{},"盈利因子中位数为 1.28",[14,387,388,392],{},[50,389,391],{"href":390},"\u002Fguides\u002Fwin-rate-is-not-an-edge","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。",[10,395,396],{},[397,398],"img",{"alt":399,"src":400},"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",[10,402,403],{},"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。",[10,405,406,407,410],{},"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 ",[14,408,409],{},"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。",[10,412,413,414,417,418,421],{},"同一组账户的夏普比率中位数是 ",[14,415,416],{},"0.05","，中位数账户有 ",[14,419,420],{},"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。",[19,423,151],{"id":150},[10,425,426,427,430,431,433,434,437,438,437,441,437,444,437,447,450,451,454],{},"每个已发布账户页面的",[14,428,429],{},"高级统计","模块里都有",[14,432,302],{},"，旁边是能解释它的几个数字：",[14,435,436],{},"胜率","、",[14,439,440],{},"平均盈利",[14,442,443],{},"平均亏损",[14,445,446],{},"期望值",[14,448,449],{},"总交易数","和",[14,452,453],{},"夏普比率","。这六个数字合起来，能说清单一比值说不清的事。",[10,456,457,458,467,468,450,471,474,475,481],{},"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",[14,459,460,461,466],{},"盈利（毛额）",[14,462,463,464,450],{},"列，",[14,465,53],{},"佣金","各占一列；高级统计还汇总了",[14,469,470],{},"佣金合计",[14,472,473],{},"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，",[50,476,478],{"href":477},"\u002Fguides\u002Fcustom-analysis-and-filter-presets",[14,479,480],{},"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。",[19,483,192],{"id":192},[40,485,486,497,508,514],{},[43,487,197,488,491,492,496],{},[14,489,490],{},"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，",[50,493,495],{"href":494},"\u002Fglossary\u002Fwhat-is-cost-percentage","计入佣金和库存费之后","可能持平甚至亏损。",[43,498,197,499,502,503,507],{},[14,500,501],{},"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",[50,504,506],{"href":505},"\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。",[43,509,197,510,513],{},[14,511,512],{},"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。",[43,515,197,516,519],{},[14,517,518],{},"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。",[10,521,522,523,230],{},"该长期追踪哪些指标、按什么顺序看，请参阅",[50,524,526],{"href":525},"\u002Fguides\u002Ftracking-trading-performance","交易表现追踪完全指南",{"title":35,"searchDepth":232,"depth":232,"links":528},[529,530,531,532,533],{"id":21,"depth":232,"text":21},{"id":100,"depth":232,"text":100},{"id":114,"depth":232,"text":114},{"id":150,"depth":232,"text":151},{"id":192,"depth":232,"text":192},"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",[538,539,540,541],"what-is-drawdown","what-is-maximum-drawdown","what-is-position-sizing","what-is-backtesting",{"title":261,"description":534},"zh\u002F5.glossary\u002Fwhat-is-a-profit-factor","盈利因子 (Profit Factor)","OLz2UdKZBQ-s3NM0RQISYNe6Jrhtmy0tM84z39S0Thk",{"id":547,"title":548,"body":549,"category":240,"date":241,"description":780,"draft":243,"extension":244,"meta":781,"navigation":246,"path":782,"related":783,"seo":784,"stem":785,"term":786,"updated":256,"__hash__":787},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-an-equity-curve.md","什么是净值曲线？如何解读它的形状",{"type":7,"value":550,"toc":773},[551,554,556,562,565,571,574,580,583,613,615,623,626,628,646,661,671,673,693,709,732,734,767],[10,552,553],{},"净值曲线是账户价值随时间变化的图。像样的账户页面会画两条线，而不是一条：余额，只算已平仓交易；净值，再加上所有未平仓仓位的浮动盈亏。两条线之间的距离，就是账户还没有认下的那部分故事。",[19,555,21],{"id":21},[26,557,560],{"className":558,"code":559,"language":31},[29],"净值 = 余额 + 持仓的浮动盈亏\n",[33,561,559],{"__ignoreMap":35},[10,563,564],{},"没有持仓时，两条线重合。有持仓时，净值在动，余额不动。一笔亏损仓位只要一直不平，余额线就保持平直，净值线却被往下拉；一旦平仓，余额线就掉下来和净值会合。所以余额图上一笔“突然”的亏损，往往几周前就已经发生了。",[10,566,567],{},[397,568],{"alt":569,"src":570},"一条平滑的余额线，净值线被仍处于亏损中的持仓拉到它的下方","\u002Fimages\u002Farticles\u002Fequity-vs-balance.svg",[10,572,573],{},"亏损单不平，余额线就能一直保持整齐。",[10,575,576,577,579],{},"入金和出金会让两条线同时上下移动，期间没有任何交易，所以原始曲线不能当收益来看。",[50,578,79],{"href":78},"就是为了做这个修正。",[10,581,582],{},"曲线的形状和终点一样有信息量：",[40,584,585,591,597,607],{},[43,586,587,590],{},[14,588,589],{},"锯齿状上升，回撤清晰可见","。正常。每个策略都有连亏的时候，没有反而反常。",[43,592,593,596],{},[14,594,595],{},"余额线几乎是一条笔直的斜线","。这是警示，不是夸奖。通常意味着亏损单一直扛着、盈利单及时平掉（网格、逆势加仓摊平或马丁格尔的做法），风险已经转到净值线上，只看余额的图表根本反映不出来。",[43,598,599,602,603,230],{},[14,600,601],{},"长期走平，中间夹着几级垂直台阶","。要么仓位规模变了，要么账户交易很少、每次下得很重。",[50,604,606],{"href":605},"\u002Fguides\u002Fhow-much-history-a-track-record-needs","先看交易笔数，再看斜率",[43,608,609,612],{},[14,610,611],{},"一路平稳上升，然后戛然而止","。典型的一次性爆仓形态：许多小额盈利，养着一笔大到足以终结账户的亏损。",[19,614,100],{"id":100},[10,616,617,618,622],{},"持续时间要靠曲线才看得见。一个摘要数字告诉您最大",[50,619,621],{"href":620},"\u002Fglossary\u002Fwhat-is-drawdown","回撤","是 18%；只有曲线会告诉您它持续了九个月，而真正让人放弃的，正是这一点。",[10,624,625],{},"它也是检验业绩记录最快的测谎仪。人们宣传的是收益，很少提形状，而形状要难伪造得多：一条从来没有过糟糕一周的余额线，要么根本没经历过那样的行情，要么就是没把亏损单平掉。",[19,627,114],{"id":114},[10,629,630,631,230,634,637,638,641,642,645],{},"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，按净值计算的",[14,632,633],{},"最深回撤中位数为 9.7%",[14,635,636],{},"38.5%"," 的账户从未比自身峰值低过 5% 以上，",[14,639,640],{},"38.2%"," 曾低于峰值 20% 以上，",[14,643,644],{},"17.6%"," 曾低于峰值 50% 以上。",[10,647,648,649,652,653,657,658,660],{},"再对照 ",[14,650,651],{},"+3.2% 的时间加权收益率中位数","，真实的形状就出来了：斜率平缓，凹陷真实存在，而且",[50,654,656],{"href":655},"\u002Fglossary\u002Fwhat-is-recovery-factor","最深的那次凹陷是最终收益的好几倍","。中位数账户走到这一步用了 ",[14,659,420],{},"，任何一条看起来平滑的曲线都要放在这个背景下看：曲线背后的交易越少，平滑就越说明不了问题。",[10,662,663,664,666,667,670],{},"净值和余额之间的差距也能量化。每个账户都同时有基于净值的",[14,665,621],{},"和只基于已平仓结果的",[14,668,669],{},"余额回撤","。两者差得多，就是“笔直斜线”警示的数字版：余额线之所以整齐，是靠那些还没平仓的仓位撑着。",[19,672,151],{"id":150},[10,674,675,676,679,680,437,682,437,685,437,687,450,690,692],{},"每个已发布账户页面上的",[14,677,678],{},"图表模块","是一个面板，可以在五个视图之间切换：",[14,681,74],{},[14,683,684],{},"余额",[14,686,177],{},[14,688,689],{},"逐笔交易增长",[14,691,621],{},"，而不是一堆分开的图表。",[10,694,695,697,698,450,700,702,703,705,706,708],{},[14,696,684],{},"视图才是真正意义上的净值曲线。它画出",[14,699,684],{},[14,701,209],{},"两条带名称的序列，并附有图例，浮动差距直接就能看到，不用推断；入金和出金在线上有标记，所以一次跳升会被看作注资，而不是交易所得。",[14,704,74],{},"视图把同一账户重新画成复利计算的时间加权收益率，去掉了资金进出。",[14,707,621],{},"视图用柱状图画出每天低于历史高点的距离，下跌持续了多久，在这里一看便知。",[10,710,711,712,714,715,437,717,719,720,723,724,450,726,728,729,731],{},"对应的数字在",[14,713,159],{},"面板里：",[14,716,684],{},[14,718,209],{},"（金额旁还显示它占余额的百分比，大额浮亏一眼就能看出）和",[14,721,722],{},"最高余额","，即账户曾经达到的最高点。",[14,725,621],{},[14,727,669],{},"在同一面板",[14,730,170],{}," 下面的两行。",[19,733,192],{"id":192},[40,735,736,745,751,761],{},[43,737,197,738,741,742,744],{},[14,739,740],{},"净值曲线平滑，说明风险低。","”往往正好相反。余额线平滑，恰恰是从不兑现亏损的标志，风险藏在净值线和",[50,743,369],{"href":368},"里。",[43,746,197,747,750],{},[14,748,749],{},"净值曲线就是余额图。","”余额只算已平仓交易。净值还包括未平仓交易，两者之差正是还没入账的那部分金额。",[43,752,197,753,756,757,760],{},[14,754,755],{},"曲线涨了，说明交易有效。","”先把入金剔除再说。所以我们页面上的增长是时间加权的，",[50,758,16],{"href":759},"\u002Fglossary\u002Fwhat-is-absolute-gain","则单独显示。",[43,762,197,763,766],{},[14,764,765],{},"创了新高，说明账户恢复了。","”这只说明余额恢复了。如果新高是靠亏损后加大仓位换来的，账户并没有恢复，只是加倍下注，侥幸过关。",[10,768,769,770,230],{},"曲线的形状怎样暴露人为做出来的业绩，请参阅",[50,771,772],{"href":106},"识破虚假 EA 业绩",{"title":35,"searchDepth":232,"depth":232,"links":774},[775,776,777,778,779],{"id":21,"depth":232,"text":21},{"id":100,"depth":232,"text":100},{"id":114,"depth":232,"text":114},{"id":150,"depth":232,"text":151},{"id":192,"depth":232,"text":192},"净值曲线描绘账户价值随时间的变化，隐藏的亏损就藏在余额线和净值线之间的差距里。看看公开账户的数据怎么说。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-an-equity-curve",[249,538,539,252],{"title":548,"description":780},"zh\u002F5.glossary\u002Fwhat-is-an-equity-curve","净值曲线 (Equity Curve)","xYlV0ekS-m-8z5Bq01z87DT2GCAWWtPeFgyUwQoH3X4",{"id":789,"title":790,"body":791,"category":996,"date":241,"description":997,"draft":243,"extension":244,"meta":998,"navigation":246,"path":999,"related":1000,"seo":1003,"stem":1004,"term":1005,"updated":256,"__hash__":1006},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-drawdown-on-balance.md","什么是基于余额的回撤？余额回撤（DD on Balance）",{"type":7,"value":792,"toc":989},[793,811,813,816,822,825,828,831,857,859,862,867,870,883,885,907,923,925,941,954,956,982],[10,794,795,796,799,800,804,805,807,808,810],{},"基于余额的回撤，是账户",[14,797,798],{},"已平仓","余额有史以来从峰值到谷底的最深跌幅，持仓的未实现盈亏不算在内。亏损只有兑现了才计入，所以在",[50,801,803],{"href":802},"\u002Fglossary\u002Fwhat-is-a-track-record","业绩记录","的两个回撤数字里，它是更宽容的那一个。ShowMyTrades 把它标作",[14,806,669],{},"，并且总是和基于净值的",[14,809,621],{},"并排显示。",[19,812,21],{"id":21},[10,814,815],{},"两者都是历史最差值，参照的是同一条按余额画出的高水位线。区别在于拿什么去和它比，以及多久比一次：",[26,817,820],{"className":818,"code":819,"language":31},[29],"峰值 = 已平仓余额的高水位线，随每一笔资金流动按比例调整\n\n余额回撤 %  = 最差的 (余额 − 峰值) \u002F 峰值 × 100　　              每笔交易时\n回撤　　 %  = 最差的 (min(余额, 净值) − 峰值) \u002F 峰值 × 100       每天一次\n　　　　      其中 净值 = 余额 + 持仓的浮动盈亏\n",[33,821,819],{"__ignoreMap":35},[10,823,824],{},"余额按账户自身的历史逐笔推算，每笔已平仓交易都扣掉佣金和库存费后计入。峰值随交易盈利往上走，自己永远不会回落。两者记录的都是历史最差值，不是当前状况，所以只会变差，不会好转。",[10,826,827],{},"资金进出有专门的处理：入金或出金让余额按什么比例变化，峰值就按同样的比例调整，所以存钱取钱既不会制造回撤，也不会修复回撤。两者的下限都是 −100%，余额被强制平仓（stop-out）打到零以下时，显示为全部亏光。",[10,829,830],{},"既然两者共用一个峰值，这两个数字就可以合起来当作一次测量来看：",[40,832,833,839,845,851],{},[43,834,835,838],{},[14,836,837],{},"两者接近","。仓位在出问题的位置附近就平掉了，没扛着多少亏损。",[43,840,841,844],{},[14,842,843],{},"净值回撤大得多","。亏损单一直拿着不平。账户的亏损报得晚，余额数字反映的是账面记录，而不是风险。",[43,846,847,850],{},[14,848,849],{},"两者完全相同","。要么浮亏从来没有和高水位时刻撞在一起，要么那段时间根本没有浮动盈亏的历史数据。",[43,852,853,856],{},[14,854,855],{},"余额回撤反而更大","。通常是采样方式造成的：余额每笔交易都检查，净值只看每日收盘值，所以一天之内出现又填平的坑，前者看得到，后者看不到。",[19,858,100],{"id":100},[10,860,861],{},"两者之间的差距，是识别“从不平亏损单”的系统最清楚的一个信号。网格、马丁格尔和摊平加仓策略，天生就会画出平滑的余额曲线：一笔永远不平的仓位，永远碰不到余额。它们的净值说的是另一回事，而最终让账户完蛋的，正是净值。",[10,863,864],{},[397,865],{"alt":866,"src":570},"平滑的余额线旁边，一条净值线被亏损持有的仓位拉到其下方",[10,868,869],{},"两条线之间的差距，就是余额还没有记上账的亏损。",[10,871,872,873,877,878,882],{},"这不是见仁见智的解读。保证金按净值计算，所以",[50,874,876],{"href":875},"\u002Fglossary\u002Fwhat-is-margin-level","保证金比例","和任何",[50,879,881],{"href":880},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","都跟着净值线走，完全不看余额线。一份记录收益可观、余额回撤只有 3%，旁边的净值回撤却有 45%，这不是低风险系统：它曾经亏掉 45%，只是一直没认。两个数字贴得近，这本身就是证据：亏损一出现就了结了。",[19,884,114],{"id":114},[10,886,887,888,890,891,893,894,897,898,900,901,903,904,906],{},"以下数据描述的是在 ShowMyTrades 上公开的账户，并不代表所有交易者。在",[14,889,134],{},"中（2026 年 8 月），最深",[50,892,621],{"href":620},"的中位数为 ",[14,895,896],{},"9.7%","。两头分得很开：",[14,899,636],{}," 的账户从未从峰值回落超过 5%，而 ",[14,902,640],{}," 曾回撤超过 20%，",[14,905,644],{}," 超过 50%。",[10,908,909,910,913,914,918,919,922],{},"正是在第一组里，这一对数字最能派上用场：回撤低于 5% 的记录，要么是风控严格，要么是浮亏还没兑现，而这两种情况在余额图上看起来一模一样。这批账户大多是自动化交易：中位账户 ",[14,911,912],{},"99%"," 的交易由",[50,915,917],{"href":916},"\u002Fglossary\u002Fwhat-is-an-expert-advisor","自动化系统","执行，",[14,920,921],{},"53.9%"," 的账户自动化程度超过 90%。机器人扛着亏损单，既不会累，也不会慌。",[19,924,151],{"id":150},[10,926,927,929,930,932,933,935,936,940],{},[14,928,669],{},"位于",[14,931,159],{},"面板中",[14,934,621],{},"的正下方，每个已发布账户的页面上都有，",[50,937,939],{"href":938},"\u002Fguides\u002Ftrading-widgets-and-embeds","完整控制台小组件","里也有。这两行就是面板的整个风险区块，用一条分隔线隔开，上面没有标题。数值由我们的统计服务根据账户已同步的历史计算得出，没有任何人手动填写，显示时不带负号。",[10,942,943,944,946,947,949,950,953],{},"页面上另有两处能把情况补全。",[14,945,209],{},"一行显示净值占余额的百分比：低于 100%，说明此刻持仓处于浮亏，而这块缺口正是余额回撤不计入的部分。图表模块里的",[14,948,621],{},"视图用柱状图画出账户整个生命周期的日回撤，下跌",[14,951,952],{},"持续了多久","一眼就能看到，不用去猜。",[19,955,192],{"id":192},[40,957,958,964,970,976],{},[43,959,197,960,963],{},[14,961,962],{},"数字小的那个才是真实风险。","”数字小的通常是余额回撤，而它天生就是偏乐观的那一个。",[43,965,197,966,969],{},[14,967,968],{},"它没算交易成本。","”算了。每笔已平仓交易计入余额时，佣金和库存费都已经扣掉。",[43,971,197,972,975],{},[14,973,974],{},"出金会显示成回撤。","”不会。资金变动会让高水位线和余额按同样的比例调整。入金也同样修复不了回撤。",[43,977,197,978,981],{},[14,979,980],{},"两个数字看到的细节一样多。","”净值每天只采样一次，所以在一个交易日内跌下去又完全涨回来，它不会留下任何痕迹。",[10,983,984,985,230],{},"完整的计算方法，包括为什么回撤深度和持续时间是两个不同的问题，请参阅",[50,986,988],{"href":987},"\u002Fguides\u002Fmaximum-drawdown-explained","最大回撤详解",{"title":35,"searchDepth":232,"depth":232,"links":990},[991,992,993,994,995],{"id":21,"depth":232,"text":21},{"id":100,"depth":232,"text":100},{"id":114,"depth":232,"text":114},{"id":150,"depth":232,"text":151},{"id":192,"depth":232,"text":192},"风险","余额回撤（DD on Balance）只看已平仓结果，衡量余额从峰值到谷底的最深跌幅。本文讲解如何对照净值回撤来看它，以及公开账户的数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[538,539,1001,1002],"what-is-margin-level","what-is-absolute-gain",{"title":790,"description":997},"zh\u002F5.glossary\u002Fwhat-is-drawdown-on-balance","余额回撤 (DD on Balance)","AEfaiFChn3YA1Ovbc3Qe6AeT3M2CoD7NND9m3xVT6kU",{"id":1008,"title":1009,"body":1010,"category":240,"date":241,"description":1206,"draft":243,"extension":244,"meta":1207,"navigation":246,"path":1208,"related":1209,"seo":1212,"stem":1213,"term":1214,"updated":256,"__hash__":1215},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-time-weighted-return.md","什么是时间加权收益率（TWR）？",{"type":7,"value":1011,"toc":1199},[1012,1018,1020,1023,1029,1032,1039,1045,1048,1056,1062,1065,1067,1070,1082,1084,1093,1112,1124,1126,1142,1161,1163,1192],[10,1013,1014,1015,1017],{},"时间加权收益率（TWR）只衡量交易决策本身带来的收益，入金和出金都不算在内。做法是在每一笔资金进出的地方把账户历史切开，每一段单独计算，再把各段复利相乘。ShowMyTrades 账户页面上的",[14,1016,74],{},"，就是这个数字。",[19,1019,21],{"id":21},[10,1021,1022],{},"钱转进转出，余额就会变，跟交易毫无关系。TWR 的办法是：资金进出一律不进入收益计算。",[26,1024,1027],{"className":1025,"code":1026,"language":31},[29],"TWR = [(1 + r₁) × (1 + r₂) × … × (1 + rₙ)] − 1\n\nrᵢ = 第 i 期的盈利 \u002F 第 i 期开始时的余额\n",[33,1028,1026],{"__ignoreMap":35},[10,1030,1031],{},"每一期都夹在两次资金进出之间。一笔入金结束上一期，下一期从入金后更大的余额开始；入金本身永远不会出现在分子里。在 ShowMyTrades 上，子期间按天划分：每天的收益以当天开始时的余额为基准，扣除当天产生的成本，再把每天的收益复利相乘。",[10,1033,1034,1035,1038],{},"举个直白的例子。用 $10,000 开户，赚了 $2,000：第一期收益 20%。再入金 $10,000，余额变成 $22,000，又赚了 $2,000：第二期收益是 9.1%，因为基数变大了。看余额，是投入 $20,000 赚了 +$4,000；看 TWR，则是 (1 + 0.20) × (1 + 0.091) − 1 = ",[14,1036,1037],{},"+30.9%","。入金本身一分钱也没赚到。",[10,1040,1041],{},[397,1042],{"alt":1043,"src":1044},"一笔 $10,000 入金让余额线跳上一个台阶，时间加权收益率线却纹丝不动","\u002Fimages\u002Farticles\u002Fdeposit-vs-twr.svg",[10,1046,1047],{},"钱到账那天，余额跳了上去，增长却没动。",[10,1049,1050,1051,1055],{},"这就是它和同一面板上另一个百分比",[50,1052,1053],{"href":759},[14,1054,16],{},"的区别：",[26,1057,1060],{"className":1058,"code":1059,"language":31},[29],"绝对增长 = 已平仓净盈亏 \u002F 入金总额 × 100\n",[33,1061,1059],{"__ignoreMap":35},[10,1063,1064],{},"绝对增长回答的是：投进去的钱，账户赚回了多少；TWR 回答的是：这些钱交易得好不好。两者都很诚实，但只有 TWR 能在规模不同、资金进出方式不同的账户之间比较。",[19,1066,100],{"id":100},[10,1068,1069],{},"业绩记录之所以能拿来比较，靠的就是 TWR。没有它，百分比可以靠在回撤中入金来美化：$10,000 的账户亏掉 $5,000，是 −50%；第二天补进 $10,000，同一个还没填上的窟窿，按新余额算就只剩 −33%。",[10,1071,1072,1073,1076,1077,1081],{},"反过来也一样，所以它是公平的数字，而不是讨好人的数字。出金抬不高 TWR，赶在好月份之前恰到好处地入金也抬不高。剩下的，就是交易决策本身的",[50,1074,1075],{"href":204},"净值曲线","，这也是",[50,1078,1080],{"href":1079},"\u002Fglossary\u002Fwhat-is-a-verified-track-record","经验证的业绩记录","的读者唯一能让交易者负责的部分。",[19,1083,114],{"id":114},[10,1085,1086,1087,1090,1091,230],{},"以下数字描述的是 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），",[14,1088,1089],{},"时间加权收益率中位数为 +3.2%","，按时间加权计算为正的账户占 ",[14,1092,146],{},[10,1094,1095,1096,1102,1103,1105,1106,124,1109,1111],{},"由此能读出两点。第一，按这个标准，多数已发布账户确实在赚钱，并不像网上说的那样一片狼藉。第二，分布的中间值很小：+3.2%，而",[14,1097,1098,1099,1101],{},"最深",[50,1100,621],{"href":620},"的中位数为 9.7%","，也就是说，典型账户一路上回吐的幅度，大约是最终收益的三倍。同一批账户中，",[14,1104,640],{}," 曾",[50,1107,1108],{"href":368},"回撤超过 20%",[14,1110,644],{}," 曾回撤超过 50%。",[10,1113,1114,1115,1117,1118,1120,1121,230],{},"这里的中位数账户有 ",[14,1116,420],{},"，样本总共 ",[14,1119,138],{},"。历史很短的账户 TWR 再高，",[50,1122,1123],{"href":605},"说明的也只是几周的表现，而不是一套方法",[19,1125,151],{"id":150},[10,1127,426,1128,1130,1131,1133,1134,1136,1137,167,1139,1141],{},[14,1129,159],{},"面板中，第一行、也是最醒目的一行就是",[14,1132,74],{},"，它就是 TWR。",[14,1135,16],{},"紧挨在它下面，受资金进出影响的数字和不受影响的数字，始终放在一起。再往下两行的",[14,1138,166],{},[14,1140,170],{},"，也都出自同一条时间加权序列。",[10,1143,1144,1145,1147,1148,1150,1151,1153,1154,1160],{},"图表模块是一个可以切换视图的面板，而不是一摞图表，它用两种方式画出 TWR。",[14,1146,74],{},"视图显示账户整个历史上按日复利的 TWR；",[14,1149,689],{},"把同一条序列按交易序号而不是日期来画，交易频率就一目了然：两个都是 +40% 的账户，按日历看一模一样，可如果一个只做了 90 笔、另一个做了 9,000 笔，按交易序号看就完全不同。",[14,1152,684],{},"视图显示原始金额，入金出金都在里面，这正是 TWR 要纠正的那幅画面。",[50,1155,1157],{"href":1156},"\u002Fguides\u002Fmonthly-returns-table-explained",[14,1158,1159],{},"月度收益表","则把同一条时间加权序列按月、按年拆开。",[19,1162,192],{"id":192},[40,1164,1165,1171,1180,1186],{},[43,1166,197,1167,1170],{},[14,1168,1169],{},"TWR 就是我赚了多少钱。","”它不是金额。一个账户如果大部分时间都用很小的仓位交易，TWR 可以是 +80%，利润却很少。",[43,1172,197,1173,1176,1177,230],{},[14,1174,1175],{},"我的入金拉低了增长。","”不可能。一笔入金只是结束一个计算期、开始下一个，对收益没有任何正面或负面的贡献。人们通常注意到的，其实是入金没能像余额图那样把百分比",[14,1178,1179],{},"抬高",[43,1181,197,1182,1185],{},[14,1183,1184],{},"TWR 和绝对增长应该一致。","”只有只入金一次、从未出金的账户，两者才会一致。出现差异，说明的是资金进出的情况，不是数据出错。",[43,1187,197,1188,1191],{},[14,1189,1190],{},"它是年度数字。","”它是从账户第一笔交易起的累计值，没有年化。三年 +3.2% 和三个月 +3.2%，是完全不同的结果。",[10,1193,1194,1195,230],{},"想看具体算例，包括入金如何掩盖回撤，请参阅",[50,1196,1198],{"href":1197},"\u002Fguides\u002Ftime-weighted-return-explained","时间加权收益率详解",{"title":35,"searchDepth":232,"depth":232,"links":1200},[1201,1202,1203,1204,1205],{"id":21,"depth":232,"text":21},{"id":100,"depth":232,"text":100},{"id":114,"depth":232,"text":114},{"id":150,"depth":232,"text":151},{"id":192,"depth":232,"text":192},"时间加权收益率把各子期间的收益复利相乘，入金和出金因此不影响结果。本文介绍公式、它与绝对增长率的区别，以及公开账户的数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-time-weighted-return",[251,538,1210,1211],"what-is-a-verified-track-record","what-is-expectancy",{"title":1009,"description":1206},"zh\u002F5.glossary\u002Fwhat-is-time-weighted-return","时间加权收益率 (Time-Weighted Return)","F3XPVDAsdwIkxdhz7jxOdVqNAqaclnEAOAx0877XIQI",[1217,1218],{"path":759},{"path":247},1793898057147]