[{"data":1,"prerenderedAt":1239},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-cost-percentage":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-cost-percentage-related":276,"\u002Fzh\u002Fglossary\u002Fwhat-is-cost-percentage-langs":1236},{"id":4,"title":5,"body":6,"category":258,"date":259,"description":260,"draft":261,"extension":262,"meta":263,"navigation":264,"path":265,"related":266,"seo":271,"stem":272,"term":273,"updated":274,"__hash__":275},"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":8,"toc":250},"minimark",[9,13,17,20,31,34,37,51,59,66,69,72,85,88,91,106,113,129,133,136,168,203,211,214,243],[10,11,12],"p",{},"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。",[14,15,16],"h2",{"id":16},"工作原理",[10,18,19],{},"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。",[21,22,27],"pre",{"className":23,"code":25,"language":26},[24],"language-text","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","text",[28,29,25],"code",{"__ignoreMap":30},"",[10,32,33],{},"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。",[10,35,36],{},"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。",[10,38,39,40,44,45,50],{},"再把这些总额分别除以手数和交易笔数，就能看出",[41,42,43],"strong",{},"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",[46,47,49],"a",{"href":48},"\u002Fguides\u002Fbroker-cost-audit","靠换账户解决","。",[10,52,53,54,58],{},"有一项成本加不回来：",[46,55,57],{"href":56},"\u002Fglossary\u002Fwhat-is-a-spread","点差","。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。",[10,60,61],{},[62,63],"img",{"alt":64,"src":65},"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",[10,67,68],{},"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。",[14,70,71],{"id":71},"为什么重要",[10,73,74,75,79,80,84],{},"ShowMyTrades 上公开账户的",[46,76,78],{"href":77},"\u002Fglossary\u002Fwhat-is-a-profit-factor","盈利因子","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",[46,81,83],{"href":82},"\u002Fglossary\u002Fwhat-is-a-swap-in-forex","库存费","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。",[10,86,87],{},"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。",[14,89,90],{"id":90},"数据显示了什么",[10,92,93,94,97,98,101,102,105],{},"在 ShowMyTrades 上发布的账户共支付了 ",[41,95,96],{},"$4,782,670"," 佣金和 ",[41,99,100],{},"$862,547"," 库存费，交易量 ",[41,103,104],{},"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。",[10,107,108,109,112],{},"库存费并不对称。在有库存费记录的账户中，",[41,110,111],{},"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。",[10,114,115,116,119,120,124,125,128],{},"再看交易方式：每个账户的已平仓交易中位数为 ",[41,117,118],{},"171"," 笔，",[46,121,123],{"href":122},"\u002Fglossary\u002Fwhat-is-average-trade-length","持仓时间中位数","为 ",[41,126,127],{},"2.4 小时","。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。",[14,130,132],{"id":131},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,134,135],{},"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。",[10,137,138,141,142,145,146,149,150,149,153,156,157,160,161,164,165,50],{},[41,139,140],{},"高级统计","模块的",[41,143,144],{},"交易","栏里有",[41,147,148],{},"佣金合计","、",[41,151,152],{},"已付库存费合计",[41,154,155],{},"总手数","和",[41,158,159],{},"总交易数","。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",[41,162,163],{},"账户统计","面板中的",[41,166,167],{},"盈利",[10,169,170,171,174,175,178,179,149,182,156,184,187,188,191,192,195,196,156,199,202],{},"逐笔明细在",[41,172,173],{},"交易历史与余额变化","表格里。",[41,176,177],{},"净盈亏","始终显示；",[41,180,181],{},"盈利（毛额）",[41,183,83],{},[41,185,186],{},"佣金","是单独的列，默认隐藏，可以在",[41,189,190],{},"显示","菜单中打开。",[41,193,194],{},"分类统计","可以",[41,197,198],{},"按品种",[41,200,201],{},"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。",[10,204,205,206,210],{},"有两点要注意。账户所有者可以",[46,207,209],{"href":208},"\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。",[14,212,213],{"id":213},"常见误解",[215,216,217,225,231,237],"ul",{},[218,219,220,221,224],"li",{},"“",[41,222,223],{},"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。",[218,226,220,227,230],{},[41,228,229],{},"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。",[218,232,220,233,236],{},[41,234,235],{},"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。",[218,238,220,239,242],{},[41,240,241],{},"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。",[10,244,245,246,50],{},"完整的方法，以及比例落在各个区间时该如何判断：",[46,247,249],{"href":248},"\u002Fguides\u002Ftrading-cost-percentage","交易成本占比详解",{"title":30,"searchDepth":251,"depth":251,"links":252},2,[253,254,255,256,257],{"id":16,"depth":251,"text":16},{"id":71,"depth":251,"text":71},{"id":90,"depth":251,"text":90},{"id":131,"depth":251,"text":132},{"id":213,"depth":251,"text":213},"成本","2026-08-19T00:00:00.000Z","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。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-cost-percentage",[267,268,269,270],"what-is-a-spread","what-is-a-swap-in-forex","what-is-a-profit-factor","what-is-a-track-record",{"title":5,"description":260},"zh\u002F5.glossary\u002Fwhat-is-cost-percentage","成本占比 (Cost Percentage)","2026-08-29T00:00:00.000Z","3ZU-VNIfAfYv5kidOBU50FV4RjFXOUdkII2hByya2s4",[277,556,767,969],{"id":278,"title":279,"body":280,"category":543,"date":259,"description":544,"draft":261,"extension":262,"meta":545,"navigation":264,"path":546,"related":547,"seo":552,"stem":553,"term":554,"updated":259,"__hash__":555},"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":281,"toc":536},[282,285,287,293,296,299,305,308,375,377,380,388,395,397,412,418,421,428,439,441,468,491,493,529],[10,283,284],{},"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。",[14,286,16],{"id":16},[21,288,291],{"className":289,"code":290,"language":26},[24],"盈利因子 = 总盈利 \u002F |总亏损|\n",[28,292,290],{"__ignoreMap":30},[10,294,295],{},"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。",[10,297,298],{},"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：",[21,300,303],{"className":301,"code":302,"language":26},[24],"盈利因子 = (胜率 × 平均盈利) \u002F ((1 − 胜率) × 平均亏损)\n",[28,304,302],{"__ignoreMap":30},[10,306,307],{},"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。",[309,310,311,323],"table",{},[312,313,314],"thead",{},[315,316,317,320],"tr",{},[318,319,78],"th",{},[318,321,322],{},"解读",[324,325,326,335,343,351,359,367],"tbody",{},[315,327,328,332],{},[329,330,331],"td",{},"低于 1.00",[329,333,334],{},"亏钱，而且是结构性的，不是差一点",[315,336,337,340],{},[329,338,339],{},"1.00 – 1.10",[329,341,342],{},"还在噪声范围内，一周行情不好就没了",[315,344,345,348],{},[329,346,347],{},"1.10 – 1.30",[329,349,350],{},"优势很薄但真实存在，前提是样本够大",[315,352,353,356],{},[329,354,355],{},"1.30 – 2.00",[329,357,358],{},"策略有效",[315,360,361,364],{},[329,362,363],{},"2.00 – 3.00",[329,365,366],{},"很强。请核对交易笔数，以及成本是否算全",[315,368,369,372],{},[329,370,371],{},"高于 3.00",[329,373,374],{},"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",[14,376,71],{"id":71},[10,378,379],{},"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。",[10,381,382,383,387],{},"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",[46,384,386],{"href":385},"\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。",[10,389,390,394],{},[46,391,393],{"href":392},"\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。",[14,396,90],{"id":90},[10,398,399,400,403,404,411],{},"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，",[41,401,402],{},"盈利因子中位数为 1.28","，",[41,405,406,410],{},[46,407,409],{"href":408},"\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。",[10,413,414],{},[62,415],{"alt":416,"src":417},"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",[10,419,420],{},"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。",[10,422,423,424,427],{},"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 ",[41,425,426],{},"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。",[10,429,430,431,434,435,438],{},"同一组账户的夏普比率中位数是 ",[41,432,433],{},"0.05","，中位数账户有 ",[41,436,437],{},"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。",[14,440,132],{"id":131},[10,442,443,444,446,447,449,450,149,453,149,456,149,459,149,462,156,464,467],{},"每个已发布账户页面的",[41,445,140],{},"模块里都有",[41,448,78],{},"，旁边是能解释它的几个数字：",[41,451,452],{},"胜率",[41,454,455],{},"平均盈利",[41,457,458],{},"平均亏损",[41,460,461],{},"期望值",[41,463,159],{},[41,465,466],{},"夏普比率","。这六个数字合起来，能说清单一比值说不清的事。",[10,469,470,471,478,479,156,481,483,484,490],{},"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",[41,472,181,473,186],{},[41,474,475,476,156],{},"列，",[41,477,83],{},"各占一列；高级统计还汇总了",[41,480,148],{},[41,482,152],{},"，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，",[46,485,487],{"href":486},"\u002Fguides\u002Fcustom-analysis-and-filter-presets",[41,488,489],{},"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。",[14,492,213],{"id":213},[215,494,495,506,517,523],{},[218,496,220,497,500,501,505],{},[41,498,499],{},"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，",[46,502,504],{"href":503},"\u002Fglossary\u002Fwhat-is-cost-percentage","计入佣金和库存费之后","可能持平甚至亏损。",[218,507,220,508,511,512,516],{},[41,509,510],{},"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",[46,513,515],{"href":514},"\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。",[218,518,220,519,522],{},[41,520,521],{},"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。",[218,524,220,525,528],{},[41,526,527],{},"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。",[10,530,531,532,50],{},"该长期追踪哪些指标、按什么顺序看，请参阅",[46,533,535],{"href":534},"\u002Fguides\u002Ftracking-trading-performance","交易表现追踪完全指南",{"title":30,"searchDepth":251,"depth":251,"links":537},[538,539,540,541,542],{"id":16,"depth":251,"text":16},{"id":71,"depth":251,"text":71},{"id":90,"depth":251,"text":90},{"id":131,"depth":251,"text":132},{"id":213,"depth":251,"text":213},"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",[548,549,550,551],"what-is-drawdown","what-is-maximum-drawdown","what-is-position-sizing","what-is-backtesting",{"title":279,"description":544},"zh\u002F5.glossary\u002Fwhat-is-a-profit-factor","盈利因子 (Profit Factor)","OLz2UdKZBQ-s3NM0RQISYNe6Jrhtmy0tM84z39S0Thk",{"id":557,"title":558,"body":559,"category":258,"date":259,"description":757,"draft":261,"extension":262,"meta":758,"navigation":264,"path":759,"related":760,"seo":763,"stem":764,"term":765,"updated":259,"__hash__":766},"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":560,"toc":750},[561,564,566,569,575,583,594,610,612,619,622,624,631,637,640,647,654,656,708,710,743],[10,562,563],{},"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。",[14,565,16],{"id":16},[10,567,568],{},"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。",[21,570,573],{"className":571,"code":572,"language":26},[24],"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",[28,574,572],{"__ignoreMap":30},[10,576,577,578,582],{},"EUR\u002FUSD 一个标准手的",[46,579,581],{"href":580},"\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。",[10,584,585,586,589,590,593],{},"经纪商的定价方式有两种。",[41,587,588],{},"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。",[41,591,592],{},"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。",[10,595,596,597,600,601,604,605,609],{},"点差分",[41,598,599],{},"固定点差","（不变，通常较宽，由做市商报价）和",[41,602,603],{},"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",[46,606,608],{"href":607},"\u002Fglossary\u002Fwhat-is-a-stop-loss","止损","最容易被打到的时候。",[14,611,71],{"id":71},[10,613,614,615,618],{},"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",[46,616,617],{"href":503},"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。",[10,620,621],{},"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。",[14,623,90],{"id":90},[10,625,626,627,630],{},"截至 2026 年 8 月，ShowMyTrades 上有交易历史的公开账户共支付了 ",[41,628,629],{},"$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。",[10,632,633],{},[62,634],{"alt":635,"src":636},"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",[10,638,639],{},"三项成本里，只有一项会带着数字出现。",[10,641,642,643,646],{},"看不见的这一半有多大，不难估算。这些账户共交易了 ",[41,644,645],{},"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。",[10,648,649,650,653],{},"而且各家的交易条件确实不一样：这些账户连接了 ",[41,651,652],{},"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。",[14,655,132],{"id":131},[215,657,658,674,683,702],{},[218,659,660,190,662,149,664,156,666,669,670,673],{},[41,661,140],{},[41,663,148],{},[41,665,155],{},[41,667,668],{},"总点数","。用第一项除以第二项，就得到",[46,671,672],{"href":48},"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。",[218,675,676,677,679,680,50],{},"最有用的检查，是把",[41,678,668],{},"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。",[46,681,682],{"href":248},"这个差距就是点差和佣金的账单",[218,684,685,687,688,691,692,694,695,156,698,701],{},[41,686,173],{},"下的",[41,689,690],{},"已平仓交易","表格，每个订单都有一列",[41,693,186],{},"，旁边是",[41,696,697],{},"开仓价",[41,699,700],{},"平仓价","，每一笔成交实际花了多少钱，一看便知。",[218,703,704,707],{},[41,705,706],{},"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。",[14,709,213],{"id":213},[711,712,713,719,725,731],"ol",{},[218,714,715,718],{},[41,716,717],{},"“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。",[218,720,721,724],{},[41,722,723],{},"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。",[218,726,727,730],{},[41,728,729],{},"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。",[218,732,733,50,736,156,738,742],{},[41,734,735],{},"光看点差，排不出经纪商的高下",[46,737,83],{"href":82},[46,739,741],{"href":740},"\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。",[10,744,745,746,50],{},"想用您自己的品种和手数算出真实数字，请参阅",[46,747,749],{"href":748},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",{"title":30,"searchDepth":251,"depth":251,"links":751},[752,753,754,755,756],{"id":16,"depth":251,"text":16},{"id":71,"depth":251,"text":71},{"id":90,"depth":251,"text":90},{"id":131,"depth":251,"text":132},{"id":213,"depth":251,"text":213},"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",[268,761,762,269],"what-is-slippage","what-is-a-regulated-broker",{"title":558,"description":757},"zh\u002F5.glossary\u002Fwhat-is-a-spread","点差 (Spread)","pmILRTUEL-hRknwSO9zZZssKW8sK6YY1FwEoFE5VfCc",{"id":768,"title":769,"body":770,"category":258,"date":259,"description":959,"draft":261,"extension":262,"meta":960,"navigation":264,"path":961,"related":962,"seo":965,"stem":966,"term":967,"updated":274,"__hash__":968},"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":771,"toc":952},[772,775,777,785,791,802,808,819,821,829,832,834,843,849,852,863,865,910,912,943],[10,773,774],{},"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。",[14,776,16],{"id":16},[10,778,779,780,784],{},"根本的驱动因素，是货币对中两种货币的",[46,781,783],{"href":782},"\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。",[21,786,789],{"className":787,"code":788,"language":26},[24],"每晚库存费 ≈ 仓位规模 × (利差 − 经纪商加价) \u002F 365\n",[28,790,788],{"__ignoreMap":30},[10,792,793,794,797,798,801],{},"实际上，经纪商不会以利率的形式公布库存费，而是在每个品种的合约规格里，按每手给出",[41,795,796],{},"多头库存费","（swap long）和",[41,799,800],{},"空头库存费","（swap short）两个数字，单位是 point 或账户货币。您持有哪个方向，就按哪个方向收取，每晚一次，在展期时扣，通常是 UTC 21:00 或 22:00，具体取决于经纪商的服务器时间。",[10,803,804,807],{},[41,805,806],{},"周三三倍库存费","并不是惩罚。即期外汇在两个工作日后交割，周三晚上持有的仓位要到周一才交割，等于背了三天的融资成本，一次性收取。有些经纪商对贵金属、指数和 CFD 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。",[10,809,810,813,814,818],{},[41,811,812],{},"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",[46,815,817],{"href":816},"\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。",[14,820,71],{"id":71},[10,822,823,824,828],{},"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。",[46,825,827],{"href":826},"\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。",[10,830,831],{},"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。",[14,833,90],{"id":90},[10,835,626,836,838,839,842],{},[41,837,100],{}," 库存费。在有库存费记录的账户中，",[41,840,841],{},"86.3% 的账户净库存费为负","：赚到套息是例外，不能当成计划。",[10,844,845],{},[62,846],{"alt":847,"src":848},"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",[10,850,851],{},"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。",[10,853,854,855,434,857,859,860,862],{},"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 ",[41,856,127],{},[41,858,437],{},"。这里的大多数账户几乎碰不到展期，库存费却仍相当于 ",[41,861,96],{}," 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。",[14,864,132],{"id":131},[215,866,867,878,892,901],{},[218,868,869,871,872,874,875,877],{},[41,870,152],{},"位于",[41,873,140],{},"面板，就在",[41,876,148],{},"旁边。融资净额为负时显示红色，为正时显示绿色，方向一眼就能看出。",[218,879,880,687,882,691,884,694,886,888,889,891],{},[41,881,173],{},[41,883,690],{},[41,885,83],{},[41,887,186],{},"。注意盈利列的名称是",[41,890,181],{},"：融资成本单独列出，没有算进去。",[218,893,894,896,897,900],{},[41,895,489],{},"里有一个开关：",[41,898,899],{},"计算盈利时包含库存费","。打开、关闭各算一次，两组统计之间的差异，就是经纪商的融资成本给这份业绩记录带来的影响。",[218,902,903,904,909],{},"高级统计中的",[46,905,906],{"href":122},[41,907,908],{},"平均持仓时间","，让您还没看具体数字，就能判断库存费对这个账户该不该有影响。平均只持仓两小时，却有一大笔库存费账单，这两件事对不上。",[14,911,213],{"id":213},[711,913,914,920,926,937],{},[218,915,916,919],{},[41,917,918],{},"库存费不是服务费","。它是融资成本，也可能是付给您的钱。经纪商的加价才是费用，而且两个方向都收。",[218,921,922,925],{},[41,923,924],{},"三倍库存费是交割惯例，不是周三交易要多收的钱","。在展期前平仓，就能完全避开。",[218,927,928,931,932,936],{},[41,929,930],{},"套息不是白捡的钱","。利差相比汇率波动很小，而汇率波动通常会把它整个抹掉；",[46,933,935],{"href":934},"\u002Fglossary\u002Fwhat-is-leverage","杠杆","放大波动的幅度，也远远超过放大套息。",[218,938,939,942],{},[41,940,941],{},"图表平坦，不代表这个月没有成本","。不管有没有交易平仓，持仓的融资成本都在累积。",[10,944,945,946,948,949,50],{},"想了解库存费如何与",[46,947,57],{"href":56},"以及公开账户上的其他指标一起解读，请阅读",[46,950,951],{"href":534},"交易表现追踪指南",{"title":30,"searchDepth":251,"depth":251,"links":953},[954,955,956,957,958],{"id":16,"depth":251,"text":16},{"id":71,"depth":251,"text":71},{"id":90,"depth":251,"text":90},{"id":131,"depth":251,"text":132},{"id":213,"depth":251,"text":213},"库存费是外汇仓位持有过夜时收取或支付的利息。本文讲解它怎么算、周三为什么收三倍，以及数千个账户实际付了多少。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-swap-in-forex",[267,963,964,761],"what-are-interest-rates","what-is-leverage",{"title":769,"description":959},"zh\u002F5.glossary\u002Fwhat-is-a-swap-in-forex","库存费 (Swap)","yIgwXRve5oDzb43RhHA8KKSEvofJAFq296eXB3MNHfg",{"id":970,"title":971,"body":972,"category":1224,"date":259,"description":1225,"draft":261,"extension":262,"meta":1226,"navigation":264,"path":1227,"related":1228,"seo":1231,"stem":1232,"term":1233,"updated":1234,"__hash__":1235},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-track-record.md","什么是业绩记录？",{"type":7,"value":973,"toc":1217},[974,981,983,986,1025,1028,1034,1037,1039,1042,1048,1050,1063,1066,1072,1075,1097,1111,1113,1132,1144,1177,1179,1210],[10,975,976,977,50],{},"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",[46,978,980],{"href":979},"\u002Fglossary\u002Fwhat-is-a-verified-track-record","经验证的业绩记录",[14,982,16],{"id":16},[10,984,985],{},"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：",[215,987,988,994,1004,1010,1016],{},[218,989,990,993],{},[41,991,992],{},"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。",[218,995,996,999,1000,1003],{},[41,997,998],{},"每笔交易的成本","：",[46,1001,1002],{"href":503},"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。",[218,1005,1006,1009],{},[41,1007,1008],{},"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。",[218,1011,1012,1015],{},[41,1013,1014],{},"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。",[218,1017,1018,1021,1022,1024],{},[41,1019,1020],{},"无法展示的成本","，也要说明：",[46,1023,57],{"href":56},"藏在每个成交价里，不出现在任何字段中。",[10,1026,1027],{},"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。",[21,1029,1032],{"className":1030,"code":1031,"language":26},[24],"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",[28,1033,1031],{"__ignoreMap":30},[10,1035,1036],{},"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。",[14,1038,71],{"id":71},[10,1040,1041],{},"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。",[10,1043,1044,1045,1047],{},"所以，",[46,1046,386],{"href":385},"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。",[14,1049,90],{"id":90},[10,1051,1052,1053,1056,1057,1059,1060,1062],{},"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、",[41,1054,1055],{},"15,436,464"," 笔已同步交易），已平仓交易数的中位数是 ",[41,1058,118],{}," 笔，持仓时间中位数是 ",[41,1061,127],{},"。这些数字只代表在这里发布的账户，并非全体交易者。",[10,1064,1065],{},"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。",[10,1067,1068],{},[62,1069],{"alt":1070,"src":1071},"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",[10,1073,1074],{},"数交易笔数，别数日历；以较短的那只时钟为准。",[10,1076,1077,1078,1081,1082,1085,1086,1089,1090,403,1093,1096],{},"风险数字也反映出这一点。最深回撤的中位数为 ",[41,1079,1080],{},"9.7%","，但 ",[41,1083,1084],{},"38.2%"," 的账户曾回撤超过 20%，",[41,1087,1088],{},"17.6%"," 曾回撤超过 50%。时间加权收益率的中位数为 ",[41,1091,1092],{},"+3.2%",[41,1094,1095],{},"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。",[10,1098,1099,1100,1103,1104,50,1107,1110],{},"有一组数字值得对照着看：胜率中位数 ",[41,1101,1102],{},"68.8%","，盈利因子中位数 ",[41,1105,1106],{},"1.28",[46,1108,1109],{"href":408},"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。",[14,1112,132],{"id":131},[10,1114,1115,1116,1118,1119,694,1121,1123,1124,1127,1128,1131],{},"账户页面本身就是业绩记录。交易时钟在",[41,1117,140],{},"模块里，即",[41,1120,159],{},[41,1122,908],{},"；两者相乘，就是这个账户实际持仓的总时长。日历时钟要看",[41,1125,1126],{},"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",[41,1129,1130],{},"日历","视图，还能逐日查看某一个月。",[10,1133,1134,1136,1137,156,1140,1143],{},[41,1135,163],{},"旁边的信息图标会显示",[41,1138,1139],{},"创建于",[41,1141,1142],{},"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。",[10,1145,170,1146,1148,1149,1151,1152,149,1154,156,1156,1158,1159,1161,1162,149,1165,149,1168,149,1170,156,1173,1176],{},[41,1147,173],{},"表格中，每个仓位一行。",[41,1150,177],{},"始终显示，",[41,1153,181],{},[41,1155,83],{},[41,1157,186],{},"可以在",[41,1160,190],{},"菜单中作为单独的列打开。图表模块可以在",[41,1163,1164],{},"增长",[41,1166,1167],{},"余额",[41,1169,167],{},[41,1171,1172],{},"逐笔交易增长",[41,1174,1175],{},"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。",[14,1178,213],{"id":213},[215,1180,1181,1187,1193,1204],{},[218,1182,220,1183,1186],{},[41,1184,1185],{},"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。",[218,1188,220,1189,1192],{},[41,1190,1191],{},"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。",[218,1194,220,1195,1198,1199,1203],{},[41,1196,1197],{},"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",[46,1200,1202],{"href":1201},"\u002Fguides\u002Fspotting-fake-ea-results","完全是伪造的","；数据从哪里来，要看认证徽章。",[218,1205,220,1206,1209],{},[41,1207,1208],{},"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。",[10,1211,1212,1213,50],{},"关于样本量的算法，以及值得遵循的最低标准：",[46,1214,1216],{"href":1215},"\u002Fguides\u002Fhow-much-history-a-track-record-needs","业绩记录要多长才有意义",{"title":30,"searchDepth":251,"depth":251,"links":1218},[1219,1220,1221,1222,1223],{"id":16,"depth":251,"text":16},{"id":71,"depth":251,"text":71},{"id":90,"depth":251,"text":90},{"id":131,"depth":251,"text":132},{"id":213,"depth":251,"text":213},"验证","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。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-track-record",[1229,549,269,1230],"what-is-a-verified-track-record","what-is-cost-percentage",{"title":971,"description":1225},"zh\u002F5.glossary\u002Fwhat-is-a-track-record","业绩记录 (Track Record)","2026-09-10T00:00:00.000Z","d50DdZ-DBiq8T8-QEcOODv2qk9qQJcGufJkNm3hNyHU",[1237,1238],{"path":503},{"path":265},1793898058139]