[{"data":1,"prerenderedAt":1274},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-drawdown-on-balance":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-drawdown-on-balance-related":261,"\u002Fzh\u002Fglossary\u002Fwhat-is-drawdown-on-balance-langs":1271},{"id":4,"title":5,"body":6,"category":243,"date":244,"description":245,"draft":246,"extension":247,"meta":248,"navigation":249,"path":250,"related":251,"seo":256,"stem":257,"term":258,"updated":259,"__hash__":260},"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":8,"toc":235},"minimark",[9,32,36,39,50,53,56,59,87,90,93,100,103,116,119,146,162,166,183,197,200,227],[10,11,12,13,17,18,23,24,27,28,31],"p",{},"基于余额的回撤，是账户",[14,15,16],"strong",{},"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",[19,20,22],"a",{"href":21},"\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",[14,25,26],{},"余额回撤","，并且总是和基于净值的",[14,29,30],{},"回撤","并排显示。",[33,34,35],"h2",{"id":35},"工作原理",[10,37,38],{},"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：",[40,41,46],"pre",{"className":42,"code":44,"language":45},[43],"language-text","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","text",[47,48,44],"code",{"__ignoreMap":49},"",[10,51,52],{},"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。",[10,54,55],{},"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。",[10,57,58],{},"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：",[60,61,62,69,75,81],"ul",{},[63,64,65,68],"li",{},[14,66,67],{},"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。",[63,70,71,74],{},[14,72,73],{},"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。",[63,76,77,80],{},[14,78,79],{},"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。",[63,82,83,86],{},[14,84,85],{},"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。",[33,88,89],{"id":89},"为什么重要",[10,91,92],{},"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。",[10,94,95],{},[96,97],"img",{"alt":98,"src":99},"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","\u002Fimages\u002Farticles\u002Fequity-vs-balance.svg",[10,101,102],{},"两条线之间的差距，就是余额还没有记上账的亏损。",[10,104,105,106,110,111,115],{},"这不是见仁见智的解读。保证金按净值计算，所以",[19,107,109],{"href":108},"\u002Fglossary\u002Fwhat-is-margin-level","保证金比例","和任何",[19,112,114],{"href":113},"\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。",[33,117,118],{"id":118},"数据显示了什么",[10,120,121,122,125,126,129,130,133,134,137,138,141,142,145],{},"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",[14,123,124],{},"有交易历史的已发布账户","中（2026 年 8 月），最深",[19,127,30],{"href":128},"\u002Fglossary\u002Fwhat-is-drawdown","的中位数为 ",[14,131,132],{},"9.7%","。两头分得很开：",[14,135,136],{},"38.5%"," 的账户从未从峰值回落超过 5%，而 ",[14,139,140],{},"38.2%"," 曾回撤超过 20%，",[14,143,144],{},"17.6%"," 超过 50%。",[10,147,148,149,152,153,157,158,161],{},"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 ",[14,150,151],{},"99%"," 的交易由",[19,154,156],{"href":155},"\u002Fglossary\u002Fwhat-is-an-expert-advisor","自动化系统","执行，",[14,159,160],{},"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。",[33,163,165],{"id":164},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,167,168,170,171,174,175,177,178,182],{},[14,169,26],{},"位于",[14,172,173],{},"账户统计","面板中",[14,176,30],{},"的正下方，每个已发布账户的页面上都有，",[19,179,181],{"href":180},"\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。",[10,184,185,186,189,190,192,193,196],{},"页面上另有两处能把情况补全。",[14,187,188],{},"净值","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",[14,191,30],{},"视图用柱状图画出账户整个生命周期的日回撤，下跌",[14,194,195],{},"持续了多久","一眼就能看到，不用去猜。",[33,198,199],{"id":199},"常见误解",[60,201,202,209,215,221],{},[63,203,204,205,208],{},"“",[14,206,207],{},"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。",[63,210,204,211,214],{},[14,212,213],{},"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。",[63,216,204,217,220],{},[14,218,219],{},"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。",[63,222,204,223,226],{},[14,224,225],{},"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。",[10,228,229,230,234],{},"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",[19,231,233],{"href":232},"\u002Fguides\u002Fmaximum-drawdown-explained","最大回撤详解","。",{"title":49,"searchDepth":236,"depth":236,"links":237},2,[238,239,240,241,242],{"id":35,"depth":236,"text":35},{"id":89,"depth":236,"text":89},{"id":118,"depth":236,"text":118},{"id":164,"depth":236,"text":165},{"id":199,"depth":236,"text":199},"风险","2026-08-19T00:00:00.000Z","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。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[252,253,254,255],"what-is-drawdown","what-is-maximum-drawdown","what-is-margin-level","what-is-absolute-gain",{"title":5,"description":245},"zh\u002F5.glossary\u002Fwhat-is-drawdown-on-balance","余额回撤 (DD on Balance)","2026-09-17T00:00:00.000Z","AEfaiFChn3YA1Ovbc3Qe6AeT3M2CoD7NND9m3xVT6kU",[262,488,684,967],{"id":263,"title":264,"body":265,"category":475,"date":244,"description":476,"draft":246,"extension":247,"meta":477,"navigation":249,"path":478,"related":479,"seo":484,"stem":485,"term":486,"updated":259,"__hash__":487},"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":266,"toc":467},[267,274,276,279,285,288,313,316,327,330,341,344,346,354,357,359,373,391,393,412,427,430,432,460],[10,268,269,270,273],{},"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",[14,271,272],{},"绝对增长","的那一行。",[33,275,35],{"id":35},[10,277,278],{},"两个数值，都取自账户自己的历史：",[40,280,283],{"className":281,"code":282,"language":45},[43],"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",[47,284,282],{"__ignoreMap":49},[10,286,287],{},"由此有三个特点，看别人的页面时每一个都要留意。",[60,289,290,301,307],{},[63,291,292,295,296,300],{},[14,293,294],{},"分子已扣除成本","。每笔已平仓交易都先计入佣金和",[19,297,299],{"href":298},"\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。",[63,302,303,306],{},[14,304,305],{},"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。",[63,308,309,312],{},[14,310,311],{},"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。",[33,314,315],{"id":315},"把绝对增长和增长对照着看",[10,317,318,321,322,326],{},[14,319,320],{},"增长","就在它上面一行，是",[19,323,325],{"href":324},"\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。",[10,328,329],{},"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。",[10,331,332,333,336,337,340],{},"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 = ",[14,334,335],{},"+20.00%","。增长是 1.20 × (1 + 2,000\u002F22,000) − 1 = ",[14,338,339],{},"+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。",[10,342,343],{},"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。",[33,345,89],{"id":89},[10,347,348,349,353],{},"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",[19,350,352],{"href":351},"\u002Fguides\u002Fspotting-fake-ea-results","更难造假","，余额图随便入一笔金就能变陡。",[10,355,356],{},"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。",[33,358,118],{"id":118},[10,360,361,362,368,369,372],{},"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：",[19,363,365],{"href":364},"\u002Fguides\u002Ftracking-multiple-accounts-portfolio",[14,366,367],{},"699 位用户运行着不止一个账户","，",[14,370,371],{},"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。",[10,374,375,376,378,379,382,383,386,387,390],{},"截至 2026 年 8 月，",[14,377,124],{},"基于 ",[14,380,381],{},"15,436,464 笔已同步交易","，时间加权收益率中位数为 ",[14,384,385],{},"+3.2%","，按这个口径 ",[14,388,389],{},"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。",[33,392,165],{"id":164},[10,394,395,397,398,400,401,403,404,407,408,411],{},[14,396,272],{},"是",[14,399,173],{},"面板的第二行，就在",[14,402,320],{},"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、",[14,405,406],{},"日均 %"," 和",[14,409,410],{},"月均 %"," 看起来就是前四行。",[10,413,414,415,418,419,422,423,426],{},"两个组成部分在同一面板更下方都能看到。",[14,416,417],{},"盈利","是分子，即以账户货币计的已平仓净盈亏；",[14,420,421],{},"入金","是分母；旁边还有",[14,424,425],{},"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。",[10,428,429],{},"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。",[33,431,199],{"id":199},[60,433,434,448,454],{},[63,435,204,436,439,440,444,445,447],{},[14,437,438],{},"我的持仓也算在里面。","”没有。",[19,441,443],{"href":442},"\u002Fglossary\u002Fwhat-is-an-equity-curve","浮动盈亏","显示在同一面板的",[14,446,188],{},"一行，从不计入绝对增长。",[63,449,204,450,453],{},[14,451,452],{},"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。",[63,455,204,456,459],{},[14,457,458],{},"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。",[10,461,462,463,234],{},"这一行和页面上其他数字怎么对照着看，请参阅",[19,464,466],{"href":465},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台",{"title":49,"searchDepth":236,"depth":236,"links":468},[469,470,471,472,473,474],{"id":35,"depth":236,"text":35},{"id":315,"depth":236,"text":315},{"id":89,"depth":236,"text":89},{"id":118,"depth":236,"text":118},{"id":164,"depth":236,"text":165},{"id":199,"depth":236,"text":199},"指标","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。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-absolute-gain",[480,481,482,483],"what-is-time-weighted-return","what-is-drawdown-on-balance","what-is-an-equity-curve","what-is-a-profit-factor",{"title":264,"description":476},"zh\u002F5.glossary\u002Fwhat-is-absolute-gain","绝对增长率 (Absolute Gain)","6aXCrSWx-FmQtQ7Yq8VEPixQJjggjl9uWdnILLOeADQ",{"id":489,"title":490,"body":491,"category":475,"date":244,"description":674,"draft":246,"extension":247,"meta":675,"navigation":249,"path":676,"related":677,"seo":680,"stem":681,"term":682,"updated":244,"__hash__":683},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-drawdown.md","什么是回撤？定义、公式与真实数据",{"type":7,"value":492,"toc":667},[493,496,498,501,507,510,513,545,547,550,556,559,562,575,577,582,593,596,598,616,630,632,662],[10,494,495],{},"回撤是账户价值从此前的峰值跌到之后低点的幅度，用峰值的百分比表示。它衡量的是账户离自己最好的时候跌了多少，而不是某一笔交易亏了多少。回撤是累积的，所以 20% 的回撤，可能来自四十笔小亏损，也可能来自一次巨亏。",[33,497,35],{"id":35},[10,499,500],{},"每个账户都有一条随时更新的高水位线，也就是它曾经达到的最高价值。回撤就是任意时刻账户低于这条线的距离。",[40,502,505],{"className":503,"code":504,"language":45},[43],"回撤 % = (峰值 − 当前值) \u002F 峰值 × 100\n",[47,506,504],{"__ignoreMap":49},[10,508,509],{},"这条线只升不降。账户一创新高，高水位线就移到新高，回撤归零。在那之前，只要低于峰值，每一天都算在回撤中，不管账户是在下跌还是在横盘磨蹭。",[10,511,512],{},"这个数字到底是什么意思，要看三组区分：",[60,514,515,525,531],{},[63,516,517,520,521,524],{},[14,518,519],{},"相对回撤与绝对回撤","。相对回撤就是上面的百分比。MetaTrader 报告的绝对回撤，是账户低于",[14,522,523],{},"初始入金","的金额，这是完全不同的数字：一个当前比峰值低 40% 的账户，绝对回撤可能显示为 0%。",[63,526,527,530],{},[14,528,529],{},"净值回撤与余额回撤","。净值回撤包含持仓的浮动亏损。余额回撤只看已平仓交易，所以一笔亏损只要不兑现，就永远不会出现在里面。",[63,532,533,536,537,541,542,544],{},[14,534,535],{},"当前回撤与最大回撤","。当前回撤是账户今天的位置。历史上最差的那一次是",[19,538,540],{"href":539},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","最大回撤","，大多数",[19,543,22],{"href":21},"引用的就是它。",[33,546,89],{"id":89},[10,548,549],{},"一个策略值不值得投资，回撤是硬约束，因为亏损和盈利的复利效果并不对称。跌 20%，要涨 25% 才能回本；跌 50%，要涨 100%。",[10,551,552],{},[96,553],{"alt":554,"src":555},"亏损 10% 需要 11.1% 的盈利才能弥补，25% 需要 33.3%，50% 需要 100%，70% 需要 233%","\u002Fimages\u002Farticles\u002Frecovery-asymmetry.svg",[10,557,558],{},"跌幅一旦超过 50%，回本所需的涨幅就比亏损本身还大。",[10,560,561],{},"让人离开市场的，也是这个数字。几乎没有人会在急速暴跌中放弃，那时心里还抱着希望。人们是在不温不火的回升熬到第九个月时放弃的。深度只占一半，另一半是持续时间，而它在收益图上根本看不出来。",[10,563,564,565,569,570,574],{},"另外，回撤主要取决于",[19,566,568],{"href":567},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","和",[19,571,573],{"href":572},"\u002Fglossary\u002Fwhat-is-a-stop-loss","止损","纪律，远远超过入场质量。两位交易者信号完全一样、手数不同，胜率会一模一样，生存能力却天差地别。",[33,576,118],{"id":118},[10,578,579,580,234],{},"以下数字只描述在 ShowMyTrades 上发布的账户，并不是对全体交易者的调查。截至 2026 年 8 月，根据 15,436,464 笔已同步交易，有交易历史的已发布账户，历史最深回撤中位数为 ",[14,581,132],{},[10,583,584,585,587,588,368,590,592],{},"再看同一批账户赚了多少。",[19,586,325],{"href":324},"中位数为 ",[14,589,385],{},[14,591,389],{}," 的账户长期为正。也就是说，处在中位数的账户，一路上回吐的幅度，大约是最终收益的三倍：承受的风险比得到的结果大，而且大出的是倍数，不是一星半点。",[10,594,595],{},"让回撤数字有意义的，是这个比值，而不是回撤本身有多深。宣称收益很高、回撤却只有百分之二三的账户并非不可能，但它处在这个分布的最边缘，这种极端情况要靠账户页面上的其余内容来证明。",[33,597,165],{"id":164},[10,599,600,601,603,604,606,607,609,610,615],{},"在每个已发布账户页面上，",[14,602,173],{},"面板在",[14,605,410],{}," 下方连续两行显示两个数字：",[14,608,30],{},"，基于净值计算，包含持仓的浮动亏损；以及",[19,611,613],{"href":612},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[14,614,26],{},"，只基于已平仓结果。两者都是历史最大值，不是今天的读数，而且都来自经纪商的数据，不是账户所有者自己填的。",[10,617,618,619,621,622,624,625,629],{},"图表模块有一个",[14,620,30],{},"视图，用柱状图画出账户整个生命周期的每日回撤。下跌",[14,623,195],{},"，在这里直接就能看出来，不用靠推测，这是任何一个醒目的百分比都表达不了的。",[19,626,628],{"href":627},"\u002Ftools\u002Fdrawdown-calculator","回撤计算器","可以用您自己的余额算出回本需要多少涨幅。",[33,631,199],{"id":199},[60,633,634,640,646,656],{},[63,635,204,636,639],{},[14,637,638],{},"回撤就是我亏得最多的那一笔。","”不是。它是一条从峰值到谷底的累积路径，中间可能有几百笔交易，盈利单也包括在内。",[63,641,204,642,645],{},[14,643,644],{},"回本之后，我的回撤又回到零了。","”当前回撤是这样。最大回撤按设计永远不会降：这样，一个好季度就抹不掉一个坏季度。",[63,647,204,648,651,652,234],{},[14,649,650],{},"回撤低，说明风险低。","”新账户回撤低，通常只说明还没经受考验。这里已发布账户的已平仓交易数中位数是 171 笔；不到几百笔时，",[19,653,655],{"href":654},"\u002Fguides\u002Fhow-much-history-a-track-record-needs","回撤小反映的是样本量，而不是风险特征",[63,657,204,658,661],{},[14,659,660],{},"余额回撤才是真正的回撤。","”它只是更好看的那个。网格和摊平加仓类系统正是靠死扛亏损单不平，才让余额回撤一直很小。",[10,663,664,665,234],{},"回撤如何和账户页面上的其他数字对照着看，请参阅",[19,666,466],{"href":465},{"title":49,"searchDepth":236,"depth":236,"links":668},[669,670,671,672,673],{"id":35,"depth":236,"text":35},{"id":89,"depth":236,"text":89},{"id":118,"depth":236,"text":118},{"id":164,"depth":236,"text":165},{"id":199,"depth":236,"text":199},"回撤是账户价值从峰值到谷底的跌幅，用百分比表示。本文介绍公式、它为什么是累积的，以及数千个真实交易账户的数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-drawdown",[253,678,679,483],"what-is-position-sizing","what-is-a-stop-loss",{"title":490,"description":674},"zh\u002F5.glossary\u002Fwhat-is-drawdown","回撤 (Drawdown)","tI3oDk8FJPfBVP8sboa1RV13uVvVqDQQ3BpyQp8BpuI",{"id":685,"title":686,"body":687,"category":243,"date":244,"description":955,"draft":246,"extension":247,"meta":956,"navigation":249,"path":957,"related":958,"seo":962,"stem":963,"term":964,"updated":965,"__hash__":966},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-margin-level.md","什么是保证金比例？公式与强制平仓水平",{"type":7,"value":688,"toc":948},[689,692,694,700,703,711,791,794,800,831,833,839,841,855,858,869,871,874,915,917,943],[10,690,691],{},"保证金比例（margin level）是账户净值除以持仓占用的保证金，用百分比表示。经纪商就是看这个数字来判断您的仓位资金是否还够；一旦跌破公布的阈值，平台会先警告您，然后替您平仓。",[33,693,35],{"id":35},[40,695,698],{"className":696,"code":697,"language":45},[43],"净值       = 余额 + 持仓的浮动盈亏\n已用保证金 = Σ (仓位大小 × 合约规模 × 价格) ÷ 杠杆\n保证金比例 = (净值 ÷ 已用保证金) × 100\n可用保证金 = 净值 − 已用保证金\n",[47,699,697],{"__ignoreMap":49},[10,701,702],{},"500% 表示净值是已占用抵押品的五倍；100% 表示两者正好相等。低于 100%，账户就是在硬撑着已经覆盖不了的仓位。",[10,704,705,706,710],{},"举个例子：$10,000 的账户以 1:100 ",[19,707,709],{"href":708},"\u002Fglossary\u002Fwhat-is-leverage","杠杆","开 5 手 EUR\u002FUSD。已用保证金约 $5,400，保证金比例起始为 185%，这么大的仓位每点价值 $50。",[712,713,714,731],"table",{},[715,716,717],"thead",{},[718,719,720,724,726,728],"tr",{},[721,722,723],"th",{},"不利波动",[721,725,188],{},[721,727,109],{},[721,729,730],{},"可用保证金",[732,733,734,749,763,777],"tbody",{},[718,735,736,740,743,746],{},[737,738,739],"td",{},"0 点",[737,741,742],{},"$10,000",[737,744,745],{},"185%",[737,747,748],{},"$4,600",[718,750,751,754,757,760],{},[737,752,753],{},"−60 点",[737,755,756],{},"$7,000",[737,758,759],{},"130%",[737,761,762],{},"$1,600",[718,764,765,768,771,774],{},[737,766,767],{},"−120 点",[737,769,770],{},"$4,000",[737,772,773],{},"74%",[737,775,776],{},"−$1,400",[718,778,779,782,785,788],{},[737,780,781],{},"−146 点",[737,783,784],{},"$2,700",[737,786,787],{},"50%",[737,789,790],{},"−$2,700",[10,792,793],{},"146 点的波动，在有重要新闻的一周里对 EUR\u002FUSD 来说再平常不过，却足以让这个账户从看似宽裕直接走到经纪商的阈值被强平。阈值通常是 100% 和 50%，但具体数值永远写在合同里，没有统一标准。",[10,795,796,799],{},[14,797,798],{},"为什么越是亏损，它跌得越快","。手数不变时，这个比率是直线下降的，但有四件事偏偏在最糟糕的时刻打破这个前提：",[60,801,802,808,814,820],{},[63,803,804,807],{},[14,805,806],{},"分母不会跟着您缩小","。已用保证金冻结在开仓时的规模上，所以浮亏的每一美元都只从分子里扣。",[63,809,810,813],{},[14,811,812],{},"亏损的交易者会加仓","。逆势加仓摊平、网格和马丁格尔系统在价格走反时会开更多仓位：净值在降，已用保证金却在升，比率于是呈非线性下跌。",[63,815,816,819],{},[14,817,818],{},"波动加剧时保证金要求会提高","。重大数据公布前和周末前，经纪商会下调杠杆。价格一动没动，您碰都没碰的仓位，已用保证金也会增加。",[63,821,822,825,826,830],{},[14,823,824],{},"亏损时点差也在扩大","。净值按平仓时会用到的价格计算，所以",[19,827,829],{"href":828},"\u002Fglossary\u002Fwhat-is-a-spread","点差","一旦暴涨，整个持仓会被一次性重新定价。",[33,832,89],{"id":89},[10,834,835,836,838],{},"保证金比例会在行情最差的位置，把未实现的亏损变成被迫兑现的亏损，",[19,837,114],{"href":113},"背后就是这套机制。它也让人换个角度看仓位管理：开一个仓位，等于选定账户能承受多大的价格波动，超过这个幅度，平仓就由别人说了算；而这段缓冲有多少点，在您点下按钮之前就能算出来。",[33,840,118],{"id":118},[10,842,843,844,847,848,850,851,854],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），",[19,845,846],{"href":539},"最深回撤的中位数","为 ",[14,849,132],{},"，但有 ",[14,852,853],{},"17.6% 超过了 50%","。统计对象是在本站公开的账户，并不代表全体交易者。",[10,856,857],{},"把这个 50% 放到比率上看。保证金比例和净值同比例变化：一个看似宽裕、处于 200% 的账户，净值一旦减半，就已经降到通常的追加保证金阈值 100%；要跌到 50% 的强平线，净值大约要跌掉四分之三。而跌幅超过一半的，大约每六个公开账户里就有一个。",[10,859,860,861,863,864,868],{},"剩下的情况，看两个公开的回撤数字之间的差距就知道了。",[14,862,30],{},"按净值计算，包含浮亏；",[19,865,866],{"href":612},[14,867,26],{},"只算已平仓的结果。前者如果远大于后者，说明账户曾背着很深的未实现亏损，换句话说，它的保证金比例曾经很低。",[33,870,165],{"id":164},[10,872,873],{},"已用保证金不公开，所以账户页面上都没有保证金比例仪表。不过分子，以及决定分母的两个变量，都能看到。",[60,875,876,890,896,909],{},[63,877,878,569,881,883,884,886,887,889],{},[14,879,880],{},"余额",[14,882,188],{},"，就在",[14,885,173],{},"面板",[14,888,26],{},"下面的两行，净值后面的括号里还有一个百分比，即净值占余额的比例。远低于 100%，说明这个账户此刻正背着浮亏，保证金比例也在跟着下降。",[63,891,892,893,895],{},"账户头部的",[14,894,709],{},"徽章，在经纪商和账户货币旁边：每个仓位的名义价值都要除以它，所以第一笔订单下单之前，分母就已经定了。",[63,897,898,901,902,908],{},[14,899,900],{},"交易表格","里的",[19,903,905],{"href":904},"\u002Fguides\u002Ftrading-volume-analysis",[14,906,907],{},"交易量","列，以手为单位，这是已用保证金的另一半。大手数的好几张单同时开着，意味着同样的净值要面对一个很大的分母。",[63,910,911,914],{},[14,912,913],{},"最高余额","，就在净值下面一行，是账户的余额峰值，能看出净值现在离账户自己的最好水平差了多少。",[33,916,199],{"id":199},[60,918,919,925,931,937],{},[63,920,204,921,924],{},[14,922,923],{},"保证金比例就是我的杠杆。","”两者有关，但不是一回事。杠杆按交易品种设定，决定已用保证金；保证金比例是实时比率，每个报价都会让它变动。",[63,926,204,927,930],{},[14,928,929],{},"1,000% 就安全了。","”对当前这组仓位来说是安全的。再开四个同样大小的仓位，同样的净值就要覆盖五倍的抵押品。",[63,932,204,933,936],{},[14,934,935],{},"可用保证金是我能出金的钱。","”它是没被占用的净值，里面还包括尚未兑现、随时可能消失的浮盈。",[63,938,204,939,942],{},[14,940,941],{},"平掉一个仓位就解决了。","”效果并不成比例。平掉最大的仓位释放的保证金最多，比率回升最快；平掉最小的仓位，可能根本不足以让比率回到阈值之上。而强制平仓时平台先平哪一个，由不得您。",[10,944,945,946,234],{},"想了解净值、余额和回撤如何结合起来看，请参阅",[19,947,466],{"href":465},{"title":49,"searchDepth":236,"depth":236,"links":949},[950,951,952,953,954],{"id":35,"depth":236,"text":35},{"id":89,"depth":236,"text":89},{"id":118,"depth":236,"text":118},{"id":164,"depth":236,"text":165},{"id":199,"depth":236,"text":199},"保证金比例是净值除以已用保证金得出的百分比。本文介绍计算公式、追加保证金通知与强制平仓的阈值，以及为什么越亏它跌得越快。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-margin-level",[959,960,678,961],"what-is-a-margin-call","what-is-leverage","what-is-a-daily-drawdown-limit",{"title":686,"description":955},"zh\u002F5.glossary\u002Fwhat-is-margin-level","保证金比例 (Margin Level)","2026-09-24T00:00:00.000Z","wAwD0--wtm3Vyc0ZQtbnfz-W8hspXAqYPj8JJ628gkY",{"id":968,"title":969,"body":970,"category":475,"date":244,"description":1262,"draft":246,"extension":247,"meta":1263,"navigation":249,"path":1264,"related":1265,"seo":1267,"stem":1268,"term":1269,"updated":244,"__hash__":1270},"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":971,"toc":1255},[972,979,981,984,990,993,1041,1046,1064,1066,1069,1129,1132,1139,1141,1147,1153,1156,1166,1193,1195,1209,1222,1224,1250],[10,973,974,975,978],{},"最大回撤是账户整个历史上出现过的最大一次",[19,976,977],{"href":128},"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%。",[33,980,35],{"id":35},[10,982,983],{},"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。",[40,985,988],{"className":986,"code":987,"language":45},[43],"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",[47,989,987],{"__ignoreMap":49},[10,991,992],{},"结果完全取决于用的是哪条曲线，ShowMyTrades 两条都公布。",[712,994,995,1010],{},[715,996,997],{},[718,998,999,1001,1004,1007],{},[721,1000,475],{},[721,1002,1003],{},"计算基础",[721,1005,1006],{},"是否计入持仓？",[721,1008,1009],{},"说明了什么",[732,1011,1012,1026],{},[718,1013,1014,1018,1021,1023],{},[737,1015,1016],{},[14,1017,30],{},[737,1019,1020],{},"净值（余额 + 浮动盈亏）",[737,1022,397],{},[737,1024,1025],{},"账户在那一刻实际价值的真实跌幅",[718,1027,1028,1032,1035,1038],{},[737,1029,1030],{},[14,1031,26],{},[737,1033,1034],{},"仅已平仓余额",[737,1036,1037],{},"否",[737,1039,1040],{},"已实现结果的跌幅",[10,1042,1043,1045],{},[19,1044,26],{"href":612},"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。",[10,1047,1048,1049,1052,1053,1056,1057,1060,1061,1063],{},"所以，一个账户显示",[14,1050,1051],{},"回撤 41%","、",[14,1054,1055],{},"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",[14,1058,1059],{},"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",[19,1062,573],{"href":572},"的用处。",[33,1065,89],{"id":89},[10,1067,1068],{},"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。",[712,1070,1071,1080],{},[715,1072,1073],{},[718,1074,1075,1077],{},[721,1076,540],{},[721,1078,1079],{},"回到原峰值所需涨幅",[732,1081,1082,1090,1098,1106,1113,1121],{},[718,1083,1084,1087],{},[737,1085,1086],{},"10%",[737,1088,1089],{},"11.1%",[718,1091,1092,1095],{},[737,1093,1094],{},"20%",[737,1096,1097],{},"25.0%",[718,1099,1100,1103],{},[737,1101,1102],{},"30%",[737,1104,1105],{},"42.9%",[718,1107,1108,1110],{},[737,1109,787],{},[737,1111,1112],{},"100.0%",[718,1114,1115,1118],{},[737,1116,1117],{},"70%",[737,1119,1120],{},"233.3%",[718,1122,1123,1126],{},[737,1124,1125],{},"90%",[737,1127,1128],{},"900.0%",[10,1130,1131],{},"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。",[10,1133,1134,1135,1138],{},"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",[19,1136,1137],{"href":567},"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。",[33,1140,118],{"id":118},[10,1142,1143,1144,1146],{},"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 ",[14,1145,132],{},"，但无论往高还是往低，分布都很散。",[10,1148,1149],{},[96,1150],{"alt":1151,"src":1152},"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",[10,1154,1155],{},"中位数 9.7%，尾部却比多数公开宣传估计的更长。",[10,1157,1158,1159,368,1162,1165],{},"在最差的一端，",[14,1160,1161],{},"17.6% 的账户曾比峰值低 50% 以上",[14,1163,1164],{},"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。",[10,1167,1168,1169,1171,1172,368,1175,1179,1180,1183,1184,1187,1188,1192],{},"最好的一端同样值得怀疑：",[14,1170,136],{}," 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 ",[14,1173,1174],{},"171 笔已平仓交易",[19,1176,1178],{"href":1177},"\u002Fglossary\u002Fwhat-is-average-trade-length","持仓时间","中位数 ",[14,1181,1182],{},"2.4 小时","；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",[19,1185,1186],{"href":654},"尾部需要足够长的历史来支撑","，所以这个数字只有在",[19,1189,1191],{"href":1190},"\u002Fglossary\u002Fwhat-is-a-verified-track-record","经验证的业绩记录","上才真正有分量。",[33,1194,165],{"id":164},[10,1196,1197,1198,1200,1201,569,1203,1205,1206,1208],{},"每个已发布账户页面的",[14,1199,173],{},"面板里，",[14,1202,30],{},[14,1204,26],{},"紧挨着排在",[14,1207,410],{}," 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。",[10,1210,1211,1212,1214,1215,1218,1219,1221],{},"图表模块里有一个专门的",[14,1213,30],{},"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",[14,1216,1217],{},"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。",[19,1220,628],{"href":627},"可以拿您自己的余额套用上面的回本表。",[33,1223,199],{"id":199},[60,1225,1226,1232,1238,1244],{},[63,1227,204,1228,1231],{},[14,1229,1230],{},"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。",[63,1233,204,1234,1237],{},[14,1235,1236],{},"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。",[63,1239,204,1240,1243],{},[14,1241,1242],{},"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。",[63,1245,204,1246,1249],{},[14,1247,1248],{},"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。",[10,1251,1252,1253,234],{},"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",[19,1254,466],{"href":465},{"title":49,"searchDepth":236,"depth":236,"links":1256},[1257,1258,1259,1260,1261],{"id":35,"depth":236,"text":35},{"id":89,"depth":236,"text":89},{"id":118,"depth":236,"text":118},{"id":164,"depth":236,"text":165},{"id":199,"depth":236,"text":199},"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",[252,678,1266,483],"what-is-a-verified-track-record",{"title":969,"description":1262},"zh\u002F5.glossary\u002Fwhat-is-maximum-drawdown","最大回撤 (Maximum Drawdown)","H1pMHY5DcM__vxubkgaLVDhrp8FNU0EbYexdvdzrV1o",[1272,1273],{"path":612},{"path":250},1793898057168]