[{"data":1,"prerenderedAt":1002},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-leverage":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-leverage-related":260,"\u002Fzh\u002Fglossary\u002Fwhat-is-leverage-langs":999},{"id":4,"title":5,"body":6,"category":244,"date":245,"description":246,"draft":247,"extension":248,"meta":249,"navigation":250,"path":251,"related":252,"seo":256,"stem":257,"term":258,"updated":245,"__hash__":259},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-leverage.md","外汇中的杠杆是什么？公式与真实数字",{"type":7,"value":8,"toc":236},"minimark",[9,13,17,20,31,34,88,91,94,108,111,114,117,135,138,141,149,152,156,159,196,199,228],[10,11,12],"p",{},"杠杆（leverage）是仓位规模与持仓所需资金之间的比率。经纪商提供 1:100 杠杆，您拿出 $1,000 作保证金，就能控制 $100,000 的货币。杠杆是一种借款工具，不是策略：它只改变一笔交易占用多少资金，其他一概不变。",[14,15,16],"h2",{"id":16},"工作原理",[10,18,19],{},"保证金是持仓期间经纪商冻结的押金。算法很简单。",[21,22,27],"pre",{"className":23,"code":25,"language":26},[24],"language-text","仓位价值   = 合约规模 × 手数 × 价格\n所需保证金 = 仓位价值 ÷ 杠杆\n\n有效杠杆   = 全部持仓价值 ÷ 账户净值\n","text",[28,29,25],"code",{"__ignoreMap":30},"",[10,32,33],{},"一标准手 EUR\u002FUSD 是 100,000 单位。价格在 1.0850 时，仓位价值 $108,500。",[35,36,37,53],"table",{},[38,39,40],"thead",{},[41,42,43,47,50],"tr",{},[44,45,46],"th",{},"账户杠杆",[44,48,49],{},"冻结的保证金",[44,51,52],{},"50 点不利波动的成本",[54,55,56,68,78],"tbody",{},[41,57,58,62,65],{},[59,60,61],"td",{},"1:30",[59,63,64],{},"$3,616.67",[59,66,67],{},"$500",[41,69,70,73,76],{},[59,71,72],{},"1:100",[59,74,75],{},"$1,085.00",[59,77,67],{},[41,79,80,83,86],{},[59,81,82],{},"1:500",[59,84,85],{},"$217.00",[59,87,67],{},[10,89,90],{},"三行的仓位一模一样。杠杆动的是保证金，从来不是风险。",[10,92,93],{},"真正反映风险敞口的是有效杠杆：所有持仓的名义价值除以净值。在 1:500 的账户上用 $10,000 做 0.05 手，有效杠杆只有 0.54:1，敞口比全额现金买入同样货币的人还小。在 1:30 的账户上用同样的 $10,000 做 2.5 手，有效杠杆是 27:1，已经顶到监管设定的上限。杠杆档位说明不了这两个人的任何问题，说明问题的是仓位大小。",[10,95,96,97,102,103,107],{},"用",[98,99,101],"a",{"href":100},"\u002Ftools\u002Fleverage-calculator","杠杆计算器","和",[98,104,106],{"href":105},"\u002Ftools\u002Fmargin-calculator","保证金计算器","，拿您自己交易的品种算一算。",[14,109,110],{"id":110},"为什么重要",[10,112,113],{},"高杠杆本身不会亏钱。它拿走的是原本能拦住您的那道限制。",[10,115,116],{},"在 1:30 的账户上，$10,000 净值最多只能开约 2.7 标准手 EUR\u002FUSD，再多保证金就不够了：等于经纪商替您设了一个仓位上限。换成 1:500，同样的 $10,000 能撑起 46 手。什么都没变好，只是上限没了。",[10,118,119,120,124,125,129,130,134],{},"把账户掏空的链条从来都一样：杠杆允许开大仓位，大仓位带来扛不住的亏损，由此造成的回撤所需要的收益，算术上根本给不出来：",[98,121,123],{"href":122},"\u002Fguides\u002Fmaximum-drawdown-explained","亏损 50% 需要盈利 100% 才能回本","。杠杆是链条的起点，但真正造成伤害的那一环是仓位规模。所以值得掌握的控制手段是",[98,126,128],{"href":127},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","，而",[98,131,133],{"href":132},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","只是症状，不是病因。",[14,136,137],{"id":137},"数据显示了什么",[10,139,140],{},"截至 2026 年 8 月，连接到 ShowMyTrades 的 1 万+ 个账户分布在 703 个不同的经纪商服务器上，涵盖 MT4、MT5、cTrader 和 TradeLocker。市面上几乎所有杠杆档位都能在其中找到，从受监管的 1:30 上限，到离岸的 1:500 乃至更高。",[10,142,143,144,148],{},"结果并不随档位排序。在有交易历史的公开账户中，",[98,145,147],{"href":146},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","最深回撤","的中位数为 9.7%，但 38.5% 的账户从未回撤超过 5%，38.2% 回吐了峰值的五分之一以上，17.6% 回吐了一半以上。",[10,150,151],{},"两组账户数量几乎一样，来自同一批杠杆设置，结局却差了一个数量级。把它们分开的，不是经纪商允许了什么。这些数字描述的是在 ShowMyTrades 上公开的账户，并不代表全体交易者；在这批账户里，真正起变化的变量是仓位规模。",[14,153,155],{"id":154},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,157,158],{},"经纪商给的杠杆以徽章形式显示在账户头部，就在经纪商名称和账户货币旁边。这个数值取自账户数据，不是账户主人手动填写的。",[10,160,161,162,166,167,171,172,102,175,181,182,188,189,102,192,195],{},"交易者拿杠杆做了什么，要看别的地方。高级统计里的",[163,164,165],"strong",{},"总手数","是",[98,168,170],{"href":169},"\u002Fguides\u002Ftrading-volume-analysis","实际交易的累计交易量","。账户统计面板里的",[163,173,174],{},"回撤",[98,176,178],{"href":177},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[163,179,180],{},"余额回撤","显示这些交易量在最糟糕时刻付出的代价：前者按包含持仓的净值计算，后者只按已平仓余额计算。图表模块里的",[98,183,185],{"href":184},"\u002Fglossary\u002Fwhat-is-an-equity-curve",[163,186,187],{},"净值曲线","把",[163,190,191],{},"余额",[163,193,194],{},"净值","画在一起，两条线之间的空隙，就是过大的持仓在平仓前藏身的地方。",[14,197,198],{"id":198},"常见误解",[200,201,202,210,216,222],"ul",{},[203,204,205,206,209],"li",{},"“",[163,207,208],{},"1:500 比 1:30 风险更大。","”账户设置不等于风险。两个账户持有完全相同的仓位，不管经纪商允许多高的杠杆，风险都完全一样。更高的杠杆只是让您能选错的仓位范围更大了。",[203,211,205,212,215],{},[163,213,214],{},"杠杆越高，赚得越多。","”杠杆高，只意味着被占作保证金的资金更少。盈亏由仓位大小和价格波动决定，两者都和杠杆档位无关。",[203,217,205,218,221],{},[163,219,220],{},"可用保证金是闲着的购买力。","”可用保证金是您离强制平仓还有多远。把它用掉，可控的亏损就是这样变成爆仓的。",[203,223,205,224,227],{},[163,225,226],{},"经纪商把我的杠杆限制在 1:30，所以我很安全。","”监管上限限制的是总仓位的最大规模，而不是任何一笔交易的风险。哪怕远在 1:30 的上限之内，一个仓位开得不当，照样能把账户亏光。",[10,229,230,231,235],{},"上面每个数字背后都有对应的计算器。想了解它们如何配合使用，请参阅",[98,232,234],{"href":233},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南","。",{"title":30,"searchDepth":237,"depth":237,"links":238},2,[239,240,241,242,243],{"id":16,"depth":237,"text":16},{"id":110,"depth":237,"text":110},{"id":137,"depth":237,"text":137},{"id":154,"depth":237,"text":155},{"id":198,"depth":237,"text":198},"风险","2026-08-19T00:00:00.000Z","杠杆是仓位规模与背后所需资金之间的比率。本文给出保证金公式、计算示例，以及数千个账户的回撤数据。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-leverage",[253,254,255],"what-is-a-margin-call","what-is-position-sizing","what-is-maximum-drawdown",{"title":5,"description":246},"zh\u002F5.glossary\u002Fwhat-is-leverage","杠杆 (Leverage)","1K2tTcEclXFA4muLuzmkGaobTWxAuO3stEO8wQ-6IfM",[261,479,797],{"id":262,"title":263,"body":264,"category":244,"date":245,"description":469,"draft":247,"extension":248,"meta":470,"navigation":250,"path":471,"related":472,"seo":474,"stem":475,"term":476,"updated":477,"__hash__":478},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-margin-call.md","什么是追加保证金通知？公式、强制平仓与真实数据",{"type":7,"value":265,"toc":462},[266,274,276,282,285,288,326,329,344,355,357,360,363,371,373,379,382,385,387,390,422,424,455],[10,267,268,269,273],{},"追加保证金通知（margin call）是经纪商发出的警告：账户净值已经跌到离持仓占用的保证金太近了。触发它的是一个比率阈值，而不是谁的主观判断：",[98,270,272],{"href":271},"\u002Fglossary\u002Fwhat-is-margin-level","净值除以已用保证金","一跌破公布的水平，警告就会发出。置之不理，接下来就是强制平仓（stop out），平台会替您把仓位平掉。",[14,275,16],{"id":16},[21,277,280],{"className":278,"code":279,"language":26},[24],"净值       = 余额 + 持仓的浮动盈亏\n可用保证金 = 净值 − 已用保证金\n保证金比例 = (净值 ÷ 已用保证金) × 100\n",[28,281,279],{"__ignoreMap":30},[10,283,284],{},"举个例子：余额 $10,000，两个仓位占用 $2,000 保证金，浮亏 $1,500。此时净值 $8,500，保证金比例 425%。亏损如果扩大到 $8,100，净值只剩 $1,900，保证金比例降到 95%，已经低于常见的 100% 追加保证金阈值。",[10,286,287],{},"阈值各家经纪商不同，但一定写在合同里。最常见的一组：",[35,289,290,303],{},[38,291,292],{},[41,293,294,297,300],{},[44,295,296],{},"级别",[44,298,299],{},"常见阈值",[44,301,302],{},"会发生什么",[54,304,305,315],{},[41,306,307,309,312],{},[59,308,133],{},[59,310,311],{},"100%",[59,313,314],{},"发出警告，不再接受新开仓",[41,316,317,320,323],{},[59,318,319],{},"强制平仓",[59,321,322],{},"50%",[59,324,325],{},"平台自动平仓",[10,327,328],{},"顺序是固定的：",[330,331,332,335,338,341],"ol",{},[203,333,334],{},"浮动亏损不断侵蚀净值，已用保证金却纹丝不动。",[203,336,337],{},"保证金比例跌破追加保证金阈值。发出警告，新订单被拒绝。",[203,339,340],{},"亏损继续扩大，保证金比例触及强制平仓水平。",[203,342,343],{},"平台逐个平仓，直到比率回到阈值之上。大多数经纪商先平亏损最大的仓位。",[10,345,346,347,349,350,354],{},"这些步骤没有一步会等您回到电脑前：凌晨 3 点在流动性稀薄的市场里被强平，成交记录和您自己下单平仓没有任何区别。开仓之前，可以先用",[98,348,106],{"href":105},"算一算，某个手数配合某个",[98,351,353],{"href":352},"\u002Fglossary\u002Fwhat-is-leverage","杠杆","，实际会冻结多少保证金。",[14,356,110],{"id":110},[10,358,359],{},"问题出在时机，而且是结构性的。追加保证金通知总在不利行情走到最深时到来，“最深”本来就是这个意思。仓位在这一轮行情最差的价格上被平掉，那笔本来能回本的交易，还没等到回本就被平了。自己熬过去的回撤，和别人替您兑现的回撤，区别就在这里。",[10,361,362],{},"平仓顺序更是雪上加霜：先平亏损最大的仓位，意味着被强行平掉的，正是离开仓价最远的那一笔。",[10,364,365,366,370],{},"价格没有任何异常波动，它也照样可能到来。隔夜收取的",[98,367,369],{"href":368},"\u002Fglossary\u002Fwhat-is-a-swap-in-forex","库存费","会减少净值，保证金比例随之下降，哪怕这些仓位您碰都没碰过。一篮子负套息的仓位拿上几个月，可能就这样一点点地自己走进追加保证金通知。",[14,372,137],{"id":137},[10,374,375,376,378],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），17.6% 的账户",[98,377,147],{"href":146},"超过 50%。统计对象是在本站公开的账户，并不代表全体交易者。",[10,380,381],{},"这个数字之所以重要，在于强制平仓线的位置。如果持仓已经把大部分净值占作保证金，账户的保证金比例本来就在 100% 附近；净值一减半，比率就落到 50% 的强平线，不管账户主人本意如何。回撤超过 50% 并不能证明发生过追加保证金通知，因为其中有些仓位是手动平掉的；但它圈出了一批离强平足够近、经纪商已经能插手的账户。",[10,383,384],{},"这笔账还有另一半：回本。从 −50% 回到原点需要 +100%，而同一批账户的时间加权收益率中位数只有 +3.2%。",[14,386,155],{"id":154},[10,388,389],{},"公开账户页面上没有实时的保证金比例仪表，但决定它的每一项数据都能看到。",[200,391,392,400,406,416],{},[203,393,394,395,102,397,399],{},"账户统计面板里的",[163,396,191],{},[163,398,194],{},"。两者之差就是把保证金比例往下压的浮动盈亏。差额为负且很大，说明这个账户的保证金比例此刻正在下滑。",[203,401,402,403,405],{},"图表模块的",[163,404,187],{},"把两条线画在一起。净值几乎垂直下跌，随后余额线跟着追上来，就是一笔亏损被兑现了，不管是主动平仓还是被动强平。",[203,407,408,409,102,411,415],{},"统计面板里的",[163,410,174],{},[98,412,413],{"href":177},[163,414,180],{},"对照着看。前者包含持仓，后者不包含。一段很深的净值回撤后来出现在余额数字里，那一刻就是浮亏被平仓的时刻。",[203,417,418,421],{},[163,419,420],{},"交易表格","里的持续时间和盈利（毛额）两列。一批仓位在同一分钟内全部平仓、全部亏损，这就是强制平仓留下的指纹。",[14,423,198],{"id":198},[200,425,426,432,438,449],{},[203,427,205,428,431],{},[163,429,430],{},"追加保证金通知和强制平仓是一回事。","”它们是两道阈值：前者是警告，后者是执行。有些经纪商把两者设得很近，中间那点空档根本用不上。",[203,433,205,434,437],{},[163,435,436],{},"到时候我再入金就行。","”收到通知并不是理所当然的，而在快速行情里，从追加保证金通知到强制平仓可能只隔几秒。银行转账按银行的时间到账，不按市场的时间。",[203,439,205,440,443,444,448],{},[163,441,442],{},"止损能让我躲开追加保证金通知。","”前提是止损能成交。遇到周末跳空，市场重新开盘时可能已远远越过您的",[98,445,447],{"href":446},"\u002Fglossary\u002Fwhat-is-a-stop-loss","止损","，第一个报价还没出来，保证金比例就可能已经低于强平线。",[203,450,205,451,454],{},[163,452,453],{},"有负余额保护，亏损就不会超过入金。","”在提供并切实执行这项保护的地方，它封顶的是欠款，而不是亏损。账户照样会亏光。",[10,456,457,458,235],{},"想了解净值、余额和回撤在实时页面上如何相互关联，请阅读",[98,459,461],{"href":460},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台",{"title":30,"searchDepth":237,"depth":237,"links":463},[464,465,466,467,468],{"id":16,"depth":237,"text":16},{"id":110,"depth":237,"text":110},{"id":137,"depth":237,"text":137},{"id":154,"depth":237,"text":155},{"id":198,"depth":237,"text":198},"追加保证金通知是经纪商发出的警告，说明您的净值已经撑不住持仓。本文介绍保证金比例公式、强制平仓的流程，并附真实数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-margin-call",[473,255,254],"what-is-leverage",{"title":263,"description":469},"zh\u002F5.glossary\u002Fwhat-is-a-margin-call","追加保证金通知 (Margin Call)","2026-09-24T00:00:00.000Z","IoIDIVeAg4hDnv0aSOS5rUe9BuDPQFPMGUa80vpHcn8",{"id":480,"title":481,"body":482,"category":514,"date":245,"description":786,"draft":247,"extension":248,"meta":787,"navigation":250,"path":788,"related":789,"seo":793,"stem":794,"term":795,"updated":245,"__hash__":796},"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":483,"toc":779},[484,492,494,497,503,506,555,560,578,580,583,644,647,654,656,663,670,673,684,713,715,731,746,748,774],[10,485,486,487,491],{},"最大回撤是账户整个历史上出现过的最大一次",[98,488,490],{"href":489},"\u002Fglossary\u002Fwhat-is-drawdown","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%。",[14,493,16],{"id":16},[10,495,496],{},"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。",[21,498,501],{"className":499,"code":500,"language":26},[24],"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",[28,502,500],{"__ignoreMap":30},[10,504,505],{},"结果完全取决于用的是哪条曲线，ShowMyTrades 两条都公布。",[35,507,508,524],{},[38,509,510],{},[41,511,512,515,518,521],{},[44,513,514],{},"指标",[44,516,517],{},"计算基础",[44,519,520],{},"是否计入持仓？",[44,522,523],{},"说明了什么",[54,525,526,540],{},[41,527,528,532,535,537],{},[59,529,530],{},[163,531,174],{},[59,533,534],{},"净值（余额 + 浮动盈亏）",[59,536,166],{},[59,538,539],{},"账户在那一刻实际价值的真实跌幅",[41,541,542,546,549,552],{},[59,543,544],{},[163,545,180],{},[59,547,548],{},"仅已平仓余额",[59,550,551],{},"否",[59,553,554],{},"已实现结果的跌幅",[10,556,557,559],{},[98,558,180],{"href":177},"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。",[10,561,562,563,566,567,570,571,574,575,577],{},"所以，一个账户显示",[163,564,565],{},"回撤 41%","、",[163,568,569],{},"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",[163,572,573],{},"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",[98,576,447],{"href":446},"的用处。",[14,579,110],{"id":110},[10,581,582],{},"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。",[35,584,585,595],{},[38,586,587],{},[41,588,589,592],{},[44,590,591],{},"最大回撤",[44,593,594],{},"回到原峰值所需涨幅",[54,596,597,605,613,621,628,636],{},[41,598,599,602],{},[59,600,601],{},"10%",[59,603,604],{},"11.1%",[41,606,607,610],{},[59,608,609],{},"20%",[59,611,612],{},"25.0%",[41,614,615,618],{},[59,616,617],{},"30%",[59,619,620],{},"42.9%",[41,622,623,625],{},[59,624,322],{},[59,626,627],{},"100.0%",[41,629,630,633],{},[59,631,632],{},"70%",[59,634,635],{},"233.3%",[41,637,638,641],{},[59,639,640],{},"90%",[59,642,643],{},"900.0%",[10,645,646],{},"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。",[10,648,649,650,653],{},"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",[98,651,652],{"href":127},"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。",[14,655,137],{"id":137},[10,657,658,659,662],{},"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 ",[163,660,661],{},"9.7%","，但无论往高还是往低，分布都很散。",[10,664,665],{},[666,667],"img",{"alt":668,"src":669},"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",[10,671,672],{},"中位数 9.7%，尾部却比多数公开宣传估计的更长。",[10,674,675,676,679,680,683],{},"在最差的一端，",[163,677,678],{},"17.6% 的账户曾比峰值低 50% 以上","，",[163,681,682],{},"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。",[10,685,686,687,690,691,679,694,698,699,702,703,707,708,712],{},"最好的一端同样值得怀疑：",[163,688,689],{},"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 ",[163,692,693],{},"171 笔已平仓交易",[98,695,697],{"href":696},"\u002Fglossary\u002Fwhat-is-average-trade-length","持仓时间","中位数 ",[163,700,701],{},"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",[98,704,706],{"href":705},"\u002Fguides\u002Fhow-much-history-a-track-record-needs","尾部需要足够长的历史来支撑","，所以这个数字只有在",[98,709,711],{"href":710},"\u002Fglossary\u002Fwhat-is-a-verified-track-record","经验证的业绩记录","上才真正有分量。",[14,714,155],{"id":154},[10,716,717,718,721,722,102,724,726,727,730],{},"每个已发布账户页面的",[163,719,720],{},"账户统计","面板里，",[163,723,174],{},[163,725,180],{},"紧挨着排在",[163,728,729],{},"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。",[10,732,733,734,736,737,740,741,745],{},"图表模块里有一个专门的",[163,735,174],{},"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",[163,738,739],{},"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。",[98,742,744],{"href":743},"\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。",[14,747,198],{"id":198},[200,749,750,756,762,768],{},[203,751,205,752,755],{},[163,753,754],{},"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。",[203,757,205,758,761],{},[163,759,760],{},"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。",[203,763,205,764,767],{},[163,765,766],{},"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。",[203,769,205,770,773],{},[163,771,772],{},"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。",[10,775,776,777,235],{},"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",[98,778,461],{"href":460},{"title":30,"searchDepth":237,"depth":237,"links":780},[781,782,783,784,785],{"id":16,"depth":237,"text":16},{"id":110,"depth":237,"text":110},{"id":137,"depth":237,"text":137},{"id":154,"depth":237,"text":155},{"id":198,"depth":237,"text":198},"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",[790,254,791,792],"what-is-drawdown","what-is-a-verified-track-record","what-is-a-profit-factor",{"title":481,"description":786},"zh\u002F5.glossary\u002Fwhat-is-maximum-drawdown","最大回撤 (Maximum Drawdown)","H1pMHY5DcM__vxubkgaLVDhrp8FNU0EbYexdvdzrV1o",{"id":798,"title":799,"body":800,"category":244,"date":245,"description":990,"draft":247,"extension":248,"meta":991,"navigation":250,"path":992,"related":993,"seo":995,"stem":996,"term":997,"updated":245,"__hash__":998},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-position-sizing.md","什么是仓位管理？公式与手数计算",{"type":7,"value":801,"toc":983},[802,808,810,813,819,822,828,834,837,857,863,866,868,871,876,878,892,895,909,911,918,945,947,978],[10,803,804,805,807],{},"仓位管理（position sizing）决定一笔交易开多大，依据是这笔交易失败时您愿意亏掉账户的多少。它用两个数把风险百分比换算成手数：到止损的距离，以及这个手数下一个点值多少钱。账户的",[98,806,174],{"href":489},"特征就由这一个变量决定，而且它是在交易前选定的，不是交易后才发现的。",[14,809,16],{"id":16},[10,811,812],{},"分三步，按顺序来。",[21,814,817],{"className":815,"code":816,"language":26},[24],"1. 风险金额   = 账户余额 × 风险 %\n2. 点值　　   = 合约规模 × 以报价货币计的一个点 × 换算为账户货币的汇率\n3. 仓位大小   = 风险金额 \u002F (止损距离点数 × 每手点值)\n",[28,818,816],{"__ignoreMap":30},[10,820,821],{},"举个例子：$10,000 的账户，每笔交易风险 1%，EUR\u002FUSD 止损 50 点，一标准手每点 $10：",[21,823,826],{"className":824,"code":825,"language":26},[24],"风险金额   = 10,000 × 0.01      = $100\n仓位大小   = 100 \u002F (50 × 10)    = 0.20 手\n",[28,827,825],{"__ignoreMap":30},[10,829,830,831,833],{},"止损放宽到 100 点，同样 $100 的风险就只能开 0.10 手。风险不变，手数跟着调整。整个思路就在这种反向关系里，也正因为如此，仓位管理和",[98,832,447],{"href":446},"位置不能分开决定。",[10,835,836],{},"实践中最常用的有三种方法：",[200,838,839,845,851],{},[203,840,841,844],{},[163,842,843],{},"固定手数","。不管止损多远、余额多少，永远 0.10 手。简单，但止损和余额一变，单笔风险就跟着漂移。",[203,846,847,850],{},[163,848,849],{},"百分比风险（固定比例）","。也就是上面的公式。风险始终与账户成比例，账户缩水时，按金额计的亏损也随之变小，回本在算术上才有可能。",[203,852,853,856],{},[163,854,855],{},"马丁格尔递增","。亏损后加大手数，想把亏损扳回来。盈利频繁而且每笔都小，净值曲线漂亮得无可挑剔，但结果的分布有一条很厚的左尾，而且会一下子全部兑现。",[10,858,859],{},[666,860],{"alt":861,"src":862},"每次亏损后手数加倍，对比按净值固定比例下单：胜率相同，市场相同，结局相反","\u002Fimages\u002Farticles\u002Flot-progression.svg",[10,864,865],{},"一个账户用的是哪一种，光看手数就能看出来。",[14,867,110],{"id":110},[10,869,870],{},"入场决定您能不能赢，仓位管理决定您还能不能留下来做下一笔。两个交易者用同样的信号、同样的止损，胜率一模一样，账户却天差地别，因为一个每笔只冒 0.5% 的风险，另一个冒 8%。",[10,872,873,875],{},[98,874,353],{"href":352},"真正造成伤害，也是通过仓位管理。高杠杆本身不是风险，只是允许您去冒险。风险来自用这份许可开出的仓位：按它的止损距离，一笔亏损大到账户连亏两次都扛不住。",[14,877,137],{"id":137},[10,879,880,881,884,885,679,888,891],{},"仓位管理会在回撤的尾部留下痕迹。在 ShowMyTrades 上有交易历史的已发布账户中（2026 年 8 月；统计对象是在本站公开的账户，并不代表所有交易者），",[163,882,883],{},"38.2%"," 曾",[98,886,887],{"href":146},"回撤超过 20%",[163,889,890],{},"17.6%"," 亏掉了峰值的一半以上。",[10,893,894],{},"规模定得合理的固定比例账户，很少会落到最后这一档。按每笔 1% 的风险亏掉 50%，大约要连亏 69 次。落在这条尾部里的账户，一般另有原因：亏损后不断加码，或者定手数时根本没考虑止损。",[10,896,897,898,679,901,904,905,908],{},"再看看仓位大小是谁定的：这些账户自动交易占比的中位数为 ",[163,899,900],{},"99%",[163,902,903],{},"53.9%"," 的账户自动化程度超过 90%，低于 10% 的则有 ",[163,906,907],{},"42.2%","。在一半以上的已发布账户上，仓位大小只是 EA 设置里的一行，设好一次，余额怎么变都不再调整。",[14,910,155],{"id":154},[10,912,913,917],{},[98,914,916],{"href":915},"\u002Ftools\u002Fposition-size-calculator","仓位计算器","用实时价格、以您的账户货币套用上面的公式，风险可以按百分比或固定金额设定，止损可以用价格或点数表示。",[10,919,920,921,923,924,927,928,931,932,935,936,939,940,944],{},"在已发布账户的页面上，仓位管理可以实际核查，不必凭空猜测。",[163,922,420],{},"有一列",[163,925,926],{},"交易量","，列出每笔交易的手数，每亏一次就加一级的手数一眼就能看出来。",[163,929,930],{},"自定义分析","提供",[163,933,934],{},"手数","的最小\u002F最大筛选：把下限设在账户正常手数之上，看看剩下的交易是不是都紧跟在亏损之后出现，这就是马丁格尔的特征。",[163,937,938],{},"高级统计","模块里的",[98,941,942],{"href":169},[163,943,165],{},"给出汇总值；所有已发布账户累计交易了 1,724,575 手。",[14,946,198],{"id":198},[200,948,949,955,966,972],{},[203,950,205,951,954],{},[163,952,953],{},"风险 2%，就是动用账户的 2%。","”不是。2% 是止损被触发时的亏损。仓位占用的保证金是另一个完全不同的数字，由杠杆决定。",[203,956,205,957,960,961,965],{},[163,958,959],{},"我每笔只冒 1% 的风险，所以最坏也就亏 1%。","”只有同时只开一个仓位时才成立。",[98,962,964],{"href":963},"\u002Fglossary\u002Fwhat-is-correlation-risk","五个相关的仓位","各占 1%，其实是一笔换了装扮的 5% 交易，而相关的货币对偏偏在最伤人的时候同涨同跌。",[203,967,205,968,971],{},[163,969,970],{},"不设止损，就没有风险要算。","”没有止损，仓位大小公式就没有分母：风险不是很小，而是根本无法定义，它的真实数值就是追加保证金通知。",[203,973,205,974,977],{},[163,975,976],{},"复利就是不断加仓。","”固定比例的仓位管理是双向调整的。赢了加手数、亏了却不减，这不是复利，而是一个慢慢收紧的棘轮，把账户推向一场您定仓位时从未考虑过的回撤。",[10,979,980,981,235],{},"全套风险与仓位管理工具，以及各自适用的场景，请参阅",[98,982,234],{"href":233},{"title":30,"searchDepth":237,"depth":237,"links":984},[985,986,987,988,989],{"id":16,"depth":237,"text":16},{"id":110,"depth":237,"text":110},{"id":137,"depth":237,"text":137},{"id":154,"depth":237,"text":155},{"id":198,"depth":237,"text":198},"仓位管理就是根据止损距离和点值，把风险百分比换算成手数。本文介绍公式、三种常见方法，以及仓位定错的代价。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-position-sizing",[790,255,994,473],"what-is-a-stop-loss",{"title":799,"description":990},"zh\u002F5.glossary\u002Fwhat-is-position-sizing","仓位管理 (Position Sizing)","5hi2OmhGtFDhESyalituW-Nh51a9wIit5SKZxEMEQyk",[1000,1001],{"path":352},{"path":251},1793890616907]