[{"data":1,"prerenderedAt":1162},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-margin-level":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-margin-level-related":326,"\u002Fzh\u002Fglossary\u002Fwhat-is-margin-level-langs":1159},{"id":4,"title":5,"body":6,"category":308,"date":309,"description":310,"draft":311,"extension":312,"meta":313,"navigation":314,"path":315,"related":316,"seo":321,"stem":322,"term":323,"updated":324,"__hash__":325},"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":8,"toc":300},"minimark",[9,13,17,28,31,40,122,125,132,165,168,176,179,195,198,212,216,219,262,265,292],[10,11,12],"p",{},"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。",[14,15,16],"h2",{"id":16},"工作原理",[18,19,24],"pre",{"className":20,"code":22,"language":23},[21],"language-text","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","text",[25,26,22],"code",{"__ignoreMap":27},"",[10,29,30],{},"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。",[10,32,33,34,39],{},"举个例子：$10,000 的账户以 1:100 ",[35,36,38],"a",{"href":37},"\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。",[41,42,43,62],"table",{},[44,45,46],"thead",{},[47,48,49,53,56,59],"tr",{},[50,51,52],"th",{},"不利波动",[50,54,55],{},"净值",[50,57,58],{},"保证金比例",[50,60,61],{},"可用保证金",[63,64,65,80,94,108],"tbody",{},[47,66,67,71,74,77],{},[68,69,70],"td",{},"0 点",[68,72,73],{},"$10,000",[68,75,76],{},"185%",[68,78,79],{},"$4,600",[47,81,82,85,88,91],{},[68,83,84],{},"−60 点",[68,86,87],{},"$7,000",[68,89,90],{},"130%",[68,92,93],{},"$1,600",[47,95,96,99,102,105],{},[68,97,98],{},"−120 点",[68,100,101],{},"$4,000",[68,103,104],{},"74%",[68,106,107],{},"−$1,400",[47,109,110,113,116,119],{},[68,111,112],{},"−146 点",[68,114,115],{},"$2,700",[68,117,118],{},"50%",[68,120,121],{},"−$2,700",[10,123,124],{},"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。",[10,126,127,131],{},[128,129,130],"strong",{},"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：",[133,134,135,142,148,154],"ul",{},[136,137,138,141],"li",{},[128,139,140],{},"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。",[136,143,144,147],{},[128,145,146],{},"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。",[136,149,150,153],{},[128,151,152],{},"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。",[136,155,156,159,160,164],{},[128,157,158],{},"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",[35,161,163],{"href":162},"\u002Fglossary\u002Fwhat-is-a-spread","点差","一旦暴涨，整个持仓会被一次性重新定价。",[14,166,167],{"id":167},"为什么重要",[10,169,170,171,175],{},"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，",[35,172,174],{"href":173},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","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。",[14,177,178],{"id":178},"数据显示了什么",[10,180,181,182,186,187,190,191,194],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），",[35,183,185],{"href":184},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","最深回撤的中位数","为 ",[128,188,189],{},"9.7%","，但有 ",[128,192,193],{},"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。",[10,196,197],{},"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。",[10,199,200,201,204,205,211],{},"剩下的情况，看两个公开的回撤数字之间的差距就知道了。",[128,202,203],{},"回撤","按净值计算，包含浮亏；",[35,206,208],{"href":207},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[128,209,210],{},"余额回撤","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。",[14,213,215],{"id":214},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,217,218],{},"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。",[133,220,221,237,243,256],{},[136,222,223,226,227,229,230,233,234,236],{},[128,224,225],{},"余额","和",[128,228,55],{},"，就在",[128,231,232],{},"账户统计","面板",[128,235,210],{},"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。",[136,238,239,240,242],{},"账户头部的",[128,241,38],{},"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。",[136,244,245,248,249,255],{},[128,246,247],{},"交易表格","里的",[35,250,252],{"href":251},"\u002Fguides\u002Ftrading-volume-analysis",[128,253,254],{},"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。",[136,257,258,261],{},[128,259,260],{},"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。",[14,263,264],{"id":264},"常见误解",[133,266,267,274,280,286],{},[136,268,269,270,273],{},"“",[128,271,272],{},"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。",[136,275,269,276,279],{},[128,277,278],{},"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。",[136,281,269,282,285],{},[128,283,284],{},"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。",[136,287,269,288,291],{},[128,289,290],{},"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。",[10,293,294,295,299],{},"想了解净值、余额和回撤如何结合起来看，请参阅",[35,296,298],{"href":297},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台","。",{"title":27,"searchDepth":301,"depth":301,"links":302},2,[303,304,305,306,307],{"id":16,"depth":301,"text":16},{"id":167,"depth":301,"text":167},{"id":178,"depth":301,"text":178},{"id":214,"depth":301,"text":215},{"id":264,"depth":301,"text":264},"风险","2026-08-19T00:00:00.000Z","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。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-margin-level",[317,318,319,320],"what-is-a-margin-call","what-is-leverage","what-is-position-sizing","what-is-a-daily-drawdown-limit",{"title":5,"description":310},"zh\u002F5.glossary\u002Fwhat-is-margin-level","保证金比例 (Margin Level)","2026-09-24T00:00:00.000Z","wAwD0--wtm3Vyc0ZQtbnfz-W8hspXAqYPj8JJ628gkY",[327,538,750,958],{"id":328,"title":329,"body":330,"category":308,"date":309,"description":526,"draft":311,"extension":312,"meta":527,"navigation":314,"path":528,"related":529,"seo":534,"stem":535,"term":536,"updated":324,"__hash__":537},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-daily-drawdown-limit.md","什么是每日回撤限制？规则与重置时间",{"type":7,"value":331,"toc":519},[332,344,346,352,355,361,367,373,376,383,385,388,395,397,411,414,427,441,443,446,478,481,483,512],[10,333,334,335,339,340,343],{},"每日回撤限制规定账户在一个交易日内最多能亏多少，起算点是当天开始时定下的参考值。这是",[35,336,338],{"href":337},"\u002Fglossary\u002Fwhat-is-a-prop-firm","自营交易公司","协议里的标准风控条款，由系统自动执行：哪怕只超出一美分，不管整体盈亏如何，账户都判定失败。它和普通的",[35,341,203],{"href":342},"\u002Fglossary\u002Fwhat-is-drawdown","不同：每天重置，日内随时判定。",[14,345,16],{"id":16},[18,347,350],{"className":348,"code":349,"language":23},[21],"参考值     = 每日重置时记录的余额或净值\n当日亏损   = 参考值 − 当前净值\n触发条件     当日亏损 ≥ 限制 % × 参考值\n",[25,351,349],{"__ignoreMap":27},[10,353,354],{},"这条规则到底怎么算，取决于三个参数，而且各家公司并不一样。",[10,356,357,360],{},[128,358,359],{},"基于余额还是基于净值","。基于余额的限制只算已平仓交易；基于净值的限制连浮动亏损也算在内，所以一笔亏损还没兑现，或者还没等到回升，就可能已经触发规则。大多数协议按净值计算，因此每个 tick 都在检查。",[10,362,363,366],{},[128,364,365],{},"以哪个值为参考","。有的公司取重置时的余额，有的取净值，有的取两者中较高的那个。第三种最严：浮盈会把参考值抬高，带着浮盈开始新一天的账户并不会多出亏损空间，只是起跌的位置更高了。",[10,368,369,372],{},[128,370,371],{},"一天从何时开始","。重置发生在公司服务器上的固定时刻，通常是平台时间 00:00 或纽约时间 17:00，而不是您当地的午夜。仓位一旦跨过这个时刻，算进哪一天的额度就跟着变了；平台时间 23:55 亏掉的钱，用的是五分钟后就会补满的额度。",[10,374,375],{},"举个例子：$100,000 的账户，5% 的每日限制，按净值计算，以余额为参考。净值底线是 $95,000。已平仓亏损 $3,000，再加上 $2,100 的浮亏，净值跌到 $94,900：已突破。尽管真正兑现的只有 $3,000，哪怕那笔持仓一小时后保本平仓，结果也一样。",[10,377,378,379,382],{},"与它同时生效的还有",[35,380,381],{"href":184},"整体限制","，以初始余额或追踪的高水位线为基准，永不重置。每日限制更紧，被突破的次数也多得多。",[14,384,167],{"id":167},[10,386,387],{},"每日限制管的不只是策略能做多大，更是策略能长成什么样。凡是靠当天回本的系统（摊平加仓、网格、逆势死扛），无论一个月下来表现多好，都和基于净值的每日规则合不来。",[10,389,390,391,394],{},"它还能挡住交易中最要命的本能：亏损当天加倍下注，想把钱扳回来。不管是公司强制的规则，还是交易者给自己定的，它的价值主要就在这里：在",[35,392,58],{"href":393},"\u002Fglossary\u002Fwhat-is-margin-level","之外再加一道底线，而在杠杆账户上，往往先碰到的就是这一道。",[14,396,178],{"id":178},[10,398,181,399,406,407,410],{},[128,400,401,405],{},[35,402,404],{"href":403},"\u002Fglossary\u002Fwhat-is-average-trade-length","持仓时间","的中位数为 2.4 小时","，中位账户有 ",[128,408,409],{},"171 笔已平仓交易","。统计对象是在本站公开的账户，并不代表所有交易者。",[10,412,413],{},"中位数 2.4 小时，说明典型的仓位在同一个交易日内就开平了。对这样交易的账户来说，真正卡住手脚的是每日限制，而不是整体限制：几乎所有风险都在一个重置周期内出现，也在其中了结。",[10,415,416,417,419,420,419,423,426],{},"再看回撤深度：最深回撤的中位数为 ",[128,418,189],{},"，",[128,421,422],{},"38.5% 低于 5%",[128,424,425],{},"38.2% 超过 20%","。5% 的每日规则本来就定在让人难受的位置，谈不上宽松。",[10,428,429,430,419,433,299,436,440],{},"自动化也不能忽略：自动交易占比的中位数为 ",[128,431,432],{},"99%",[128,434,435],{},"53.9% 的账户自动化程度超过 90%",[35,437,439],{"href":438},"\u002Fglossary\u002Fwhat-is-an-expert-advisor","EA（智能交易系统）","除非编写时就写进了公司的重置时间，否则根本不知道一天何时重置。所以参考值和重置时间这些细节，并不是可有可无的冷知识。",[14,442,215],{"id":214},[10,444,445],{},"ShowMyTrades 不制定也不执行自营交易公司的规则，只提供逐日的记录，供您核对某条规则有没有被遵守。",[133,447,448,458,467,473],{},[136,449,450,453,454,457],{},[128,451,452],{},"月度收益","模块除了表格、图表和汇总，还有",[128,455,456],{},"日历","视图。每天的结果都列在上面，旁边附每周汇总，单独一个糟糕的交易日不会被摊进当月，始终一目了然。",[136,459,460,463,464,466],{},[128,461,462],{},"日均 %"," 位于",[128,465,232],{},"面板第三行，在增长和绝对增长下面。它代表一个典型交易日，判断某天是否异常就拿它来比。",[136,468,469,470,472],{},"图表模块的",[128,471,203],{},"视图用柱状图画出账户整个生命周期的日回撤；逼近限制的日子会显示成尖峰。",[136,474,475,477],{},[128,476,247],{},"列出每笔交易的持续时间、盈利（毛额）、库存费和佣金，靠它可以还原某一天的亏损是怎么来的。",[10,479,480],{},"注意这里有个测量上的差距：日历按已平仓结果统计，而基于净值的规则逐个 tick 盯着浮动净值。在这里看只是小亏的一天，日内可能早已突破了规则。",[14,482,264],{"id":264},[133,484,485,491,497,503],{},[136,486,269,487,490],{},[128,488,489],{},"我平仓时只亏了 4%，5% 的规则没破。","”在基于净值的限制下，浮亏一出现就算数。规则衡量的不是您平仓时的结果。",[136,492,269,493,496],{},[128,494,495],{},"一天在午夜重置。","”实际按公司的服务器时间重置。身处其他时区的交易者，常常把亏损记到了自以为的第二天。",[136,498,269,499,502],{},[128,500,501],{},"整体限制才是真正的风险。","”每日限制更小，每个交易日都在接受考验。大多数账户都倒在它手里。",[136,504,269,505,508,509,511],{},[128,506,507],{},"对冲能让亏损暂停。","”两边仓位照样浮动，照样要付",[35,510,163],{"href":162},"和库存费，而规则看的是合并后的净值。",[10,513,514,515,299],{},"想结合当月整体情况看懂某一天，请参阅",[35,516,518],{"href":517},"\u002Fguides\u002Fmonthly-returns-table-explained","月度收益表解读",{"title":27,"searchDepth":301,"depth":301,"links":520},[521,522,523,524,525],{"id":16,"depth":301,"text":16},{"id":167,"depth":301,"text":167},{"id":178,"depth":301,"text":178},{"id":214,"depth":301,"text":215},{"id":264,"depth":301,"text":264},"每日回撤限制规定账户一个交易日内最多能亏多少，从每天的参考值算起。本文讲清基于余额与基于净值的区别、重置时间，并附真实数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-daily-drawdown-limit",[530,531,532,533],"what-is-drawdown","what-is-maximum-drawdown","what-is-margin-level","what-is-risk-of-ruin",{"title":329,"description":526},"zh\u002F5.glossary\u002Fwhat-is-a-daily-drawdown-limit","每日回撤限制 (Daily Drawdown Limit)","ZbIAsMGZr9BxWjPrKzYSLEK5eAtWpHJll7IJntpjpfs",{"id":539,"title":540,"body":541,"category":308,"date":309,"description":742,"draft":311,"extension":312,"meta":743,"navigation":314,"path":744,"related":745,"seo":746,"stem":747,"term":748,"updated":324,"__hash__":749},"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":542,"toc":735},[543,550,552,558,561,564,601,604,619,630,632,635,638,646,648,655,658,661,663,666,697,699,730],[10,544,545,546,549],{},"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：",[35,547,548],{"href":393},"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。",[14,551,16],{"id":16},[18,553,556],{"className":554,"code":555,"language":23},[21],"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",[25,557,555],{"__ignoreMap":27},[10,559,560],{},"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。",[10,562,563],{},"阈值各家经纪商不同，但一定写在合同里。最常见的一组：",[41,565,566,579],{},[44,567,568],{},[47,569,570,573,576],{},[50,571,572],{},"级别",[50,574,575],{},"常见阈值",[50,577,578],{},"会发生什么",[63,580,581,591],{},[47,582,583,585,588],{},[68,584,174],{},[68,586,587],{},"100%",[68,589,590],{},"发出警告，不再接受新开仓",[47,592,593,596,598],{},[68,594,595],{},"强制平仓",[68,597,118],{},[68,599,600],{},"平台自动平仓",[10,602,603],{},"顺序是固定的：",[605,606,607,610,613,616],"ol",{},[136,608,609],{},"浮动亏损不断侵蚀净值，已用保证金却纹丝不动。",[136,611,612],{},"保证金比例跌破追加保证金阈值。发出警告，新订单被拒绝。",[136,614,615],{},"亏损继续扩大，保证金比例触及强制平仓水平。",[136,617,618],{},"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。",[10,620,621,622,626,627,629],{},"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",[35,623,625],{"href":624},"\u002Ftools\u002Fmargin-calculator","保证金计算器","算一算，某个手数配合某个",[35,628,38],{"href":37},"，实际会冻结多少保证金。",[14,631,167],{"id":167},[10,633,634],{},"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。",[10,636,637],{},"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。",[10,639,640,641,645],{},"价格没有任何异常波动，它也照样可能到来。隔夜收取的",[35,642,644],{"href":643},"\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。",[14,647,178],{"id":178},[10,649,650,651,654],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），17.6% 的账户",[35,652,653],{"href":184},"最深回撤","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。",[10,656,657],{},"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。",[10,659,660],{},"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%。",[14,662,215],{"id":214},[10,664,665],{},"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。",[133,667,668,676,682,692],{},[136,669,670,671,226,673,675],{},"账户统计面板里的",[128,672,225],{},[128,674,55],{},"。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。",[136,677,469,678,681],{},[128,679,680],{},"净值曲线","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。",[136,683,684,685,226,687,691],{},"统计面板里的",[128,686,203],{},[35,688,689],{"href":207},[128,690,210],{},"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。",[136,693,694,696],{},[128,695,247],{},"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。",[14,698,264],{"id":264},[133,700,701,707,713,724],{},[136,702,269,703,706],{},[128,704,705],{},"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。",[136,708,269,709,712],{},[128,710,711],{},"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。",[136,714,269,715,718,719,723],{},[128,716,717],{},"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",[35,720,722],{"href":721},"\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。",[136,725,269,726,729],{},[128,727,728],{},"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。",[10,731,732,733,299],{},"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",[35,734,298],{"href":297},{"title":27,"searchDepth":301,"depth":301,"links":736},[737,738,739,740,741],{"id":16,"depth":301,"text":16},{"id":167,"depth":301,"text":167},{"id":178,"depth":301,"text":178},{"id":214,"depth":301,"text":215},{"id":264,"depth":301,"text":264},"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",[318,531,319],{"title":540,"description":742},"zh\u002F5.glossary\u002Fwhat-is-a-margin-call","追加保证金通知 (Margin Call)","IoIDIVeAg4hDnv0aSOS5rUe9BuDPQFPMGUa80vpHcn8",{"id":751,"title":752,"body":753,"category":308,"date":309,"description":950,"draft":311,"extension":312,"meta":951,"navigation":314,"path":952,"related":953,"seo":954,"stem":955,"term":956,"updated":309,"__hash__":957},"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":754,"toc":943},[755,758,760,763,769,772,820,823,826,836,838,841,844,860,862,865,871,874,876,879,908,910,936],[10,756,757],{},"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。",[14,759,16],{"id":16},[10,761,762],{},"保证金是持仓期间经纪商冻结的押金。算法很简单。",[18,764,767],{"className":765,"code":766,"language":23},[21],"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",[25,768,766],{"__ignoreMap":27},[10,770,771],{},"一标准手 EUR\u002FUSD 是 100,000 单位。价格在 1.0850 时，仓位价值 $108,500。",[41,773,774,787],{},[44,775,776],{},[47,777,778,781,784],{},[50,779,780],{},"账户杠杆",[50,782,783],{},"冻结的保证金",[50,785,786],{},"50 点不利波动的成本",[63,788,789,800,810],{},[47,790,791,794,797],{},[68,792,793],{},"1:30",[68,795,796],{},"$3,616.67",[68,798,799],{},"$500",[47,801,802,805,808],{},[68,803,804],{},"1:100",[68,806,807],{},"$1,085.00",[68,809,799],{},[47,811,812,815,818],{},[68,813,814],{},"1:500",[68,816,817],{},"$217.00",[68,819,799],{},[10,821,822],{},"三行的仓位一模一样。杠杆动的是保证金，从来不是风险。",[10,824,825],{},"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。",[10,827,828,829,226,833,835],{},"用",[35,830,832],{"href":831},"\u002Ftools\u002Fleverage-calculator","杠杆计算器",[35,834,625],{"href":624},"，拿您自己交易的品种算一算。",[14,837,167],{"id":167},[10,839,840],{},"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。",[10,842,843],{},"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。",[10,845,846,847,851,852,856,857,859],{},"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：",[35,848,850],{"href":849},"\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",[35,853,855],{"href":854},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理","，而",[35,858,174],{"href":173},"只是症状，不是病因。",[14,861,178],{"id":178},[10,863,864],{},"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。",[10,866,867,868,870],{},"结果并不随档位排序。在有交易历史的公开账户中，",[35,869,653],{"href":184},"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。",[10,872,873],{},"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。",[14,875,215],{"id":214},[10,877,878],{},"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。",[10,880,881,882,885,886,889,890,226,892,896,897,902,903,226,905,907],{},"交易者拿杠杆做了什么，要看别的地方。高级统计里的",[128,883,884],{},"总手数","是",[35,887,888],{"href":251},"实际交易的累计交易量","。账户统计面板里的",[128,891,203],{},[35,893,894],{"href":207},[128,895,210],{},"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",[35,898,900],{"href":899},"\u002Fglossary\u002Fwhat-is-an-equity-curve",[128,901,680],{},"把",[128,904,225],{},[128,906,55],{},"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。",[14,909,264],{"id":264},[133,911,912,918,924,930],{},[136,913,269,914,917],{},[128,915,916],{},"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。",[136,919,269,920,923],{},[128,921,922],{},"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。",[136,925,269,926,929],{},[128,927,928],{},"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。",[136,931,269,932,935],{},[128,933,934],{},"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。",[10,937,938,939,299],{},"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",[35,940,942],{"href":941},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南",{"title":27,"searchDepth":301,"depth":301,"links":944},[945,946,947,948,949],{"id":16,"depth":301,"text":16},{"id":167,"depth":301,"text":167},{"id":178,"depth":301,"text":178},{"id":214,"depth":301,"text":215},{"id":264,"depth":301,"text":264},"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。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-leverage",[317,319,531],{"title":752,"description":950},"zh\u002F5.glossary\u002Fwhat-is-leverage","杠杆 (Leverage)","1K2tTcEclXFA4muLuzmkGaobTWxAuO3stEO8wQ-6IfM",{"id":959,"title":960,"body":961,"category":308,"date":309,"description":1150,"draft":311,"extension":312,"meta":1151,"navigation":314,"path":1152,"related":1153,"seo":1155,"stem":1156,"term":1157,"updated":309,"__hash__":1158},"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":962,"toc":1143},[963,969,971,974,980,983,989,995,998,1018,1025,1028,1030,1033,1038,1040,1054,1057,1070,1072,1079,1105,1107,1138],[10,964,965,966,968],{},"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",[35,967,203],{"href":342},"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。",[14,970,16],{"id":16},[10,972,973],{},"分三步，按顺序来。",[18,975,978],{"className":976,"code":977,"language":23},[21],"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",[25,979,977],{"__ignoreMap":27},[10,981,982],{},"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：",[18,984,987],{"className":985,"code":986,"language":23},[21],"风险金额   = 10,000 × 0.01      = $100\n仓位大小   = 100 \u002F (50 × 10)    = 0.20 手\n",[25,988,986],{"__ignoreMap":27},[10,990,991,992,994],{},"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",[35,993,722],{"href":721},"位置不能分开决定。",[10,996,997],{},"实践中最常用的有三种方法：",[133,999,1000,1006,1012],{},[136,1001,1002,1005],{},[128,1003,1004],{},"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。",[136,1007,1008,1011],{},[128,1009,1010],{},"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。",[136,1013,1014,1017],{},[128,1015,1016],{},"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。",[10,1019,1020],{},[1021,1022],"img",{"alt":1023,"src":1024},"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",[10,1026,1027],{},"一个账户用的是哪一种，光看手数就能看出来。",[14,1029,167],{"id":167},[10,1031,1032],{},"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%。",[10,1034,1035,1037],{},[35,1036,38],{"href":37},"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。",[14,1039,178],{"id":178},[10,1041,1042,1043,1046,1047,419,1050,1053],{},"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），",[128,1044,1045],{},"38.2%"," 曾",[35,1048,1049],{"href":184},"回撤超过 20%",[128,1051,1052],{},"17.6%"," 亏掉了峰值的一半以上。",[10,1055,1056],{},"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。",[10,1058,1059,1060,419,1062,1065,1066,1069],{},"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 ",[128,1061,432],{},[128,1063,1064],{},"53.9%"," 的账户自动化程度超过 90%，低于 10% 的则有 ",[128,1067,1068],{},"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。",[14,1071,215],{"id":214},[10,1073,1074,1078],{},[35,1075,1077],{"href":1076},"\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。",[10,1080,1081,1082,1084,1085,1087,1088,1091,1092,1095,1096,1099,1100,1104],{},"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。",[128,1083,247],{},"有一列",[128,1086,254],{},"，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。",[128,1089,1090],{},"自定义分析","提供",[128,1093,1094],{},"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。",[128,1097,1098],{},"高级统计","模块里的",[35,1101,1102],{"href":251},[128,1103,884],{},"给出汇总值；所有已发布账户累计交易了 1,724,575 手。",[14,1106,264],{"id":264},[133,1108,1109,1115,1126,1132],{},[136,1110,269,1111,1114],{},[128,1112,1113],{},"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。",[136,1116,269,1117,1120,1121,1125],{},[128,1118,1119],{},"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。",[35,1122,1124],{"href":1123},"\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。",[136,1127,269,1128,1131],{},[128,1129,1130],{},"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。",[136,1133,269,1134,1137],{},[128,1135,1136],{},"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。",[10,1139,1140,1141,299],{},"全套风险与仓位管理工具，以及各自适用的场景，请参阅",[35,1142,942],{"href":941},{"title":27,"searchDepth":301,"depth":301,"links":1144},[1145,1146,1147,1148,1149],{"id":16,"depth":301,"text":16},{"id":167,"depth":301,"text":167},{"id":178,"depth":301,"text":178},{"id":214,"depth":301,"text":215},{"id":264,"depth":301,"text":264},"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",[530,531,1154,318],"what-is-a-stop-loss",{"title":960,"description":1150},"zh\u002F5.glossary\u002Fwhat-is-position-sizing","仓位管理 (Position Sizing)","5hi2OmhGtFDhESyalituW-Nh51a9wIit5SKZxEMEQyk",[1160,1161],{"path":393},{"path":315},1793898068734]