[{"data":1,"prerenderedAt":1191},["ShallowReactive",2],{"\u002Fzh\u002Fglossary\u002Fwhat-is-position-sizing":3,"\u002Fzh\u002Fglossary\u002Fwhat-is-position-sizing-related":248,"\u002Fzh\u002Fglossary\u002Fwhat-is-position-sizing-langs":1188},{"id":4,"title":5,"body":6,"category":231,"date":232,"description":233,"draft":234,"extension":235,"meta":236,"navigation":237,"path":238,"related":239,"seo":244,"stem":245,"term":246,"updated":232,"__hash__":247},"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":8,"toc":223},"minimark",[9,19,23,26,37,40,46,54,57,80,87,90,93,96,103,106,122,125,139,143,150,180,183,215],[10,11,12,13,18],"p",{},"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",[14,15,17],"a",{"href":16},"\u002Fglossary\u002Fwhat-is-drawdown","回撤","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。",[20,21,22],"h2",{"id":22},"工作原理",[10,24,25],{},"分三步，按顺序来。",[27,28,33],"pre",{"className":29,"code":31,"language":32},[30],"language-text","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","text",[34,35,31],"code",{"__ignoreMap":36},"",[10,38,39],{},"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：",[27,41,44],{"className":42,"code":43,"language":32},[30],"风险金额   = 10,000 × 0.01      = $100\n仓位大小   = 100 \u002F (50 × 10)    = 0.20 手\n",[34,45,43],{"__ignoreMap":36},[10,47,48,49,53],{},"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",[14,50,52],{"href":51},"\u002Fglossary\u002Fwhat-is-a-stop-loss","止损","位置不能分开决定。",[10,55,56],{},"实践中最常用的有三种方法：",[58,59,60,68,74],"ul",{},[61,62,63,67],"li",{},[64,65,66],"strong",{},"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。",[61,69,70,73],{},[64,71,72],{},"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。",[61,75,76,79],{},[64,77,78],{},"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。",[10,81,82],{},[83,84],"img",{"alt":85,"src":86},"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",[10,88,89],{},"一个账户用的是哪一种，光看手数就能看出来。",[20,91,92],{"id":92},"为什么重要",[10,94,95],{},"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%。",[10,97,98,102],{},[14,99,101],{"href":100},"\u002Fglossary\u002Fwhat-is-leverage","杠杆","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。",[20,104,105],{"id":105},"数据显示了什么",[10,107,108,109,112,113,117,118,121],{},"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），",[64,110,111],{},"38.2%"," 曾",[14,114,116],{"href":115},"\u002Fglossary\u002Fwhat-is-maximum-drawdown","回撤超过 20%","，",[64,119,120],{},"17.6%"," 亏掉了峰值的一半以上。",[10,123,124],{},"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。",[10,126,127,128,117,131,134,135,138],{},"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 ",[64,129,130],{},"99%",[64,132,133],{},"53.9%"," 的账户自动化程度超过 90%，低于 10% 的则有 ",[64,136,137],{},"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。",[20,140,142],{"id":141},"在-showmytrades-上的位置","在 ShowMyTrades 上的位置",[10,144,145,149],{},[14,146,148],{"href":147},"\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。",[10,151,152,153,156,157,160,161,164,165,168,169,172,173,179],{},"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。",[64,154,155],{},"交易表格","有一列",[64,158,159],{},"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。",[64,162,163],{},"自定义分析","提供",[64,166,167],{},"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。",[64,170,171],{},"高级统计","模块里的",[14,174,176],{"href":175},"\u002Fguides\u002Ftrading-volume-analysis",[64,177,178],{},"总手数","给出汇总值；所有已发布账户累计交易了 1,724,575 手。",[20,181,182],{"id":182},"常见误解",[58,184,185,192,203,209],{},[61,186,187,188,191],{},"“",[64,189,190],{},"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。",[61,193,187,194,197,198,202],{},[64,195,196],{},"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。",[14,199,201],{"href":200},"\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。",[61,204,187,205,208],{},[64,206,207],{},"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。",[61,210,187,211,214],{},[64,212,213],{},"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。",[10,216,217,218,222],{},"全套风险与仓位管理工具，以及各自适用的场景，请参阅",[14,219,221],{"href":220},"\u002Fguides\u002Fforex-calculators-guide","外汇计算器指南","。",{"title":36,"searchDepth":224,"depth":224,"links":225},2,[226,227,228,229,230],{"id":22,"depth":224,"text":22},{"id":92,"depth":224,"text":92},{"id":105,"depth":224,"text":105},{"id":141,"depth":224,"text":142},{"id":182,"depth":224,"text":182},"风险","2026-08-19T00:00:00.000Z","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。",false,"md",{},true,"\u002Fzh\u002Fglossary\u002Fwhat-is-position-sizing",[240,241,242,243],"what-is-drawdown","what-is-maximum-drawdown","what-is-a-stop-loss","what-is-leverage",{"title":5,"description":233},"zh\u002F5.glossary\u002Fwhat-is-position-sizing","仓位管理 (Position Sizing)","5hi2OmhGtFDhESyalituW-Nh51a9wIit5SKZxEMEQyk",[249,465,667,883],{"id":250,"title":251,"body":252,"category":231,"date":232,"description":453,"draft":234,"extension":235,"meta":454,"navigation":237,"path":455,"related":456,"seo":460,"stem":461,"term":462,"updated":463,"__hash__":464},"glossary\u002Fzh\u002F5.glossary\u002Fwhat-is-a-stop-loss.md","什么是止损？类型、局限与真实数字",{"type":7,"value":253,"toc":446},[254,257,259,262,288,291,297,303,305,313,326,328,336,342,345,348,356,359,361,407,409,439],[10,255,256],{},"止损（stop loss）是事先挂好的订单，价格到了指定位置就平仓，给这笔交易的亏损封顶。这个决定在开仓之前就已做出，交给经纪商的服务器执行，意义全在于此：离场不必留到您最不愿意离场的那一刻再决定。它封顶的是意图，而不是结果：实际成交价可能比止损位更差。",[20,258,22],{"id":22},[10,260,261],{},"实际在用的止损，几乎都可以归入以下四种。",[58,263,264,270,276,282],{},[61,265,266,269],{},[64,267,268],{},"固定止损","。入场时设好的价位，保存在经纪商的服务器上。停电、终端崩溃、网络断线都不影响它，因为它根本不在您的电脑上。",[61,271,272,275],{},[64,273,274],{},"追踪止损（Trailing Stop）","。价格朝盈利方向走时跟着移动，绝不往回退。它能锁住收益，可在震荡行情中也会把盈利单变成保本单。MetaTrader 内置的追踪止损由终端管理，平台开着才有效，所以 EA 一般改为修改服务器端的止损来实现追踪。",[61,277,278,281],{},[64,279,280],{},"基于波动率的止损","。止损距离按当前的波动幅度来定，通常取 ATR 的倍数，而不是凑个整数。同样是 20 点止损，放在 EUR\u002FUSD 上和放在黄金上，风险完全不同。",[61,283,284,287],{},[64,285,286],{},"时间止损","。不管价格如何，持仓满 N 小时或 N 根 K 线就离场。用的人少，价值被低估了。",[10,289,290],{},"先有止损，再定仓位大小，顺序不能反过来：",[27,292,295],{"className":293,"code":294,"language":32},[30],"仓位大小 = (净值 × 风险 %) ÷ (止损距离点数 × 点值)\n",[34,296,294],{"__ignoreMap":36},[10,298,299,300,302],{},"先定手数，再去找一个保证金扛得住的止损，这是账户出现无底亏损最常见的原因。",[14,301,148],{"href":147},"会按正确的顺序帮您算。",[20,304,92],{"id":92},[10,306,307,308,312],{},"止损是触发条件，不是价格保证。价格一碰到止损位，订单就变成市价单，按下一个能成交的价格成交。遇到跳空（周一开盘、利率决议出人意料、2015 年 1 月的瑞士法郎），这个价格可能离止损位很远。两者的差额就是",[14,309,311],{"href":310},"\u002Fglossary\u002Fwhat-is-slippage","滑点","，而滑点没有上限。只有部分经纪商收费提供的保证止损，才会按设定价格成交。",[10,314,315,316,320,321,325],{},"更深一层的作用在于约束行为。没有事先定好的离场点，要不要平掉亏损单，就得在拿着它的时候决定，而这恰恰是最糟糕的时刻。后面的一切，包括",[14,317,319],{"href":318},"\u002Fglossary\u002Fwhat-is-a-profit-factor","盈利因子","、回撤，乃至会不会收到",[14,322,324],{"href":323},"\u002Fglossary\u002Fwhat-is-a-margin-call","追加保证金通知","，都在那一刻定下了。",[20,327,105],{"id":105},[10,329,330,331,335],{},"在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），",[14,332,334],{"href":333},"\u002Fguides\u002Fwin-rate-is-not-an-edge","胜率中位数","为 68.8%，盈利因子中位数为 1.28。统计对象是在本站公开的账户，并不代表全体交易者。",[10,337,338],{},[83,339],{"alt":340,"src":341},"ShowMyTrades 公开账户中，胜率中位数 68.8% 与盈利因子中位数 1.28 的对比","\u002Fimages\u002Farticles\u002Fwin-rate-vs-payoff.svg",[10,343,344],{},"赢得多、赚得少，正是事先定好离场点所要打破的模式。",[10,346,347],{},"这两个数字要放在一起看，分开看都显得漂亮。将近七成的交易以盈利收场，可总盈利只有总亏损的 1.28 倍。两者同时成立，只能是亏损单明显比盈利单大：胜率 68.8%、盈利因子 1.28，意味着平均亏损约为平均盈利的 1.7 倍。（这是两个分布各自的中位数，只作示意，并非某个账户的实测值，但方向毫无疑问。）",[10,349,350,351,355],{},"这就是盈利早早落袋、亏损放任不管的典型特征，也正是止损要防止的。0.05 的",[14,352,354],{"href":353},"\u002Fglossary\u002Fwhat-is-the-sharpe-ratio","夏普比率","中位数再次印证了这一点：每承担一单位波动，收益只比零高一点。中位数账户平仓 171 笔交易，样本并不单薄。",[10,357,358],{},"这也不是手动操作造成的。自动交易占比的中位数为 99%，53.9% 的账户自动化程度超过 90%。对这些账户来说，没有止损就是少写了一行代码，而系统做的每一笔交易都一模一样地缺着它。",[20,360,142],{"id":141},[58,362,363,371,382,391,397],{},[61,364,365,367,368,370],{},[64,366,155],{},"里有一列",[64,369,52],{},"（S\u002FL），显示每个仓位记录的止损价；如果交易确实是被止损平掉的，这个价格会标红。几百行的止损列都是空的，说明这个账户交易时从不预设离场点。",[61,372,373,374,377,378,381],{},"高级统计里的",[64,375,376],{},"平均盈利","和",[64,379,380],{},"平均亏损","。平均亏损如果是平均盈利的好几倍，要么根本没设止损，要么止损被挪过。",[61,383,384,390],{},[64,385,386,387,389],{},"最差交易（盈亏）",[64,388,377],{},"最差交易（点）","。不管描述里怎么说，账户吃过的最大单笔亏损，才是它真正的止损。",[61,392,393,396],{},[64,394,395],{},"期望值","以点数和账户货币显示，是盈亏合在一起后每笔交易的平均结果：这个数字，高胜率美化不了。",[61,398,399,400,406],{},"同一区块里的",[14,401,403],{"href":402},"\u002Fglossary\u002Fwhat-is-average-trade-length",[64,404,405],{},"平均持仓时间","暴露出这种不对称：亏损单一拿就是几天，盈利单几分钟就走。",[20,408,182],{"id":182},[58,410,411,417,427,433],{},[61,412,187,413,416],{},[64,414,415],{},"止损保证了我的最大亏损。","”它管得住触发点，管不住成交价。遇到跳空或订单簿稀薄，成交会更差，有时差得多。",[61,418,187,419,422,423,222],{},[64,420,421],{},"止损越宽越安全。","”手数不变，止损越宽，亏损就越大。距离和规模是同一个决定，不是两个：参见",[14,424,426],{"href":425},"\u002Fglossary\u002Fwhat-is-position-sizing","仓位管理",[61,428,187,429,432],{},[64,430,431],{},"挪动止损是给交易留点空间。","”把止损往远离价格的方向挪，事先确定的亏损就变成了没有边界的亏损。上面平均亏损和平均盈利之间的差距，正是这一个习惯造成的。",[61,434,187,435,438],{},[64,436,437],{},"我的胜率够高，用不着止损。","”恰恰相反。这里的中位数账户胜率已经有 68.8%，盈利因子却还是只有 1.28。",[10,440,441,442,222],{},"想知道长期来看自己的记录该关注什么，请参阅",[14,443,445],{"href":444},"\u002Fguides\u002Ftracking-trading-performance","交易表现追踪指南",{"title":36,"searchDepth":224,"depth":224,"links":447},[448,449,450,451,452],{"id":22,"depth":224,"text":22},{"id":92,"depth":224,"text":92},{"id":105,"depth":224,"text":105},{"id":141,"depth":224,"text":142},{"id":182,"depth":224,"text":182},"止损是事先设好的离场订单，价格到了就平掉亏损的交易。本文介绍止损的类型、它为什么不是保证，以及数千个真实账户的数据。",{},"\u002Fzh\u002Fglossary\u002Fwhat-is-a-stop-loss",[457,458,459],"what-is-position-sizing","what-is-a-profit-factor","what-is-slippage",{"title":251,"description":453},"zh\u002F5.glossary\u002Fwhat-is-a-stop-loss","止损 (Stop Loss)","2026-09-24T00:00:00.000Z","GiHGbuQNpH6gFIz2Lq9Y4dIcuHRelVaklEcbYUiG7so",{"id":466,"title":467,"body":468,"category":658,"date":232,"description":659,"draft":234,"extension":235,"meta":660,"navigation":237,"path":661,"related":662,"seo":663,"stem":664,"term":665,"updated":232,"__hash__":666},"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":469,"toc":651},[470,473,475,478,484,487,490,523,525,528,534,537,540,548,550,556,571,574,576,597,612,614,644],[10,471,472],{},"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。",[20,474,22],{"id":22},[10,476,477],{},"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。",[27,479,482],{"className":480,"code":481,"language":32},[30],"回撤 % = (峰值 − 当前值) \u002F 峰值 × 100\n",[34,483,481],{"__ignoreMap":36},[10,485,486],{},"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。",[10,488,489],{},"这个数字到底是什么意思，要看三组区分：",[58,491,492,502,508],{},[61,493,494,497,498,501],{},[64,495,496],{},"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",[64,499,500],{},"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%。",[61,503,504,507],{},[64,505,506],{},"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。",[61,509,510,513,514,517,518,522],{},[64,511,512],{},"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",[14,515,516],{"href":115},"最大回撤","，大多数",[14,519,521],{"href":520},"\u002Fglossary\u002Fwhat-is-a-track-record","业绩记录","引用的就是它。",[20,524,92],{"id":92},[10,526,527],{},"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%。",[10,529,530],{},[83,531],{"alt":532,"src":533},"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",[10,535,536],{},"跌幅一旦超过 50%，回本所需的涨幅就比亏损本身还大。",[10,538,539],{},"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。",[10,541,542,543,377,545,547],{},"另外，回撤主要取决于",[14,544,426],{"href":425},[14,546,52],{"href":51},"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。",[20,549,105],{"id":105},[10,551,552,553,222],{},"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 ",[64,554,555],{},"9.7%",[10,557,558,559,563,564,117,567,570],{},"再看同一批账户赚了多少。",[14,560,562],{"href":561},"\u002Fglossary\u002Fwhat-is-time-weighted-return","时间加权收益率","中位数为 ",[64,565,566],{},"+3.2%",[64,568,569],{},"63.0%"," 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。",[10,572,573],{},"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。",[20,575,142],{"id":141},[10,577,578,579,582,583,586,587,589,590,596],{},"在每个已发布账户页面上，",[64,580,581],{},"账户统计","面板在",[64,584,585],{},"月均 %"," 下方连续两行显示两个数字：",[64,588,17],{},"，基于净值计算，包含持仓的浮动亏损；以及",[14,591,593],{"href":592},"\u002Fglossary\u002Fwhat-is-drawdown-on-balance",[64,594,595],{},"余额回撤","，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。",[10,598,599,600,602,603,606,607,611],{},"图表模块有一个",[64,601,17],{},"视图，用柱状图画出账户整个生命周期的每日回撤。下跌",[64,604,605],{},"持续了多久","，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。",[14,608,610],{"href":609},"\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。",[20,613,182],{"id":182},[58,615,616,622,628,638],{},[61,617,187,618,621],{},[64,619,620],{},"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。",[61,623,187,624,627],{},[64,625,626],{},"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。",[61,629,187,630,633,634,222],{},[64,631,632],{},"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，",[14,635,637],{"href":636},"\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",[61,639,187,640,643],{},[64,641,642],{},"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。",[10,645,646,647,222],{},"回撤如何和账户页面上的其他数字对照着看，请参阅",[14,648,650],{"href":649},"\u002Fguides\u002Freading-a-trading-account-dashboard","如何读懂交易账户控制台",{"title":36,"searchDepth":224,"depth":224,"links":652},[653,654,655,656,657],{"id":22,"depth":224,"text":22},{"id":92,"depth":224,"text":92},{"id":105,"depth":224,"text":105},{"id":141,"depth":224,"text":142},{"id":182,"depth":224,"text":182},"指标","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",[241,457,242,458],{"title":467,"description":659},"zh\u002F5.glossary\u002Fwhat-is-drawdown","回撤 (Drawdown)","tI3oDk8FJPfBVP8sboa1RV13uVvVqDQQ3BpyQp8BpuI",{"id":668,"title":669,"body":670,"category":231,"date":232,"description":874,"draft":234,"extension":235,"meta":875,"navigation":237,"path":876,"related":877,"seo":879,"stem":880,"term":881,"updated":232,"__hash__":882},"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":671,"toc":867},[672,675,677,680,686,689,743,746,749,761,763,766,769,783,785,788,795,798,800,803,834,836,862],[10,673,674],{},"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。",[20,676,22],{"id":22},[10,678,679],{},"保证金是持仓期间经纪商冻结的押金。算法很简单。",[27,681,684],{"className":682,"code":683,"language":32},[30],"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",[34,685,683],{"__ignoreMap":36},[10,687,688],{},"一标准手 EUR\u002FUSD 是 100,000 单位。价格在 1.0850 时，仓位价值 $108,500。",[690,691,692,708],"table",{},[693,694,695],"thead",{},[696,697,698,702,705],"tr",{},[699,700,701],"th",{},"账户杠杆",[699,703,704],{},"冻结的保证金",[699,706,707],{},"50 点不利波动的成本",[709,710,711,723,733],"tbody",{},[696,712,713,717,720],{},[714,715,716],"td",{},"1:30",[714,718,719],{},"$3,616.67",[714,721,722],{},"$500",[696,724,725,728,731],{},[714,726,727],{},"1:100",[714,729,730],{},"$1,085.00",[714,732,722],{},[696,734,735,738,741],{},[714,736,737],{},"1:500",[714,739,740],{},"$217.00",[714,742,722],{},[10,744,745],{},"三行的仓位一模一样。杠杆动的是保证金，从来不是风险。",[10,747,748],{},"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。",[10,750,751,752,377,756,760],{},"用",[14,753,755],{"href":754},"\u002Ftools\u002Fleverage-calculator","杠杆计算器",[14,757,759],{"href":758},"\u002Ftools\u002Fmargin-calculator","保证金计算器","，拿您自己交易的品种算一算。",[20,762,92],{"id":92},[10,764,765],{},"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。",[10,767,768],{},"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。",[10,770,771,772,776,777,779,780,782],{},"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：",[14,773,775],{"href":774},"\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",[14,778,426],{"href":425},"，而",[14,781,324],{"href":323},"只是症状，不是病因。",[20,784,105],{"id":105},[10,786,787],{},"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。",[10,789,790,791,794],{},"结果并不随档位排序。在有交易历史的公开账户中，",[14,792,793],{"href":115},"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。",[10,796,797],{},"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。",[20,799,142],{"id":141},[10,801,802],{},"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。",[10,804,805,806,808,809,812,813,377,815,819,820,826,827,377,830,833],{},"交易者拿杠杆做了什么，要看别的地方。高级统计里的",[64,807,178],{},"是",[14,810,811],{"href":175},"实际交易的累计交易量","。账户统计面板里的",[64,814,17],{},[14,816,817],{"href":592},[64,818,595],{},"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",[14,821,823],{"href":822},"\u002Fglossary\u002Fwhat-is-an-equity-curve",[64,824,825],{},"净值曲线","把",[64,828,829],{},"余额",[64,831,832],{},"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。",[20,835,182],{"id":182},[58,837,838,844,850,856],{},[61,839,187,840,843],{},[64,841,842],{},"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。",[61,845,187,846,849],{},[64,847,848],{},"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。",[61,851,187,852,855],{},[64,853,854],{},"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。",[61,857,187,858,861],{},[64,859,860],{},"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。",[10,863,864,865,222],{},"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",[14,866,221],{"href":220},{"title":36,"searchDepth":224,"depth":224,"links":868},[869,870,871,872,873],{"id":22,"depth":224,"text":22},{"id":92,"depth":224,"text":92},{"id":105,"depth":224,"text":105},{"id":141,"depth":224,"text":142},{"id":182,"depth":224,"text":182},"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",[878,457,241],"what-is-a-margin-call",{"title":669,"description":874},"zh\u002F5.glossary\u002Fwhat-is-leverage","杠杆 (Leverage)","1K2tTcEclXFA4muLuzmkGaobTWxAuO3stEO8wQ-6IfM",{"id":884,"title":885,"body":886,"category":658,"date":232,"description":1179,"draft":234,"extension":235,"meta":1180,"navigation":237,"path":1181,"related":1182,"seo":1184,"stem":1185,"term":1186,"updated":232,"__hash__":1187},"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":887,"toc":1172},[888,895,897,900,906,909,957,962,980,982,985,1046,1049,1056,1058,1064,1070,1073,1083,1110,1112,1126,1139,1141,1167],[10,889,890,891,894],{},"最大回撤是账户整个历史上出现过的最大一次",[14,892,893],{"href":16},"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%。",[20,896,22],{"id":22},[10,898,899],{},"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。",[27,901,904],{"className":902,"code":903,"language":32},[30],"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",[34,905,903],{"__ignoreMap":36},[10,907,908],{},"结果完全取决于用的是哪条曲线，ShowMyTrades 两条都公布。",[690,910,911,926],{},[693,912,913],{},[696,914,915,917,920,923],{},[699,916,658],{},[699,918,919],{},"计算基础",[699,921,922],{},"是否计入持仓？",[699,924,925],{},"说明了什么",[709,927,928,942],{},[696,929,930,934,937,939],{},[714,931,932],{},[64,933,17],{},[714,935,936],{},"净值（余额 + 浮动盈亏）",[714,938,808],{},[714,940,941],{},"账户在那一刻实际价值的真实跌幅",[696,943,944,948,951,954],{},[714,945,946],{},[64,947,595],{},[714,949,950],{},"仅已平仓余额",[714,952,953],{},"否",[714,955,956],{},"已实现结果的跌幅",[10,958,959,961],{},[14,960,595],{"href":592},"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。",[10,963,964,965,968,969,972,973,976,977,979],{},"所以，一个账户显示",[64,966,967],{},"回撤 41%","、",[64,970,971],{},"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",[64,974,975],{},"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",[14,978,52],{"href":51},"的用处。",[20,981,92],{"id":92},[10,983,984],{},"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。",[690,986,987,996],{},[693,988,989],{},[696,990,991,993],{},[699,992,516],{},[699,994,995],{},"回到原峰值所需涨幅",[709,997,998,1006,1014,1022,1030,1038],{},[696,999,1000,1003],{},[714,1001,1002],{},"10%",[714,1004,1005],{},"11.1%",[696,1007,1008,1011],{},[714,1009,1010],{},"20%",[714,1012,1013],{},"25.0%",[696,1015,1016,1019],{},[714,1017,1018],{},"30%",[714,1020,1021],{},"42.9%",[696,1023,1024,1027],{},[714,1025,1026],{},"50%",[714,1028,1029],{},"100.0%",[696,1031,1032,1035],{},[714,1033,1034],{},"70%",[714,1036,1037],{},"233.3%",[696,1039,1040,1043],{},[714,1041,1042],{},"90%",[714,1044,1045],{},"900.0%",[10,1047,1048],{},"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。",[10,1050,1051,1052,1055],{},"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",[14,1053,1054],{"href":425},"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。",[20,1057,105],{"id":105},[10,1059,1060,1061,1063],{},"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 ",[64,1062,555],{},"，但无论往高还是往低，分布都很散。",[10,1065,1066],{},[83,1067],{"alt":1068,"src":1069},"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",[10,1071,1072],{},"中位数 9.7%，尾部却比多数公开宣传估计的更长。",[10,1074,1075,1076,117,1079,1082],{},"在最差的一端，",[64,1077,1078],{},"17.6% 的账户曾比峰值低 50% 以上",[64,1080,1081],{},"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。",[10,1084,1085,1086,1089,1090,117,1093,1096,1097,1100,1101,1104,1105,1109],{},"最好的一端同样值得怀疑：",[64,1087,1088],{},"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 ",[64,1091,1092],{},"171 笔已平仓交易",[14,1094,1095],{"href":402},"持仓时间","中位数 ",[64,1098,1099],{},"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",[14,1102,1103],{"href":636},"尾部需要足够长的历史来支撑","，所以这个数字只有在",[14,1106,1108],{"href":1107},"\u002Fglossary\u002Fwhat-is-a-verified-track-record","经验证的业绩记录","上才真正有分量。",[20,1111,142],{"id":141},[10,1113,1114,1115,1117,1118,377,1120,1122,1123,1125],{},"每个已发布账户页面的",[64,1116,581],{},"面板里，",[64,1119,17],{},[64,1121,595],{},"紧挨着排在",[64,1124,585],{}," 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。",[10,1127,1128,1129,1131,1132,1135,1136,1138],{},"图表模块里有一个专门的",[64,1130,17],{},"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",[64,1133,1134],{},"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。",[14,1137,610],{"href":609},"可以拿您自己的余额套用上面的回本表。",[20,1140,182],{"id":182},[58,1142,1143,1149,1155,1161],{},[61,1144,187,1145,1148],{},[64,1146,1147],{},"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。",[61,1150,187,1151,1154],{},[64,1152,1153],{},"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。",[61,1156,187,1157,1160],{},[64,1158,1159],{},"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。",[61,1162,187,1163,1166],{},[64,1164,1165],{},"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。",[10,1168,1169,1170,222],{},"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",[14,1171,650],{"href":649},{"title":36,"searchDepth":224,"depth":224,"links":1173},[1174,1175,1176,1177,1178],{"id":22,"depth":224,"text":22},{"id":92,"depth":224,"text":92},{"id":105,"depth":224,"text":105},{"id":141,"depth":224,"text":142},{"id":182,"depth":224,"text":182},"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",[240,457,1183,458],"what-is-a-verified-track-record",{"title":885,"description":1179},"zh\u002F5.glossary\u002Fwhat-is-maximum-drawdown","最大回撤 (Maximum Drawdown)","H1pMHY5DcM__vxubkgaLVDhrp8FNU0EbYexdvdzrV1o",[1189,1190],{"path":425},{"path":238},1793898069199]