[{"data":1,"prerenderedAt":742},["ShallowReactive",2],{"\u002Fzh\u002Fguides\u002Fmonthly-returns-table-explained":3,"\u002Fzh\u002Fguides\u002Fmonthly-returns-table-explained-surround":727,"\u002Fzh\u002Fguides\u002Fmonthly-returns-table-explained-langs":738},{"id":4,"title":5,"authors":6,"badge":12,"body":14,"date":714,"description":715,"draft":716,"extension":717,"image":718,"meta":720,"navigation":721,"path":722,"seo":723,"stem":724,"updated":725,"__hash__":726},"posts\u002Fzh\u002F3.guides\u002F15.monthly-returns-table-explained.md","解读月度收益表：十二个格子里藏着的策略真相（{YEAR} 年版）",[7],{"name":8,"to":9,"avatar":10},"ShowMyTrades Team","https:\u002F\u002Fshowmytrades.com",{"src":11},"\u002Ficon-512.png",{"label":13},"报告",{"type":15,"value":16,"toc":700},"minimark",[17,21,24,32,37,48,59,66,77,81,84,167,185,197,203,207,210,228,235,241,252,259,276,283,287,290,313,320,323,334,340,345,349,352,421,424,431,450,454,457,472,482,488,493,501,511,515,518,544,551,566,569,573,606,610,616,622,628,639,645,651,655,680,683,693],[18,19,20],"p",{},"有人发来一份业绩记录：去年那一行，十二格全绿，全年总收益相当可观。",[18,22,23],{},"真正该问的不是这个总数真不真，而是它是怎么来的。两个账户的年度数字可以一模一样，真要持有，却是完全不同的两回事。形态就藏在月度表里：策略多久亏一次，有没有停过手，全年收益有多少靠的是某一个好季度。",[18,25,26,27,31],{},"本指南讲三件事：ShowMyTrades 上这张表是怎么构成的，空白单元格代表什么，以及年度数字相同、其余毫无共同点的两行该怎么比较。参考数据来自 ",[28,29,30],"strong",{},"ShowMyTrades 上有交易历史的公开账户","（2026 年 8 月）；平台目前有 1 万+ 个已连接账户、15,436,464 笔已同步交易。",[33,34,36],"h2",{"id":35},"️-每年一行十二个单元格两个合计","🗓️ 每年一行，十二个单元格，两个合计",[18,38,39,40,43,44,47],{},"布局刻意做得很朴素：每行一个日历年，最早的在最上面；列是 1 月到 12 月，后面跟一列",[28,41,42],{},"年度","，表格最后一行是",[28,45,46],{},"合计","。",[18,49,50,51,58],{},"默认情况下，每个单元格显示该月的",[52,53,55],"a",{"href":54},"\u002Fglossary\u002Fwhat-is-time-weighted-return",[28,56,57],{},"时间加权收益率","，不受入金和出金影响。模块标题栏有一个百分比\u002F货币切换开关，切过去之后，同一张表改为显示该月以账户货币计的盈利。",[18,60,61,62,65],{},"剩下的交给颜色：正收益月份为绿色，负收益月份为红色，",[28,63,64],{},"无交易活动","为灰色，图例在模块底部。",[18,67,68,69,72,73,47],{},"有一点常让人意外：年度单元格",[28,70,71],{},"不是","左边十二格的简单相加，合计行也不是各年度单元格之和，两者都按复利计算。表格周围的其他模块，见",[52,74,76],{"href":75},"\u002Fguides\u002Freading-a-trading-account-dashboard","完整的控制台解读指南",[33,78,80],{"id":79},"百分比是复利金额是累加","➕ 百分比是复利，金额是累加",[18,82,83],{},"很多人就是在这里看错了一行，自己还没察觉。",[85,86,87,103],"table",{},[88,89,90],"thead",{},[91,92,93,97,100],"tr",{},[94,95,96],"th",{},"月份",[94,98,99],{},"单元格",[94,101,102],{},"从 $10,000 起步的净值",[104,105,106,118,129,140,151],"tbody",{},[91,107,108,112,115],{},[109,110,111],"td",{},"1月",[109,113,114],{},"+8.00%",[109,116,117],{},"$10,800",[91,119,120,123,126],{},[109,121,122],{},"2月",[109,124,125],{},"+6.00%",[109,127,128],{},"$11,448",[91,130,131,134,137],{},[109,132,133],{},"3月",[109,135,136],{},"−12.00%",[109,138,139],{},"$10,074",[91,141,142,145,148],{},[109,143,144],{},"4月",[109,146,147],{},"+5.00%",[109,149,150],{},"$10,578",[91,152,153,158,163],{},[109,154,155],{},[28,156,157],{},"年度单元格",[109,159,160],{},[28,161,162],{},"+5.78%",[109,164,165],{},[28,166,150],{},[18,168,169,170,173,174,184],{},"四格相加是 +7.0%，账户实际只赚了 +5.78%。差距不是四舍五入造成的：亏 12% 时的本金比赚 8% 时更大，而且波动每多一个百分点，这个差距就再拉大一些。同样的算术与几何之差，往下一层到单笔交易也会出现：在",[28,171,172],{},"高级统计","模块里，它就是 ",[52,175,177,180,181],{"href":176},"\u002Fglossary\u002Fwhat-is-ahpr-and-ghpr",[28,178,179],{},"AHPR"," 与 ",[28,182,183],{},"GHPR"," 之间的距离。",[18,186,187,188,191,192,196],{},"切换到货币模式，情况就反过来了：各月盈利加起来",[28,189,190],{},"确实","等于全年盈利，钱就是钱。百分比是复利，美元是累加。用",[52,193,195],{"href":194},"\u002Ftools\u002Fcompounding-calculator","复利计算器","跑几行数据，就能看到几年下来这两个数字会差多远。",[18,198,199,200,202],{},"实用原则：要引用就引用",[28,201,157],{},"，别引用各月之和。拿月份相加来说事的人，不是粗心，就是指望您粗心。",[33,204,206],{"id":205},"全年没有一格红色这是警示不是炫耀的资本","🚩 全年没有一格红色：这是警示，不是炫耀的资本",[18,208,209],{},"连续十二格绿色，看上去是整张表里最好的一行。请把它当成最可疑的一行来看。",[18,211,212,213,216,217,220,221,227],{},"每个单元格都只算",[28,214,215],{},"已平仓","交易。仓位一天不平，亏损就一天不入账，单元格也就不会变红。这部分亏损会出现在",[28,218,219],{},"回撤","图表上，也会体现为",[52,222,224],{"href":223},"\u002Fglossary\u002Fwhat-is-an-equity-curve",[28,225,226],{},"净值曲线","上余额线与净值线之间越拉越大的缺口，这两处都把浮动盈亏算在内。网格系统、马丁格尔加仓和“不设止损”的策略，留下的正是这种特征：月度行干干净净，回撤图却很难看。",[18,229,230],{},[231,232],"img",{"alt":233,"src":234},"余额线一路平滑，净值线却在下方不断下滑，两线之间的缺口标注为一直没有平仓的浮动亏损","\u002Fimages\u002Farticles\u002Fequity-vs-balance.svg",[18,236,237],{},[238,239,240],"em",{},"月度单元格只看余额线，所以这整段缺口都可以不进表格。",[18,242,243,244,247,248,251],{},"先别急着欣赏一整行不断档的绿色，看看同一页面上的回撤数据怎么说。在 ShowMyTrades 上有交易历史的公开账户中（2026 年 8 月），",[28,245,246],{},"最大回撤的中位数为 9.7%","，",[28,249,250],{},"时间加权收益率的中位数为 +3.2%","，63.0% 的账户为正收益。同一组账户里，38.5% 的回撤从未超过 5%，38.2% 超过 20%，17.6% 超过 50%。",[18,253,254,255,47],{},"十二格全绿、回撤只有 2%，并非不可能，只是落在这个分布的最边缘；而处在边缘的说法，需要页面上其他数据来撑腰。想快速核查，可以用",[52,256,258],{"href":257},"\u002Fguides\u002Fverifying-trading-performance-claims","验证交易业绩宣传的清单",[18,260,261,262,265,266,270,271,275],{},"最差的那一格也比最好的",[28,263,264],{},"更重要","。最好的月份告诉您一切顺风时策略表现如何；最差的月份告诉您处处不顺时它会怎样，而后一种情况重演的可能性要大得多。",[52,267,269],{"href":268},"\u002Fguides\u002Fmaximum-drawdown-explained","回本是不对称的","：−20% 的月份要 +25% 才能回到前高，差不多是十个 +2.2% 的月份；−50% 的月份则要 +100%。如果对这条曲线还没有直观感受，可以把自己的数字放进",[52,272,274],{"href":273},"\u002Ftools\u002Fdrawdown-calculator","回撤计算器","试试。",[18,277,278,279,282],{},"日历本身也藏着陷阱：",[28,280,281],{},"回撤不会按月份分界","。连续两个 −9% 的月份合起来跌了 17.2%，却永远不会以一个红格的形式出现。所以看月度表时，最好把回撤图表也打开放在旁边：表格告诉您频率和节奏，图表告诉您深度和回本时间。",[33,284,286],{"id":285},"️-短横线零和无交易活动","🕳️ 短横线、零和“无交易活动”",[18,288,289],{},"空白单元格并不都一样，这种区分是有意设计的。",[291,292,293,300,306],"ul",{},[294,295,296,299],"li",{},[28,297,298],{},"短横线（—）"," 表示该月没有数据，而且当年更早的月份也都没有：包括账户当年首次有活动之前的月份，以及还没到来的月份。",[294,301,302,305],{},[28,303,304],{},"0.00%"," 表示该月已经过去，当年已经开始产生收益，但这个月没有任何盈亏入账。这是一个真实的、确有其事的零：账户处于连接状态但没有交易，或者交易结果刚好持平。",[294,307,308,309,312],{},"模块底部有",[28,310,311],{},"灰色“无交易活动”图例","，就是因为这几种状态值得区分开。",[18,314,315,316,319],{},"一行中间出现空缺，本身就是信息，而且往往是没人会主动说的信息。常见原因有：大亏之后停手、EA（智能交易系统）被关掉、策略在重新优化，或者是所有者不想展示的某个月。记录之所以连贯，是因为",[28,317,318],{},"连接","是连贯的：MT4 和 MT5 用只读的投资者密码或 ShowMyTrades 的 EA，cTrader 用 OAuth 授权，TradeLocker 用已保存的登录凭据。所以缺掉的月份，通常是有人做了决定，而不是数据出了问题。",[18,321,322],{},"空缺还会吃掉样本量：一行里六个零、六个绿格，等于在十二个月的框架里只有六个月的证据。",[18,324,325,326,329,330,333],{},"闲着的月份也不是没有成本。ShowMyTrades 上的公开账户一共付了 ",[28,327,328],{},"$862,547 的库存费","；在有库存费记录的账户中，",[28,331,332],{},"86.3% 的净库存费为负","。平静的月份里一直留着的仓位，照样在交展期费用（库存费），单元格却停在 0.00%。",[18,335,336],{},[231,337],{"alt":338,"src":339},"价格本身纹丝不动，账户却从周一到周五每晚都在缩水，周三的三倍库存费单独标出","\u002Fimages\u002Farticles\u002Fswap-bleed.svg",[18,341,342],{},[238,343,344],{},"这些既不会表现为一笔交易，也不会让哪一格变红，只是每天早上数字都比前一天小一点。",[33,346,348],{"id":347},"️-年度合计相同形态各异","⚖️ 年度合计相同，形态各异",[18,350,351],{},"下面两行的年度数字完全相同。数字仅作示例，并非真实账户。",[85,353,354,366],{},[88,355,356],{},[91,357,358,360,363],{},[94,359],{},[94,361,362],{},"账户 A",[94,364,365],{},"账户 B",[104,367,368,377,388,399,410],{},[91,369,370,372,375],{},[109,371,157],{},[109,373,374],{},"+19.6%",[109,376,374],{},[91,378,379,382,385],{},[109,380,381],{},"最佳月份",[109,383,384],{},"+2.4%",[109,386,387],{},"+21.0%",[91,389,390,393,396],{},[109,391,392],{},"最差月份",[109,394,395],{},"−0.9%",[109,397,398],{},"−14.0%",[91,400,401,404,407],{},[109,402,403],{},"红色月份",[109,405,406],{},"12 个月中有 2 个",[109,408,409],{},"12 个月中有 5 个",[91,411,412,415,418],{},[109,413,414],{},"从最差月份回本所需月数",[109,416,417],{},"1",[109,419,420],{},"4",[18,422,423],{},"标题数字一样，真要持有却完全是两回事。年度单元格里找不到任何能区分它们的东西，这也正是它在自己这一行里信息量最少的原因。",[18,425,426,427,430],{},"有两个检查，几秒钟就能把它们分开。第一，",[28,428,429],{},"在心里把最好的那个月删掉","：如果去掉一格，全年就变成亏损，那就算不上策略，只是一笔交易外加十一个月的噪音。",[18,432,433,434,437,438,441,442,445,446,449],{},"第二，把这一行和统计面板里的",[28,435,436],{},"月均 %","、高级统计里的",[28,439,440],{},"标准差","和",[28,443,444],{},"夏普比率","放在一起看。有历史记录的公开账户，夏普比率中位数是 ",[28,447,448],{},"0.05","，也就是说一半账户比这还低；B 的形态，就是低夏普比率碰巧在年底收红时的样子。",[33,451,453],{"id":452},"单个月份究竟能证明什么","🔬 单个月份究竟能证明什么",[18,455,456],{},"单靠一个月，几乎证明不了什么，公开账户的数据可以说明原因。",[18,458,459,460,463,464,467,468,47],{},"中位数水平的公开账户，整个历史一共只有 ",[28,461,462],{},"171 笔已平仓交易","，不是每月，是总共；",[28,465,466],{},"平均持仓时间的中位数是 2.4 小时","。把这样的历史按月切开，一个绿格背后可能只有二三十笔交易。样本这么小，运气说了算：短短一串绿格只是一个样本，算不上",[52,469,471],{"href":470},"\u002Fglossary\u002Fwhat-is-a-track-record","业绩记录",[18,473,474,475,247,478,481],{},"盈亏结构让情况更糟。",[28,476,477],{},"胜率中位数是 68.8%",[28,479,480],{},"盈利因子中位数却只有 1.28","。也就是说，处在中间的公开账户十笔大约赢七笔，可每亏 $1 也只赚回约 $1.28：小赚是常态，偶尔来一笔大亏。",[18,483,484],{},[231,485],{"alt":486,"src":487},"ShowMyTrades 公开账户的胜率中位数 68.8% 与盈利因子中位数 1.28 并排展示","\u002Fimages\u002Farticles\u002Fwin-rate-vs-payoff.svg",[18,489,490],{},[238,491,492],{},"正是这种盈亏结构，让一行里绿格满满，年底却只是勉强赚钱。",[18,494,495,496,500],{},"这种结构很容易做出绿色月份，直到亏损扎堆的那个月到来为止：一路绿只是这种盈亏结构的自然结果，并不能证明有优势。",[52,497,499],{"href":498},"\u002Fguides\u002Ftracking-trading-performance","正确追踪自己的交易表现","，意味着看月度行的同时也盯着期望值和盈利因子，而不是拿月度行代替它们。",[18,502,503,506,507,510],{},[28,504,505],{},"季节性的说法","也要同样较真。“我们每年 8 月都持平”说的是一",[238,508,509],{},"列","，而不是一格；两年的表格只有两个 8 月。两个观察值撑不起任何结论，何况 8 月持平，可能只是交易者去度假了，那一格才是 0.00%。日历视图能把这两种情况分开：整月的日单元格都是空的，那是休息，不是季节性。",[33,512,514],{"id":513},"️-在-showmytrades-中阅读这张表","🖥️ 在 ShowMyTrades 中阅读这张表",[18,516,517],{},"账户页面上的“月度收益”模块有四种视图，在模块标题栏切换。",[291,519,520,526,532,538],{},[294,521,522,525],{},[28,523,524],{},"表格","：经典网格，每年一行，十二个月，加上年度列和合计行。",[294,527,528,531],{},[28,529,530],{},"图表","：整个历史每月一根柱子，绿柱在轴线上方，红柱在下方。想看亏损是分散还是扎堆，这是最快的办法。",[294,533,534,537],{},[28,535,536],{},"日历","：一次看一个月，每天一格，显示当天的收益、交易笔数和胜率，右侧还有一列周合计。单元格颜色深浅随数值大小变化，哪一天一枝独秀，一眼就能看出来。",[294,539,540,543],{},[28,541,542],{},"汇总","：今天、本周、本月、今年四个卡片，每个都显示盈利、增长、交易笔数、胜率和手数。",[18,545,546,547,550],{},"百分比\u002F货币切换对表格、图表和日历都有效。在日历视图里，",[28,548,549],{},"点击某一天即可打开当天的交易列表","：开仓和平仓时间、类型、品种、交易量、价格、止损和止盈（交易确实在该价位平仓时会高亮）、持仓时间，以及含库存费和佣金的净盈亏。所有者可以直接在这个列表里给任意一笔交易加笔记，笔记在公开页面上同样可见。",[18,552,553,554,561,562,565],{},"另外还有两点值得一提。",[52,555,557,560],{"href":556},"\u002Fguides\u002Fcustom-analysis-and-filter-presets",[28,558,559],{},"自定义分析","筛选","（日期范围、品种、魔术号、星期、时段、持仓时间、手数、盈亏范围、注释关键词）会用筛选后的交易重新生成月度表，于是“去掉黄金那些交易，这一行会是什么样？”这种问题也能回答了，这组条件还可以存成预设。这个模块也有",[28,563,564],{},"可嵌入的小组件","版本，同一张表可以直接放到网站或论坛帖子里，不用截图。",[18,567,568],{},"要注意一点：所有者可以在账户设置里隐藏某些板块，月度收益也在其中。页面其他部分都在，偏偏少了这个模块，那就是有意为之。",[33,570,572],{"id":571},"️-读这张表的五个常见误区","⚠️ 读这张表的五个常见误区",[574,575,576,582,588,594,600],"ol",{},[294,577,578,581],{},[28,579,580],{},"把单元格相加","。各月之间是复利关系，相加得出的数字永远是错的，而且波动越大的行，被美化得越厉害。",[294,583,584,587],{},[28,585,586],{},"把最好的月份当成策略本色，把最差的月份当成运气不好","。恰恰相反，最差的那一格才是会重演的。",[294,589,590,593],{},[28,591,592],{},"把短横线和 0.00% 当成一回事","。前者是“这里还没有历史”，后者是“账户连着、人也在，只是什么都没发生”。",[294,595,596,599],{},[28,597,598],{},"不看回撤就评判一行","。按日历月划分的表格，显示不出跨月的下跌；而 38.2% 的公开账户都曾在某个时候回撤超过 20%。",[294,601,602,605],{},[28,603,604],{},"数绿色月份，而不数交易笔数","。四十笔交易撑起来的十二个绿格，就像一枚硬币连着抛出了很多次正面。先看总交易数，再看颜色。",[33,607,609],{"id":608},"常见问题","❓ 常见问题",[18,611,612,615],{},[28,613,614],{},"为什么年度单元格不等于十二个月之和？","\n因为收益是复利。年度单元格是账户当年的时间加权收益率，合计行再把各年的数字复利累计。切到货币模式，各格就能直接相加，因为盈利是绝对金额。",[18,617,618,621],{},[28,619,620],{},"为什么同样是空月份，有的显示 0.00%，有的显示短横线？","\n短横线表示当年更早的月份也都没有活动，或者这个月还没到。0.00% 表示这个月已经过去，账户当年已经在交易，只是这个月没有盈亏入账。",[18,623,624,627],{},[28,625,626],{},"能看到某个月是由哪些交易组成的吗？","\n可以。切到日历视图，点任意一天，就能看到当天的每一笔交易，包括净盈亏、价格、止损、止盈和持仓时间。",[18,629,630,633,634,638],{},[28,631,632],{},"全年月月都绿，就一定是假的吗？","\n不一定，但这是个该去核查的信号：查回撤数字、净值曲线上净值与余额之间的缺口，以及账户有没有验证徽章。在这一点上，",[52,635,637],{"href":636},"\u002Fguides\u002Fverified-vs-unverified-track-records","经验证与未经验证的业绩记录","分量相差很大。",[18,640,641,644],{},[28,642,643],{},"要多少个月，一行数据才有意义？","\n至少要多到包含一个糟糕的月份。十二个月是底线，二十四个月更好，而且无论如何都要看交易笔数：中位数水平的公开账户总共也只有 171 笔已平仓交易，很多行其实比看上去单薄。",[18,646,647,650],{},[28,648,649],{},"月度表会跟随自定义分析的筛选吗？","\n会。启用一组筛选条件后，整张表（月度单元格、年度合计和总合计）都会用筛选后的交易重新计算。",[33,652,654],{"id":653},"相关指南","🔗 相关指南",[291,656,657,663,669,674],{},[294,658,659,662],{},[52,660,661],{"href":75},"如何读懂交易账户控制台","：围绕月度表的所有其他指标",[294,664,665,668],{},[52,666,667],{"href":257},"如何验证交易业绩宣传","：相信一行数据之前，先做一遍取证式核查",[294,670,671,673],{},[52,672,637],{"href":636},"：为什么有没有徽章，会改变这张表的分量",[294,675,676,679],{},[52,677,678],{"href":498},"交易表现追踪","：在自己的账户上，每个月该盯哪些指标",[681,682],"hr",{},[18,684,685,47,688,692],{},[28,686,687],{},"去看看真实的数据行吧",[52,689,691],{"href":690},"\u002Fexplore","探索","里的每个账户页面都与经纪商同步、公开可查，空缺和红色月份一个不少。",[18,694,695,699],{},[52,696,698],{"href":697},"\u002Fsignup","免费连接您的账户","，从第一笔同步的交易开始，月度表就会自动生成。",{"title":701,"searchDepth":702,"depth":702,"links":703},"",2,[704,705,706,707,708,709,710,711,712,713],{"id":35,"depth":702,"text":36},{"id":79,"depth":702,"text":80},{"id":205,"depth":702,"text":206},{"id":285,"depth":702,"text":286},{"id":347,"depth":702,"text":348},{"id":452,"depth":702,"text":453},{"id":513,"depth":702,"text":514},{"id":571,"depth":702,"text":572},{"id":608,"depth":702,"text":609},{"id":653,"depth":702,"text":654},"2026-08-19T00:00:00.000Z","一年十二格，比全年总数更能说明问题：整行不见红为什么反而要警惕，空白格代表什么，单个月份又能证明多少。",false,"md",{"src":719},"\u002Fimages\u002Fblog\u002Fmonthly-returns-table-explained-hero.svg",{},true,"\u002Fzh\u002Fguides\u002Fmonthly-returns-table-explained",{"title":5,"description":715},"zh\u002F3.guides\u002F15.monthly-returns-table-explained","2026-09-10T00:00:00.000Z","_WHZO1S3qHwvNS9FV1YiGkF5z47prbiYWcgEW99pppU",[728,733],{"title":729,"path":730,"stem":731,"description":732,"children":-1},"最大回撤详解：一路走来有多煎熬，看这个数字就知道（{YEAR} 年版）","\u002Fzh\u002Fguides\u002Fmaximum-drawdown-explained","zh\u002F3.guides\u002F14.maximum-drawdown-explained","两个账户全年都赚了 40%，但只有一个让人扛得下来。本文讲清最大回撤衡量的是什么、回本要算的账，以及数千个真实账户的实际情况。",{"title":734,"path":735,"stem":736,"description":737,"children":-1},"如何核算经纪商的真实交易成本（{YEAR} 年版）","\u002Fzh\u002Fguides\u002Fbroker-cost-audit","zh\u002F3.guides\u002F16.broker-cost-audit","点差、佣金和库存费，决定了一个盈利策略最后能不能真正让您赚到钱。本文教您按每手衡量每一项成本，并用同一策略比较两家经纪商。",[739,741],{"path":740},"\u002Fguides\u002Fmonthly-returns-table-explained",{"path":722},1793898036183]