[{"data":1,"prerenderedAt":218},["ShallowReactive",2],{"faq":3},{"id":4,"title":5,"body":6,"description":12,"extension":17,"items":18,"meta":212,"navigation":213,"path":214,"seo":215,"stem":216,"__hash__":217},"faq\u002Ffaq\u002Findex.md","常见问题",{"type":7,"value":8,"toc":13},"minimark",[9],[10,11,12],"p",{},"以下是新手从单纯买入资产、转向杠杆交易时最常提出的问题：该承担多少风险、把止损设在哪里、波动率与期望值如何形塑一套策略，以及杠杆、强制平仓、资金费率与合约规格实际上如何运作。每个答案都先给出直接的回应，再补上简短的说明，并指向能深入了解的课程单元与词汇表词条。",{"title":14,"searchDepth":15,"depth":15,"links":16},"",2,[],"md",[19,26,30,34,40,47,51,57,63,67,74,78,84,90,97,101,105,111,117,124,130,134,138,145,149,153,157,164,170,176,182,187,191,195,202,208],{"question":20,"answer":21,"theme":22,"readNext":23,"sourceName":24,"sourceUrl":25},"单笔交易应该承担多少风险？","每一笔交易大约只承担账户的 1%，且不超过 2%。\n\n这里的风险指的是止损被触及时的亏损，而非仓位的全部价值。以 1% 计算，即使连续亏损十次，也只会损失账户约 10%，仍可恢复。\n","风险与仓位规模","延伸阅读：课程 1 单元 2（仓位规模）；词汇表：1% 法则","Corporate Finance Institute: Money Management","https:\u002F\u002Fcorporatefinanceinstitute.com\u002Fresources\u002Fcapital-markets\u002Fmoney-management\u002F",{"question":27,"answer":28,"theme":22,"readNext":29,"sourceName":24,"sourceUrl":25},"如何计算仓位规模？","将你愿意承担的风险金额，除以进场价到止损价之间每单位的距离。\n\n这样一来，无论交易哪一种商品，该笔交易的亏损金额都会固定。在相同的风险金额下，止损越宽，仓位越小；止损越紧，仓位越大。\n","延伸阅读：课程 1 单元 2；词汇表：仓位规模公式",{"question":31,"answer":32,"theme":22,"readNext":33,"sourceName":24,"sourceUrl":25},"为何要依风险计算仓位，而非依想买多少来决定？","因为真正威胁账户的，是你可能亏损的金额，而非仓位的面值。\n\n一个 $10,000 的仓位，若止损设在 5% 之外，实际只承担 $500 的风险。依风险计算仓位，能避免杠杆误导你承受过大的亏损。\n","延伸阅读：课程 1 单元 2；词汇表：名义价值与风险",{"question":35,"answer":36,"theme":22,"readNext":37,"sourceName":38,"sourceUrl":39},"一个真正有获利能力的策略，仍可能拖垮我的账户吗？","会，如果你每笔交易承担的风险过大。因为即使拥有良好的优势，也会遇到正常的连续亏损。\n\n这称为破产风险：一连串亏损可能在优势发挥作用之前就耗尽账户。每笔交易维持小而稳定的风险，才能让有获利能力的策略存活下来。\n","延伸阅读：课程 1 单元 1（风险管理为先）；词汇表：破产风险","Grinstead and Snell, Introduction to Probability (Gambler's Ruin)","https:\u002F\u002Fstats.libretexts.org\u002FBookshelves\u002FProbability_Theory\u002FIntroductory_Probability_(Grinstead_and_Snell)\u002F12:_Random_Walks\u002F12.02:_Gambler's_Ruin",{"question":41,"answer":42,"theme":43,"readNext":44,"sourceName":45,"sourceUrl":46},"应该把止损设在哪里？","把止损设在能证明你的交易想法错误的位置，再依这段距离决定仓位规模。\n\n止损应设在支撑或阻力位之外，或波动区间之外，而不是随意设定一个金额。如果合理的止损距离超出你的风险预算，应该缩小交易规模，而非改用更紧、不合逻辑的止损。\n","止损与回撤","延伸阅读：课程 1 单元 3（止损与回撤）；词汇表：止损","U.S. SEC (Investor.gov): Investor Bulletin, Stop, Stop-Limit, and Trailing Stop Orders","https:\u002F\u002Fwww.investor.gov\u002Fintroduction-investing\u002Fgeneral-resources\u002Fnews-alerts\u002Falerts-bulletins\u002Finvestor-bulletins-15",{"question":48,"answer":49,"theme":43,"readNext":50,"sourceName":45,"sourceUrl":46},"如果交易走势对我不利，应该把止损移得更远吗？","不应该。放宽已挂出的止损，会把原本计划好的小额亏损变成无上限的亏损。\n\n止损只应朝对你有利的方向移动，也就是作为追踪止损。把它往外移，正是 1% 的风险在不知不觉间变成 10% 亏损的原因。\n","延伸阅读：课程 1 单元 3；词汇表：追踪止损",{"question":52,"answer":53,"theme":43,"readNext":54,"sourceName":55,"sourceUrl":56},"如果账户亏损了 50%，需要赚回多少才能回本？","你需要 100% 的获利，而不是 50%，因为现在是从更小的本金基础开始增长。\n\n回本是不对称的：10% 的亏损需要约 11.1% 才能回本，25% 的亏损需要 33.3%，而 75% 的亏损则需要 300%。这正是为何把亏损控制在小范围如此重要。\n","延伸阅读：课程 1 单元 1 与 3；词汇表：回撤恢复","Journal of Risk and Financial Management: Maximum Drawdown, Recovery, and Momentum","https:\u002F\u002Fwww.mdpi.com\u002F1911-8074\u002F14\u002F11\u002F542",{"question":58,"answer":59,"theme":43,"readNext":60,"sourceName":61,"sourceUrl":62},"什么是回撤？为何需要追踪它？","回撤是账户从高峰跌到之后低点的跌幅，用来衡量一个策略有多痛苦、以及能否撑得过去。\n\n最大回撤是某段期间内最严重的一次跌幅。由于深度回撤需要不成比例的巨大获利才能恢复，控制回撤是维持资金不枯竭的关键。\n","延伸阅读：课程 1 单元 3；词汇表：回撤、最大回撤","Goldberg and Mahmoud (Mathematics and Financial Economics): Drawdown, From Practice to Theory and Back Again","https:\u002F\u002Farxiv.org\u002Fabs\u002F1404.7493",{"question":64,"answer":65,"theme":43,"readNext":66,"sourceName":45,"sourceUrl":46},"止损能保证我刚好在该价格出场吗？","不能。止损保证的是出场，而非成交价；在快速变动或跳空的市场中，你的成交价可能更差。\n\n预期价格与实际成交价之间的差距就是滑点。计算仓位时预留一点空间，才不会让计划中的亏损在不知不觉间扩大。\n","延伸阅读：课程 1 单元 3；词汇表：滑点",{"question":68,"answer":69,"theme":70,"readNext":71,"sourceName":72,"sourceUrl":73},"什么是波动率？为何它对风险很重要？","波动率是价格随时间波动的幅度，它决定了在你的判断还未被证明错误之前，交易可能对你不利到什么程度。\n\n它完全不代表方向，只代表波动的幅度。波动越大，止损就应该越宽，因此在相同的风险金额下，仓位也应越小。\n","波动率","延伸阅读：课程 1 单元 4（波动率）；词汇表：波动率","Corporate Finance Institute: Volatility","https:\u002F\u002Fcorporatefinanceinstitute.com\u002Fresources\u002Fcapital-markets\u002Fvolatility-vol\u002F",{"question":75,"answer":76,"theme":70,"readNext":77,"sourceName":72,"sourceUrl":73},"高波动率是否代表价格即将上涨或下跌？","不是。波动率衡量的是价格变动的幅度，而非方向。\n\n高波动的商品可能朝任一方向剧烈变动。像标准差与 ATR 这类指标，本质上就不带方向性。\n","延伸阅读：课程 1 单元 4；词汇表：平均真实区间 (ATR)",{"question":79,"answer":80,"theme":70,"readNext":81,"sourceName":82,"sourceUrl":83},"如何根据商品的波动程度来设定止损？","把止损设在平均真实区间的某个倍数之外，例如 1.5 或 2 倍 ATR，再依此决定仓位规模。\n\nATR 以商品的价格单位计价，因此能直接代入仓位规模公式。当波动率上升，止损会变宽，仓位也会自动缩小。\n","延伸阅读：课程 1 单元 4；词汇表：平均真实区间 (ATR)、真实区间","Corporate Finance Institute: Average True Range (ATR)","https:\u002F\u002Fcorporatefinanceinstitute.com\u002Fresources\u002Fequities\u002Faverage-true-range\u002F",{"question":85,"answer":86,"theme":70,"readNext":87,"sourceName":88,"sourceUrl":89},"交易者为何要把波动率乘以时间的平方根？","因为波动率是随时间的平方根、而非时间本身而变化，这是由于方差会在各个独立期间之间相加。\n\n要把每日标准差年化，需乘以 252 个交易日的平方根。这条法则假设回报彼此独立，因此在危机期间、当价格变动聚集出现时，可能会低估风险。\n","延伸阅读：课程 1 单元 4；词汇表：年化波动率、方差","CFA Institute: What's Wrong with Multiplying by the Square Root of Twelve","https:\u002F\u002Frpc.cfainstitute.org\u002Fresearch\u002Fcfa-digest\u002F2013\u002F11\u002Fwhats-wrong-with-multiplying-by-the-square-root-of-twelve-digest-summary",{"question":91,"answer":92,"theme":93,"readNext":94,"sourceName":95,"sourceUrl":96},"高胜率是否代表一套系统能获利？","不一定。如果亏损相对于获利过大，即使系统在多数交易中获胜，仍可能是亏钱的。\n\n举例来说，胜率 70%、但以承担 3 换取赚 1 的系统，其期望值为 (0.7 × 1) − (0.3 × 3)，即每笔交易 -0.2R，属于亏损系统。胜率唯有与获利相对于亏损的大小一并考量，才有意义。\n","期望值与胜率","延伸阅读：课程 1 单元 5（风险回报与期望值）；词汇表：胜率、期望值","Grinstead and Snell, Introduction to Probability (Expected Value)","https:\u002F\u002Fstats.libretexts.org\u002FBookshelves\u002FProbability_Theory\u002FIntroductory_Probability_(Grinstead_and_Snell)\u002F06:_Expected_Value_and_Variance\u002F6.01:_Expected_Value_of_Discrete_Random_Variables",{"question":98,"answer":99,"theme":93,"readNext":100,"sourceName":95,"sourceUrl":96},"究竟是什么让一套交易系统能获利？","正期望值，意思是当你依获利与亏损各自发生的频率加权后，每笔交易的平均结果为盈利。\n\n期望值把胜率与回报风险比结合成单一数字。胜率 40%、回报风险比 3:1 的系统，其结果为 (0.4 × 3) − (0.6 × 1)，即每笔交易 +0.6R，尽管多数交易亏损，仍是一套能获利的系统。\n","延伸阅读：课程 1 单元 5；词汇表：期望值（Expectancy）、期望值（Expected value）",{"question":102,"answer":103,"theme":93,"readNext":104,"sourceName":95,"sourceUrl":96},"怎样才算好的风险回报比？","没有单一的好数字；合适的比率取决于你的胜率，而只有期望值能告诉你这个组合是否能获利。\n\n把目标价拉远会提高回报风险比，却会降低胜率；把它拉近则相反。应以正期望值为目标，而非追求某个特定比率。\n","延伸阅读：课程 1 单元 5；词汇表：风险回报比、R 倍数",{"question":106,"answer":107,"theme":93,"readNext":108,"sourceName":109,"sourceUrl":110},"如果我有优势，应该押上账户的多少比例？","远低于完整凯利公式算出的金额；多数交易者只用其中一小部分，这正是 1% 法则常见的原因。\n\n凯利公式给出的是使增长优化的下注比例，但完整凯利非常激进，而优势的估计又存在误差，因此实际上会采用二分之一或四分之一凯利。1% 法则刻意设在远低于完整凯利的水平。\n","延伸阅读：课程 1 单元 5；词汇表：凯利公式、分数凯利","Edward O. Thorp: The Kelly Criterion in Blackjack, Sports Betting, and the Stock Market","https:\u002F\u002Fsites.oxy.edu\u002Flengyel\u002FM330\u002Fthorp\u002Fpaper.htm",{"question":112,"answer":113,"theme":93,"readNext":114,"sourceName":115,"sourceUrl":116},"为何不在亏损后直接把仓位加倍，把钱赚回来？","因为那是马丁格尔策略，它会在你最错的时候把风险敞口推到最大，可能造成无法挽回的亏损。\n\n一段较长的连续亏损就会让账户破产。向下摊平、对亏损仓位加仓，只是同一个错误的另一种形式。\n","延伸阅读：课程 1 单元 7（账户如何爆仓）；词汇表：马丁格尔策略、向下摊平","UNLV Center for Gaming Research: A Statistical Analysis of the Roulette Martingale System","https:\u002F\u002Foasis.library.unlv.edu\u002Fcgi\u002Fviewcontent.cgi?article=1630&context=gaming_institute",{"question":118,"answer":119,"theme":120,"readNext":121,"sourceName":122,"sourceUrl":123},"什么是杠杆？它危险吗？","杠杆让你能控制比自身现金更大的仓位，并会相对于你的资本放大获利与亏损。\n\n它不会改变资产本身的涨跌，只会改变其相对于你资金的规模：在 10x 杠杆下，5% 的变动会变成你权益的 50%。它是风险放大器，而非一种策略。\n","杠杆与保证金","延伸阅读：课程 1 单元 6 与课程 2 单元 4；词汇表：杠杆","U.S. CFTC: Customer Advisory, Understand the Risks of Virtual Currency Trading","https:\u002F\u002Fwww.cftc.gov\u002FLearnAndProtect\u002FAdvisoriesAndArticles\u002Funderstand_risks_of_virtual_currency.html",{"question":125,"answer":126,"theme":120,"readNext":127,"sourceName":128,"sourceUrl":129},"什么是保证金？初始保证金与维持保证金有何差别？","保证金是你为开立杠杆仓位而存入的资金；初始保证金用于开仓，维持保证金则是持有该仓位所必须维持的最低金额。\n\n一旦低于维持保证金水平，你就会面临追缴保证金或强制平仓。两者之间的差额是一层缓冲，让价格在交易平台采取行动前有变动空间。\n","延伸阅读：课程 2 单元 4（杠杆与保证金）；词汇表：保证金、初始保证金、维持保证金","U.S. SEC (Investor.gov): Investor Bulletin, Understanding Margin Accounts","https:\u002F\u002Fwww.investor.gov\u002Fintroduction-investing\u002Fgeneral-resources\u002Fnews-alerts\u002Falerts-bulletins\u002Finvestor-bulletins-29",{"question":131,"answer":132,"theme":120,"readNext":133,"sourceName":122,"sourceUrl":123},"使用更高的杠杆会让我的交易更容易成功吗？","不会。更高的杠杆不会提高你的胜算，只会缩减交易在被强制平仓前的可承受空间。\n\n无论杠杆高低，资产变动的百分比都相同。杠杆越高，只是意味着更小的不利变动就能抹去你的保证金。\n","延伸阅读：课程 1 单元 6；词汇表：杠杆、强平价格",{"question":135,"answer":136,"theme":120,"readNext":137,"sourceName":122,"sourceUrl":123},"新手应该使用多少杠杆？","越低越好，只用所需的程度，并依你的单笔风险预算来决定，而非依交易平台提供的上限。\n\n低杠杆能让强平价格远离进场价，并让结束交易的是你的止损，而非交易所。多数爆仓的账户并非看错方向，而是被一次正常的价格变动强制平仓。\n","延伸阅读：课程 1 单元 6 与 7；词汇表：杠杆、强制平仓",{"question":139,"answer":140,"theme":141,"readNext":142,"sourceName":143,"sourceUrl":144},"为何在价格还没归零前，我的仓位就会被强制平仓？","因为当亏损把你的保证金削减到维持保证金水平时，就会发生强制平仓，而这个水平远在价格归零之前就会被触及。\n\n在 10x 杠杆下，只要约 10% 的不利变动，你的全部保证金就几乎耗尽，而由于维持保证金缓冲，强制平仓会在那之前稍早触发。杠杆越高，所需的变动幅度就越小。\n","强制平仓","延伸阅读：课程 2 单元 6（强制平仓机制）；词汇表：强制平仓、维持保证金","CME Group: Margin, Know What's Needed","https:\u002F\u002Fwww.cmegroup.com\u002Feducation\u002Fcourses\u002Fintroduction-to-futures\u002Fmargin-know-what-is-needed",{"question":146,"answer":147,"theme":141,"readNext":148,"sourceName":143,"sourceUrl":144},"如何计算我的强平价格？","以逐仓多头仓位而言，一个被广泛使用的估算方式是：进场价 ×（1 − 1\u002FL + 维持保证金率）；做空时符号相反。\n\n举例来说，一个在 $60,000 进场、使用 10x 杠杆、维持保证金率为 0.5% 的多头仓位，其强平价格约在 $54,300，距离进场价约 9.5%。确切数字会因交易平台、以及逐仓或全仓而有所不同。\n","延伸阅读：课程 2 单元 6；词汇表：强平价格、维持保证金率 (MMR)",{"question":150,"answer":151,"theme":141,"readNext":152,"sourceName":122,"sourceUrl":123},"如何避免被强制平仓？","使用低杠杆，并把止损设在远比强平价格更靠内的位置，让你先行出场。\n\n同时保留多余的保证金，而不是只存入最低限度，并记住资金费率与手续费同样会侵蚀保证金。强制平仓是杠杆造成的问题，而降低杠杆正是解方。\n","延伸阅读：课程 2 单元 6；词汇表：强制平仓、止损",{"question":154,"answer":155,"theme":141,"readNext":156,"sourceName":128,"sourceUrl":129},"追缴保证金与强制平仓有何差别？","追缴保证金是在权益跌破维持保证金时要求你补入资金；若未能满足，强制平仓就是被迫关闭该仓位。\n\n在许多加密货币交易平台上，根本没有时间回应追缴，仓位会直接被强制平仓。两者都是在权益触及维持保证金水平时被触发。\n","延伸阅读：课程 2 单元 4 与 6；词汇表：追缴保证金、强制平仓",{"question":158,"answer":159,"theme":160,"readNext":161,"sourceName":162,"sourceUrl":163},"现货与衍生品有何差别？","在现货市场，你当下买入并实际拥有该资产；衍生品则是一份价值衍生自该资产的合约，你持有的是这份合约，而非资产本身。\n\n现货是直接持有，亏损以你所付出的金额为上限。衍生品让你能使用杠杆、对冲或做空，但也带来额外风险，例如强制平仓，以及永续合约的资金费率。\n","期货与永续合约","延伸阅读：课程 2 单元 1（现货与衍生品）；词汇表：现货市场、衍生品","U.S. CFTC: Glossary (Derivative)","https:\u002F\u002Fwww.cftc.gov\u002FLearnAndProtect\u002FEducationCenter\u002FCFTCGlossary\u002Fglossary_d.html",{"question":165,"answer":166,"theme":160,"readNext":167,"sourceName":168,"sourceUrl":169},"有到期日的期货与永续合约有何差别？","有到期日的期货设有到期日，并于到期时结算；永续合约则没有到期日，可以无限期持有。\n\n由于没有到期日把价格拉向现货，永续合约以资金费率与标记价格来维持锚定。永续合约是加密货币市场中最主流的衍生品。\n","延伸阅读：课程 2 单元 2 与 3；词汇表：期货合约、永续合约","He, Manela, Ross, and von Wachter: Fundamentals of Perpetual Futures","https:\u002F\u002Farxiv.org\u002Fabs\u002F2212.06888",{"question":171,"answer":172,"theme":160,"readNext":173,"sourceName":174,"sourceUrl":175},"做空是什么意思？","做空是指建立一个在价格下跌时获利的仓位，做法是先卖出开仓，之后再买回。\n\n在衍生品中，你可以在未持有资产的情况下卖空。这种对称性，也就是做空与做多同样容易，是期货与永续合约的主要吸引力之一。\n","延伸阅读：课程 2 单元 2；词汇表：卖空、多头仓位","U.S. SEC (Investor.gov): Investor Bulletin, An Introduction to Short Sales","https:\u002F\u002Fwww.investor.gov\u002Fintroduction-investing\u002Fgeneral-resources\u002Fnews-alerts\u002Falerts-bulletins\u002Finvestor-bulletins-51",{"question":177,"answer":178,"theme":160,"readNext":179,"sourceName":180,"sourceUrl":181},"我必须把期货合约持有到到期为止吗？","不必。多数投机者会在到期前平仓或移仓，而不是等待结算。\n\n平仓是以现金结算的方式冲销合约的盈亏；移仓则是把风险敞口移到到期日较晚的合约。若把实物交割的合约持有至到期，则有义务交割实际资产。\n","延伸阅读：课程 2 单元 2 与 7；词汇表：移仓、到期","CME Group: Understanding Futures Expiration and Contract Roll","https:\u002F\u002Fwww.cmegroup.com\u002Feducation\u002Fcourses\u002Fintroduction-to-futures\u002Funderstanding-futures-expiration-contract-roll",{"question":183,"answer":184,"theme":185,"readNext":186,"sourceName":168,"sourceUrl":169},"什么是资金费率？由谁付给谁？","资金费率是永续合约的多方与空方持有者之间定期直接交换的款项，用来让合约价格贴近指数；当永续合约的价格高于指数时，多方付给空方；低于指数时，则由空方付给多方。\n\n它取代了为有到期日的期货提供锚定作用的到期机制。人数较多的一方会持续付款给另一方，借此把价格推回贴近标的。\n","资金费率","延伸阅读：课程 2 单元 5（资金费率）；词汇表：资金费率",{"question":188,"answer":189,"theme":185,"readNext":190,"sourceName":168,"sourceUrl":169},"资金费率是我付给交易所的费用吗？","不是。资金费率在交易者之间流动，由市场的一方付给另一方，而非付给交易平台。\n\n它不是佣金，也不是买卖价差。它存在的唯一目的，是让永续合约价格锚定于标的指数。\n","延伸阅读：课程 2 单元 5；词汇表：资金费率、指数价格",{"question":192,"answer":193,"theme":185,"readNext":194,"sourceName":168,"sourceUrl":169},"资金费率实际上会让我付出多少成本？","资金费率是按仓位的名义价值收取，因此相对于你的保证金，杠杆会将它放大。\n\n对 $50,000 的名义价值，每 8 小时收取 0.01% 的费率，即每次结算 $5，一天约 $15，一个月大约 $450。若保证金余额不多，这可能会超过小幅的价格获利。\n","延伸阅读：课程 2 单元 5；词汇表：资金费率、名义价值",{"question":196,"answer":197,"theme":198,"readNext":199,"sourceName":200,"sourceUrl":201},"为何一张合约不等于一单位的资产？","因为合约规格设定了规模或乘数，所以一张合约通常代表许多单位。\n\n一张标准黄金期货合约为 100 金衡盎司，一张标准比特币期货合约为 5 枚比特币，而一张标准股票指数期货则为每一指数点 50 美元。交易前务必详阅合约规格。\n","合约基础","延伸阅读：课程 2 单元 7（解读合约规格）；词汇表：合约规模、乘数","CME Group: Bitcoin Futures Contract Specifications","https:\u002F\u002Fwww.cmegroup.com\u002Ftrading\u002Fbitcoin-futures.html",{"question":203,"answer":204,"theme":198,"readNext":205,"sourceName":206,"sourceUrl":207},"现金结算与实物交割有何差别？","现金结算以现金支付净价差；实物交割则交付实际的标的资产。\n\n股票指数期货采现金结算，因为指数无法交割；而黄金期货则可以交割金属。持有实物交割合约的投机者，必须在交割前平仓或移仓。\n","延伸阅读：课程 2 单元 2 与 7；词汇表：现金结算、实物交割","CME Group: Get to Know Futures Expiration and Settlement","https:\u002F\u002Fwww.cmegroup.com\u002Feducation\u002Fcourses\u002Fintroduction-to-futures\u002Fget-to-know-futures-expiration-and-settlement",{"question":209,"answer":210,"theme":198,"readNext":211,"sourceName":168,"sourceUrl":169},"什么是标记价格？为何它很重要？","标记价格是合约的公允价值价格，由指数价格计算而来，用于计算你的未实现盈亏、资金费率与强制平仓。\n\n由于强制平仓是依标记价格触发，而非最后成交价，因此某个交易平台上短暂的价格急升，并不会错误地把你强制平仓。务必清楚你的交易平台以哪个价格作为强制平仓依据。\n","延伸阅读：课程 2 单元 3（永续合约）；词汇表：标记价格、指数价格",{},true,"\u002Ffaq",{"title":5,"description":12},"faq\u002Findex","kUOiKNkvCLcqnSzb6P_KpGsGXl0rpS5LTxfQVp2dW1Q",1786956033540]