Need help on Leverage, Position on my Backtest


Attached is my backtest log. Based only on Eur/USD with account denom in USD.

Hi I am still confused on leverage and position sizing despite having read School of Pipsology.

Let’s say I have a starting capital of $500, and my rule is to risk 2% every trade.
For trade #2, a 2% risk on the existing account balance allows a dollar loss of approx. $11. Now if I include my Stop Loss level(determined from price action) of say 29 pips, my 2% risk allows me to 3684 units( i.e. 3.684 micro lots).

Does this represents a leverage of 6.9(3684/534)? If not how do i calculate this?

Thank you for any help in advance!!

Yeap, but that works if you have ONLY that position open…
If you have 10 positions open of this same size (each & at the same time) you re levered up 69 times!

Let’s say I will only have 1 position open at any point in time or at best 2 positions, is my approach sound?

My Approach:

Determine Stop loss Level in pips --> Risk 2% of account balance --> Determine lot size --> and leverage will take care itself