Question. If someone is using leverage to trade currencies and he has 15,000 dollars of capital, and using percent risk “position sizing” on each trade, will the “returns” be based from the 15,000.00 or the leveraged amount. For example if you are using on average 3 to 1 true leverage, so on average your “total portfolio” position value is 45,000.00 and if at the end of the year you are figuring your returns and it comes out to be 100% return, is it 100% off of 45,000.00 or 15,000.00.

Maybe it depends on the amount you are using to figure your position sizing from, a leveraged amount or the 15,000.00?

Steve