How does leverage work?

[midwest]

Clint provides a very good answer to this question. Just under this question from M.

Leverage and risk based on stoploss size. Is big leverage really a sin?

This is a question for the mathematically gifted. I am basing my risk on my account size and my stoploss then does it really matter how much leverage i have? (to break it down i trade on $48k and 1% of that is $480 as far as i can figure $480 at 1:1 or 1:400 is still $480). Currently I trade at 1:10 leverage I find when I trade on a 5 min chart I run out of free margin.. which stops me from being able to Hedge. Can someone confirm or deny this kind of thinking? Cheers