Higher leverage will not convert your record from losing to winning. If leverage is the difference between making a profit and breaking even, you are probably under-capitalised.
Set up a consistent profitable winning record, and only then think about how much you can increase your leverage, but do it gradually.
hi, maximum lot size you can open depends on your choosing instruments. you can read on how to calculate lot size to determine what the maximum lot size you can open with 1:3 leverage.
It depends on your broker, some broker offers 100 lots size and some offer maximum 50.
leverage setting ONLY AFFECTS THE MARGIN REQUIRED AMOUNT when opening a trade.
(but it also affects how and when you will hit a margin call, explained later)
a 0.01 lot trade of eurusd will earn you TEN CENTS($0.10) per pip of profit or loss, NO MATTER WHAT YOUR LEVERAGE IS SET TO.
please note that different currency pairs have different margin requirements and they will also pay slightly different amounts of profit or loss.
your leverage setting determines two things, one of which is HOW MUCH MONEY YOU NEED TO EARN THAT TEN CENTS PROFIT OR LOSS.
at 10:1 a EURUSD trade of 0.01 lots requires approx $115.00 of margin.
at 50:1 a EURUSD trade of 0.01 lots requires approx $23.00 of margin.
at 100:1 a EURUSD trade of 0.01 lots requires approx $11.50 of margin.
at 1000:1 a EURUSD trade of 0.01 lots requires approx $1.15 of margin.
the second issue that your leverage setting will affect is at what level you will HIT A MARGIN CALL…
a typical metatrader broker will begin margin calling your trades when your EQUITY IS LESS THAN OR EQUAL TO YOUR MARGIN USED AMOUNT.
this is a simple, yet complex issue to deal with.
technically, when brokers tell you that you are SAFER when you trade at lower leverage, they are sortof LYING to you in that they are not telling you the whole story…
good luck.