If I'm leveraged at 10:1 on and I trade 1 lot I figure I can lose about 1000 pips on a trade before I lose this entire lot?
I understand that all pairs are somewhat different but lets assume that the pair is worth exactly $1 per pip.
Conversely if I'm leveraged at 100:1 I can shed just 100 pips until I lose the entire lot.
Is this correct?