Many people think that leverage is insignificant but in fact, leverage can help you to trade safely. When a trader selects more leverage and starts trading, he does not focus on money management and risk management. And puts the whole investment at risk. I always suggest using 1: 500 leverage.
Money management is an integral part of forex trading. If anyone is not having any money management policy, he/she is never gonna be a good trader ever. You need to follow some good and realistic money management system.
I am not a fan of leverages, to tell you the truth. I feel at ease every time I got the loans, so I am not a fan of the bank loans neither. Therefore, attitude increases the psychological pressure on me during the trading, that is why I steer clear from this trading tool.
Choosing leverage also giving impact to the risk; level, some brokers may offer high leverage until 1:1000 or even higher, but choosing high leverage I think useless and even endanger account if leading trader become greedy because high leverage allows the trader to open trades using bigger position due they only need smallest margin requirement.