Let's assume that the spread on EUR/USD is 1 pip. 1% is 147 pips give or take a few so 1/147 = 0.0068% spread for someone with no leverage. 0.0068*400 means a 2.72% spread cost for someone with 400:1 leverage right off the bat. How is it even possible to trade with 400:1 leverage without blowing...