This is a snip it from master max's beginners guide heres the link for more useful info:
viewtopic.php?f=59&t=10501Armor adds it's level ×2 to defense. E.g a level 5 armor adds 10 points to the defense attribute. The maximum level for armor is level 15.
A Sword is the same as the armor, except adds it's level ×2 to attack. The maximum level for a sword is level 15
A Horse, similar to armor and sword, adds it's level ×2 to speed. The maximum level for a horse is level 15
A Manual is different to armor, sword and horse. A manual adds its level to speed, attack AND defense. For example, if you had a level 10 manual, it would add 10 points to speed, 10 points to attack, and 10 points to defense. The maximum level for a manual is level 15
A Ring only adds its level worth to fortune. The maximum level for a ring is level 10, 5 levels less than all of the other items. So a level 10 ring adds 10 points to the fortune attribute.