Limit the number of posts via wpquery

AFAIK, there is no way limiting the amount of paged queries with what is given by default. You might be able to make use of the filters provided to alter the SQL query.

You also do not want to use query_posts at all and most probably you don’t even need a custom query. If this is the main query, you would want to make use of pre_get_posts to alter the the query varaibles before the main query is executed. This way you won’t have problems paginating your queries

You can, however, limit the amount of pages shown with next_posts_link. You can simply just set the amount of pages you need.

Example:

next_posts_link( 'Older Entries',10 );