Good points by chall and the Professor. Large electrodes permit welding at high currents and high deposition rates. Therefore, use the largest electrode practical consistent with good weld quality. Electrode size is limited by many factors, but the most important considerations are: High currents increase penetration. Therefore, electrode size is limited on sheet metal and with root passes where burnthrough can occur. In general, the maximum electrode size practical for vertical and overhead welding is 3/16", with 5/32" electrode being the maximum size for low hydrogen electrodes. High DC current increases arc blow. When arc blow is a problem, either use AC or limit the current. Joint dimensions also sometimes limit the electrode diameter that will fit into the joint.
AWS D1.1 prequalified requirements for maximum electrode diameters are: Flat fillets 5/16" (except roots), grooves 1/4" (except roots), 3/16" root. horizontal: 1/4" flat fillets, 3/16" groove. Vertical and overhead 3/16" (except for 5/32" for EXX14 and low hydrogen electrodes).