I am very interested in using Bisq to purchase Bitcoins, which is a decentralized, blockchain-powered cryptocurrency exchange. I am wanting to remain as anonymous as possible and please wondered would it be okay to use a VPN to mask my real IP address when using Bisq please, would this still work please?
You don't even need a VPN, the service connects to the Bitcoin network via Tor by default.
Lastly i have heard about people setting up there own nodes on Bisq, would this make the transaction more anonymous or is this basically to keep the transaction more secure so you do not get scammed please?
Running an own node is more to do with decentralization to the platform. With decentralization comes anonymity. About getting scammed, you just have to follow the instructions provided on how to perform a p2p trade. You will be safe.
The transaction i am making is only $40 would my own node not my required please?
Sorry I didn't understand this part.