ES, NQ & the micros

Index futures let you trade the S&P 500 and the Nasdaq-100 through a single contract. Before reading any setup, know exactly what a move costs you.

The four contracts

Contract	Tracks	Value per point	Tick size	Value per tick
ES — E-mini S&P 500	S&P 500	$50	0.25	$12.50
MES — Micro E-mini S&P 500	S&P 500	$5	0.25	$1.25
NQ — E-mini Nasdaq-100	Nasdaq-100	$20	0.25	$5.00
MNQ — Micro E-mini Nasdaq-100	Nasdaq-100	$2	0.25	$0.50

Micros are one-tenth the size of the E-minis. Same chart, same levels, a tenth of the money per point.

Why that matters

A 10-point stop costs:

• $500 on one ES
• $50 on one MES
• $200 on one NQ
• $20 on one MNQ

NQ also tends to move more points per day than ES, so a "normal" stop on NQ is usually wider in points. Always think in dollars at risk, not in points or contracts.

Start with micros

If you're new, trade micros — after simulation. They let you trade the same levels with risk small enough that one bad day doesn't decide whether you can keep going. Moving up to E-minis is a sizing decision you make later, from evidence, not from impatience.

Margin is not your risk

Your broker will require margin — a deposit to hold a contract. Margin requirements vary by broker and change with volatility. Low day-trading margins can make it easy to hold far more contracts than your account can afford to lose on.

Margin decides how many contracts you can hold. Your stop and your risk rule decide how many you should. Those are rarely the same number.

Check the source

Contract specifications are set by the exchange (CME Group). Check them on the CME website, and check your broker's commissions and fees, before you trade.