Futures basics
Micro vs minifutures
Same market, different dollar value per tick. The size you choose decides how far a trade can run against your drawdown.
Tick values side by side
| Full-size | Tick value | Micro | Tick value |
|---|---|---|---|
| ES - E-mini S&P 500 | $12.50 | MES - Micro E-mini S&P 500 | $1.25 |
| NQ - E-mini Nasdaq-100 | $5 | MNQ - Micro E-mini Nasdaq-100 | $0.50 |
| YM - E-mini Dow ($5) | $5 | MYM - Micro E-mini Dow | $0.50 |
| RTY - E-mini Russell 2000 | $5 | M2K - Micro E-mini Russell 2000 | $0.50 |
| CL - Crude Oil (WTI) | $10 | MCL - Micro WTI Crude Oil | $1 |
| GC - Gold | $10 | MGC - Micro Gold | $1 |
What it means for a $50K account
A $50K account has a 3% maximum drawdown of $1,500. This is how many ticks one contract can move against you before reaching it.
| Contract | Tick value | Ticks of room |
|---|---|---|
| ES | $12.50 | 120 |
| MES | $1.25 | 1,200 |
| NQ | $5 | 300 |
| MNQ | $0.50 | 3,000 |
| YM | $5 | 300 |
| MYM | $0.50 | 3,000 |
| RTY | $5 | 300 |
| M2K | $0.50 | 3,000 |
| CL | $10 | 150 |
| MCL | $1 | 1,500 |
| GC | $10 | 150 |
| MGC | $1 | 1,500 |
Choosing a size
- Start from the stop your setup needs, then find the size that fits it with the position size calculator.
- If one full-size contract risks more than your budget, the micro lets you take the same trade at a smaller size.
- Check the contract limit for your account in the futures rules.
Contract details: MES and MNQ.
Questions
What is the difference between micro and mini futures?
Size. A micro follows the same market as its full-size contract, usually at one tenth of the value per tick.
Should a beginner trade micros or minis?
Micros let you trade with a smaller dollar risk per tick, which gives a small drawdown more room for the same stop.
Do micros and minis move together?
Yes. Both follow the same underlying market, so the price move is effectively the same and only the dollar value changes.
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