Mini futures — Contracts sized below the original full-size product, of which the CME E-mini index futures are the most traded example.
How mini futures works in prop trading
The E-mini contracts — ES on the S&P 500, NQ on the Nasdaq 100, YM on the Dow, RTY on the Russell 2000 — are the default instruments of retail futures trading and the products most prop firm accounts are designed around. They are electronically traded, extremely liquid during US hours, and their specifications are the reference point for both micros and position limits.
For prop accounts they sit at an awkward size. One E-mini S&P contract is $50 a point, so a stop of any normal width consumes a large share of a small account's drawdown. Traders on $50,000 or smaller accounts frequently find the E-mini forces either an unnaturally tight stop or an unacceptably large risk, which is what makes micros the better default at that tier.
Key points
- ES, NQ, YM and RTY are the core E-mini index products and the most liquid retail futures.
- The E-mini S&P is $12.50 a tick and $50 a point — large relative to a small prop drawdown.
- Micros track the same products at one tenth the size for the same tick increments.
- Prop firm contract caps are usually expressed in full-size equivalents based on these contracts.
Also known as
- e-mini
- mini contract
- ES NQ
Frequently asked questions
What is the difference between E-mini and Micro E-mini?
Size. The Micro E-mini is one tenth of the E-mini — same underlying, same tick size, one tenth the tick value and margin. A Micro E-mini S&P is $1.25 a tick against the E-mini's $12.50.
Which E-mini is best for a prop firm account?
That depends on your drawdown and stop distance rather than the product. The Nasdaq E-mini moves further in dollar terms per session than the S&P, so it consumes drawdown faster at the same contract count. Many prop traders on smaller tiers trade micros of whichever product suits their method.
Put this into practice
Mini futures is described here as a plain-language educational definition. Firms, platforms, and account programs may apply different conditions or calculations. Verify the current official terms before using this definition to make an account decision.