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Active futures traders tend to focus on a handful of liquid contracts. Here's how the most popular ones compare, using CME Group specifications, along with what moves each market and which account sizes each one suits.
| Contract | Tracks | Tick value | Micro version | Micro tick value |
|---|---|---|---|---|
| ES | S&P 500 | $12.50 | MES | $1.25 |
| NQ | Nasdaq-100 | $5.00 | MNQ | $0.50 |
| CL | WTI crude oil | $10.00 | MCL | $1.00 |
| GC | Gold | $10.00 | MGC | $1.00 |
| YM | Dow Jones Industrial Average | $5.00 | MYM | $0.50 |
| RTY | Russell 2000 | $5.00 | M2K | $0.50 |
Equity index futures: ES and NQ
ES and NQ are the most widely traded contracts among retail and prop firm traders. NQ tends to move more points per day than ES, which means bigger dollar swings per contract.
Both are cash-settled and trade in a quarterly cycle (March, June, September, December). They're most active during US stock market hours, from 9:30 a.m. to 4:00 p.m. ET, and react sharply to US economic data such as CPI and the jobs report. A 10-point move is $500 on ES and $200 on NQ; on the micros it's $50 and $20. See ES vs MES and NQ vs MNQ for detailed comparisons.
The Dow and Russell: YM and RTY
YM tracks the 30-stock Dow and moves in one-point ticks worth $5. RTY tracks about 2,000 smaller US companies, with 0.10-point ticks worth $5 and $50 per point. Some traders use RTY when they want exposure to small caps rather than the large companies that dominate ES and NQ.
Crude oil: CL
CL reacts to supply news and the weekly US inventory report. It is physically delivered, so positions must be closed before expiry. MCL is cash-settled.
Each one-cent move is $10 on CL, so a $1 move in oil is $1,000 per contract. MCL is one-tenth the size, at $100 per $1. CL lists a contract for every calendar month, so rolls come around more often than with index futures. Read Futures Rollover and Expiration.
Gold: GC
GC often moves on interest rate expectations and the US dollar. A $10 move in gold is $1,000 per GC contract and $100 per MGC.
GC is physically delivered, like CL, so brokers and prop firms close positions before the delivery period. For a smaller and cheaper-per-tick way into metals, MGC is 10 troy ounces versus GC's 100.
What a typical stop costs
A simple way to compare contracts is to price a stop you might actually use. These stops are examples only.
| Contract | Example stop | Full-size risk | Micro risk |
|---|---|---|---|
| ES / MES | 8 points | $400 | $40 |
| NQ / MNQ | 40 points | $800 | $80 |
| CL / MCL | $0.40 | $400 | $40 |
| GC / MGC | $6.00 | $600 | $60 |
If you risk around $100 per trade, every full-size contract above is too large, while every micro fits. That's why most newer traders start with micros. Use the tick value calculator and position size calculator to price your own stops.
What moves each market, and when
| Contract | Key scheduled events | Busiest period (ET) |
|---|---|---|
| ES, NQ, YM, RTY | CPI, jobs report, FOMC decisions, big earnings | 9:30 a.m. to 4:00 p.m. |
| CL | Weekly US inventory data, OPEC news | US morning |
| GC | CPI, jobs report, FOMC, US dollar moves | London and US mornings |
| ZN, ZB | CPI, jobs report, FOMC, Treasury auctions | US morning |
Treat this as a general guide rather than a rule; any market can move on unscheduled news. Our economic calendar guide lists release times, and Futures Trading Hours Explained covers the trading day.
Other markets to know
- Treasuries: ZN (10-year) and ZB (30-year) move opposite to interest rates and react strongly to Federal Reserve news.
- Currencies: 6E is the futures version of EUR/USD, worth $12.50 per pip.
- Silver: SI has a $25 tick, so it suits larger accounts.
See all of them in our contract guides and the tick value cheat sheet.
Choosing
Pick the contract whose typical daily move fits your risk per trade. Micro versions make that much easier on small accounts.
- New and small accounts: MES or MNQ, which are liquid, cash-settled and sized for small risk.
- Traders who follow energy news: MCL first, then CL once size allows.
- Traders who follow rates and the dollar: MGC or GC.
Focus on one market until you know how it behaves in each session.
Frequently asked questions
What is the most traded futures contract for retail traders?
The E-mini S&P 500 (ES) and its micro (MES), along with the Nasdaq-100 contracts NQ and MNQ, are among the most widely traded by retail and prop firm traders.
Which futures contract is best for beginners?
Many beginners start with MES or MNQ because each tick is small ($1.25 and $0.50) and both are cash-settled.
Are micro futures as liquid as the full-size contracts?
The major micros are actively traded, but full-size contracts typically have deeper order books. For small orders, both are usually liquid during US hours.
Why do CL and GC need to be closed before expiry?
Both are physically delivered. Retail and prop firm accounts don't take delivery, so positions must be closed or rolled first.
Should I trade more than one market?
Most traders do better learning one market first. Each contract has its own rhythm, news drivers and typical range.
Can I trade these contracts at a prop firm?
Most futures prop firms allow CME equity index, energy and metals contracts, often with limits on size. Check each firm's permitted products. Compare firms in our prop firm rankings.
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Prices, drawdown rules and payouts, verified from official sources.
Futures trading involves substantial risk of loss and is not suitable for every investor. This article is for education only and is not investment advice.