Futures trade in contracts, not lots. Each contract has a fixed value per point and a minimum price step (tick).
Point value and tick size
- ES (S&P 500): $50 per point, tick 0.25 = $12.50.
- NQ (Nasdaq 100): $20 per point, tick 0.25 = $5.
- MES / MNQ (micros): one tenth of the full contract — ideal to fine-tune size.
- CL (crude oil): $1,000 per point, tick 0.01 = $10.
Sizing a futures trade
Risk = contracts × stop distance in points × point value. A 10-point stop on 2 ES contracts risks 2 × 10 × $50 = $1,000.
Futures challenge rules
Our futures programmes use a trailing drawdown, a daily loss limit, a maximum number of contracts and a consistency rule. Check the exact values for your size on the challenges page.