NQ vs ES: which should a beginner trade?
The two most traded index futures, side by side: what a point is worth, how fast each one moves, and where the micros fit in.
NQ and ES are the two index futures most day traders start with. NQ follows the Nasdaq-100, which is heavy in big tech companies. ES follows the S&P 500, the 500 large US companies. Both trade on the CME, and both have a micro version a tenth of the size.
The numbers that matter
| Contract | Tracks | 1 point | 1 tick |
|---|---|---|---|
| NQ (E-mini Nasdaq-100) | Nasdaq-100 | $20 | $5.00 |
| MNQ (Micro Nasdaq-100) | Nasdaq-100 | $2 | $0.50 |
| ES (E-mini S&P 500) | S&P 500 | $50 | $12.50 |
| MES (Micro E-mini S&P 500) | S&P 500 | $5 | $1.25 |
A tick is 0.25 points on all four. These are the CME contract specifications. Your broker's fees and margin are extra and vary.
How they feel different
ES moves fewer points. Each point is worth more ($50), but the index moves fewer points in a typical day. Its moves tend to look smoother on the chart, and it is one of the deepest futures markets in the world.
NQ moves many more points. Each point is worth less ($20), but NQ often covers several times as many points in a day, and it jumps faster around tech news and big earnings. In dollars per contract, NQ usually swings more.
A 20-point stop means very different things on each:
- 20 points on NQ = $400 a contract. On a fast morning that can be a few minutes of normal movement.
- 20 points on ES = $1,000 a contract, and a much bigger move for the S&P.
- 20 points on MNQ = $40. On MES = $100.
Which should a beginner pick?
- Start with the micros. MNQ and MES track the same index as the full contracts at a tenth of the point value. They let you trade a real stop without betting your whole limit on one trade.
- ES if you want calmer charts. Fewer points and smoother moves are easier to read while you learn.
- NQ if you can handle speed. It rewards quick decisions and punishes hesitation. Many traders love it for that, and many blow their first accounts on it.
- Pick one and stay with it. Learning one market's personality beats switching every week.
Whichever you choose, convert your loss limits into points on that contract before you trade. See daily loss limits.
Try both on the same day
One of the best ways to feel the difference is to trade the same morning on both. With Tapely's Eval Prep Pass you can play the same session on each, such as 12 February 2025, when a hotter-than-expected inflation report hit at 8:30 a.m. Eastern. The micros (MNQ and MES) follow the same price data at a tenth of the size.