NQ and MNQ Futures Day Trading

NQ is the E-mini Nasdaq-100 futures contract and MNQ is its micro version, one-tenth the size. A one-point move is worth $20 on NQ and $2 on MNQ, before costs. They trade nearly 24 hours a day on weekdays, which is why they're popular with day traders and prop firm traders.

Start with the contract

• What NQ is, and how the contract works
• Micro futures explained: MNQ and the other micros
• Why I trade NQ instead of stocks or forex
• Day trading futures: the complete guide

What a point is worth

NQ: $20 per point. MNQ: $2 per point. So a 20-point move on one MNQ contract is worth $40 before costs, and the same move on one NQ contract is worth $400. Work out any move, size and contract on the point-value calculator. It's also why the record is kept in points rather than dollars: points are the same for everyone, dollars depend on size.

When it trades

CME Globex runs from Sunday 6:00 PM to Friday 5:00 PM New York time, with a one-hour break each day at 5:00 PM. I trade the whole session, and I go live on screen at the New York open (9:30 AM New York time), every weekday.

Trading it with rules

• Position sizing from the stop, not from hope
• What drawdown is, and why it matters more on futures
• Every NQ session I trade, in points

Questions

What is the difference between NQ and MNQ?

MNQ is the micro version of NQ, one-tenth the size. NQ is worth $20 per point and MNQ $2 per point.

How much is one point on NQ worth?

$20 per contract on NQ and $2 per contract on MNQ, before commissions and fees.

When do NQ futures trade?

On CME Globex from Sunday 6:00 PM to Friday 5:00 PM New York time, with a daily one-hour break at 5:00 PM.

Why do day traders use NQ?

It moves a lot, trades nearly around the clock on weekdays, and the micro contract (MNQ) lets traders size small while learning.