NQ (Nasdaq-100 E-mini futures) is one of the most traded instruments in the world by volume. It offers leverage, near-24-hour trading and tight spreads. It also wipes out undercapitalised traders faster than almost anything else. This guide covers what you need to understand before you touch it.
NQ is a futures contract that tracks the Nasdaq-100 index — the 100 largest non-financial companies listed on the Nasdaq exchange. One full NQ contract represents $20 × the Nasdaq-100 index value. With the index at 20,000 points, one contract controls $400,000 in notional value.
| Spec | NQ (E-mini) | MNQ (Micro) |
|---|---|---|
| Multiplier | $20 per point | $2 per point |
| 1 point move | $20 P&L | $2 P&L |
| 1 tick (0.25 pts) | $5 | $0.50 |
| Typical margin | ~$15,000 | ~$1,500 |
| Best for | Funded accounts, professionals | Beginners, sizing down |
MNQ (Micro NQ) is 1/10th the size of NQ. Same markets, same charts, same patterns — but each point is worth $2 instead of $20. Learn on MNQ in paper trading first. The psychology is different with real money but MNQ lets you learn the mechanics cheaply.
NQ is tech-heavy — Apple, Microsoft, Nvidia, Amazon and Meta make up over 40% of the index. It reacts strongly to:
Futures trading involves substantial risk of loss. NQ can move 50–100 points in minutes. Always use defined stop losses. Never risk more than you can afford to lose entirely. Paper trade for a minimum of 3 months before committing real capital.
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