AquaFutures Mini vs Micro Contracts: Which Instruments Count Against Limits

Mini contracts (ES, NQ, YM, RTY) and micro contracts (MES, MNQ, MYM, M2K) both count toward your contract limits, but micros count as 1/10th of a standard contract. Beginner accounts with 6-contract limits can trade 6 ES (standard), OR 60 MES (micro), OR any combination where (ES × 1) + (MES × 0.1) ≤ 6. Trading 4 ES + 25 MES = 6.5 total—exceeds limit and violates rules.

Micro contracts offer smaller position sizing (1/10th the risk per point) but come with wider spreads (0.50-1.00 points vs 0.25 on ES), reduced liquidity, and less profit potential per contract. Most prop traders use standard minis (ES, NQ) for better spreads and execution. Micros work for ultra-conservative testing or managing odd-lot positions but aren't ideal for scaling profits on prop accounts.

I'm breaking down mini vs micro specifications, how contract counting works, spread and liquidity differences, when to use micros strategically, position sizing calculations, and why most successful prop traders stick with standard minis.

Quick heads-up: This article is based on my real experience with Aquafutures and the info available when I published/updated this. Things change in prop trading — rules, payouts, promos, all of it.

For the absolute latest, check Aquafutures´s website or their faq page.

Mini Contracts vs Micro Contracts: Specifications

Key insight: Micros have 1/10th the profit/loss per point, but 2-4x wider spreads—making them less attractive for frequent trading.

For instrument details, see the instruments list guide.

How Contract Limits Work: Mini + Micro Calculation

Beginner account: 6 contracts maximum

Formula: (Mini contracts × 1) + (Micro contracts × 0.1) ≤ 6

Valid combinations:

✅ 6 ES + 0 MES = (6 × 1) + (0 × 0.1) = 6 (exactly at limit)

✅ 5 ES + 10 MES = (5 × 1) + (10 × 0.1) = 6 (exactly at limit)

✅ 4 ES + 20 MES = (4 × 1) + (20 × 0.1) = 6 (exactly at limit)

✅ 3 ES + 30 MES = (3 × 1) + (30 × 0.1) = 6 (exactly at limit)

✅ 0 ES + 60 MES = (0 × 1) + (60 × 0.1) = 6 (exactly at limit)

Invalid combinations (exceed limit):

❌ 6 ES + 1 MES = (6 × 1) + (1 × 0.1) = 6.1 (exceeds by 0.1)

❌ 4 ES + 25 MES = (4 × 1) + (25 × 0.1) = 6.5 (exceeds by 0.5)

❌ 7 ES + 0 MES = (7 × 1) + (0 × 0.1) = 7 (exceeds by 1)

If you exceed your limit: Platform should reject the order. If it doesn't and you trade over limits, you violate rules and risk account termination.

For contract limits by account type, see the contract limits guide.

Position Sizing Examples: Mini vs Micro

Example 1: Conservative trader on Beginner account

Goal: Limit risk to $200 per trade

Option A: ES (mini) only

• Stop: 4 points ($200 per contract)
• Position: 1 ES
• Total risk: $200 ✅

Option B: MES (micro) only

• Stop: 40 points ($200 per 10 contracts)
• Position: 10 MES
• Total risk: $200 ✅

Both achieve same risk—but ES has better spreads (0.25 points vs 0.50-1.00 on MES).

Example 2: Scaling up gradually

Trader at $51,500 balance (up $1,500), wants to increase size from 3 ES to 3.5 ES worth.

Problem: Can't trade 3.5 ES (only whole contracts)

Solution: Trade 3 ES + 5 MES

• (3 × 1) + (5 × 0.1) = 3.5 ✅
• Gives exact 3.5x exposure

Use case: Micro contracts let you fine-tune position sizing between whole mini contracts.

For position sizing principles, see the drawdown guide.

Spread Comparison: Why Minis Are Better for Active Trading

ES (mini) spread: 0.25 points ($12.50 per round trip)

MES (micro) spread: 0.50-1.00 points ($2.50-$5.00 per contract per round trip)

Spread cost comparison (equivalent position sizes):

Key insight: Trading micros costs 2-4x more in spreads for equivalent exposure. For scalpers making 10-20 trades/day, this adds up to $500-$2,000/month in extra costs.

For slippage and spread details, see the slippage guide.

Liquidity: Why Minis Fill Better

ES volume: 2-5 million contracts/day

MES volume: 200K-500K contracts/day (10-20x less)

What this means:

ES (mini):

• Tight spreads even during volatility
• Deep order book (1,000+ contracts at each price)
• Instant fills on market orders

MES (micro):

• Spreads widen during volatility (0.50 → 2.00 points)
• Thinner order book (100-300 contracts per price)
• Occasional delayed fills on market orders

For prop traders: Execution quality matters. ES offers better fills, less slippage, more predictable costs.

When to Use Micro Contracts

Use case 1: Testing a new strategy

You want to test "50 EMA bounce" strategy but don't want to risk $200/trade immediately.

Solution: Trade 1 MES instead of 1 ES

• Risk: $20-$50 per trade (vs $200-$500 on ES)
• Learn the strategy with minimal cost
• Once confident, scale to ES

Use case 2: Fine-tuning position size

You're at $52,000 balance (up $2,000). You want to trade 4.2 ES worth.

Solution: Trade 4 ES + 2 MES

• (4 × 1) + (2 × 0.1) = 4.2 ✅
• Exact sizing without over-leveraging

Use case 3: Staying under contract limits with odd positions

Beginner account: 6 contracts max. You want to trade 5.5 contracts worth.

Solution: Trade 5 ES + 5 MES

• (5 × 1) + (5 × 0.1) = 5.5 ✅
• Maximizes position while staying compliant

Use case 4: Ultra-conservative drawdown management

You're $600 away from breaching. You want to trade but can't risk $200/contract.

Solution: Trade 2 MES instead of 1 ES

• Risk: $40-$100 per trade (manageable)
• Stay in the game without risking breach

For drawdown management, see the drawdown guide.

When NOT to Use Micro Contracts

Scenario 1: High-frequency trading (scalping)

If you make 10-20 trades/day, spread costs on micros add up:

• 20 trades/day × $25 extra spread cost = $500/day
• $500/day × 20 trading days = $10,000/month wasted

Better: Trade ES with tighter spreads.

Scenario 2: Large profit targets

If you're targeting $3,000 profit (Beginner eval), trading 60 MES to hit that target requires:

• 60 MES × 60 points = $18,000 gross profit needed
• With wider spreads, you might need $20,000-$25,000 gross to net $3,000

Better: Trade 4-6 ES and hit profit target faster.

Scenario 3: You're already comfortable with risk

If you can handle $200-$400 risk per trade, there's no reason to trade micros. ES offers better execution, spreads, and profit scaling.

For scalping details, see the microscalping vs scalping guide.

Do Micro Contracts Count Toward Profit Targets?

Yes. Profit from micros counts the same as profit from minis.

Example:

• Beginner $50K account: $3,000 profit target
• You trade 60 MES and make $3,000
• You pass ✅

Doesn't matter if profit came from ES or MES—only the dollar amount matters.

Do Micro Contracts Count Toward Win Days?

Yes. Trading micros counts toward win days.

Example:

• Day 1: Trade 10 MES, net +$50 (win day) ✅
• Day 2: Trade 10 MES, net -$30 (loss day) ❌
• Day 3: Trade 10 MES, net +$100 (win day) ✅

MES trades count exactly like ES trades for win day purposes.

Margin Requirements: Minis vs Micros

ES margin: ~$500-$1,000 per contract

MES margin: ~$50-$100 per contract (1/10th of ES)

On a $50K AquaFutures account:

• You can hold 50-100 ES contracts worth of margin (way more than 6-contract limit)
• You can hold 500-1,000 MES contracts worth of margin (way more than 60-contract limit)

Bottom line: Margin isn't a constraint on prop accounts. Your contract limit is the constraint—not margin.

Most Successful Prop Traders Use Minis (Not Micros)

Why:

✅ Better spreads (0.25 points vs 0.50-1.00)

✅ Higher liquidity (faster fills, less slippage)

✅ Faster profit scaling ($200/trade vs $20/trade on equivalent moves)

✅ Industry standard (ES/NQ are what professional traders use)

Micros are training wheels. Use them to learn, then graduate to minis for serious prop trading.

Can You Mix Instruments (ES + NQ + YM)?

Yes, as long as total contracts ≤ limit.

Formula: (ES × 1) + (MES × 0.1) + (NQ × 1) + (MNQ × 0.1) + (YM × 1) ≤ 6

Example (Beginner account, 6 contracts):

✅ 2 ES + 2 NQ + 2 YM = 6 total ✅

✅ 3 ES + 1 NQ + 20 MES = (3 × 1) + (1 × 1) + (20 × 0.1) = 6 ✅

❌ 3 ES + 3 NQ + 1 YM = 7 total ❌ (exceeds limit)

Most traders focus on 1-2 instruments (ES or NQ) rather than spreading across many.

For instrument selection, see the instruments guide.

Trading Strategy: Minis for Profit, Micros for Testing

Optimal approach:

Phase 1: Learning (first 2-4 weeks)

• Trade 1-2 MES to learn strategy
• Risk $20-$50 per trade
• Focus on execution, not profit

Phase 2: Scaling (weeks 5-8)

• Switch to 2-4 ES for serious profit
• Risk $100-$200 per trade
• Target profit: $3,000 over 6-8 weeks

Phase 3: Once funded

• Trade 4-6 ES (or 6-9 on larger accounts)
• Risk $200-$400 per trade
• Scale to 3-5 accounts via copy trading

Don't stay on micros forever. They're a stepping stone—not a destination.

Final Thoughts: Use Minis for Serious Prop Trading

Micro contracts have their place:

• Testing strategies with minimal risk
• Fine-tuning position sizes (4.3 ES = 4 ES + 3 MES)
• Staying under limits with odd-lot positions

But for passing evaluations and scaling funded accounts:

Trade ES or NQ (minis). They offer:

• Tighter spreads (saves $500-$2,000/month)
• Better liquidity (less slippage)
• Faster profit accumulation

If you're trading 60 MES because you're scared of ES, you're not ready for prop trading. Master risk management on 1-2 ES first. Once you're profitable, scale to 4-6 ES.

Micros are training wheels. Real prop traders ride full-size.

Frequently Asked Questions

Do micro contracts count toward contract limits?

Yes, proportionally. Micros count as 1/10th of a standard contract. Beginner (6-contract limit): Can trade 6 ES, OR 60 MES, OR combinations where (ES × 1) + (MES × 0.1) ≤ 6. Example: 4 ES + 20 MES = 6 total ✅. 4 ES + 25 MES = 6.5 ❌ exceeds limit.

What's the difference between ES and MES?

ES (mini): $50 per point, 0.25-point spread, very high liquidity, industry standard. MES (micro): $5 per point (1/10th of ES), 0.50-1.00 point spread (2-4x wider), moderate liquidity, training/testing tool. Same price movements, different dollar impact—10 MES = 1 ES in exposure.

Should I trade minis or micros for evaluations?

Trade minis (ES, NQ). Reasons: Tighter spreads save $500-$2,000/month, better liquidity means less slippage, faster profit scaling ($200/trade vs $20/trade), industry standard for professional trading. Use micros only for: Testing new strategies, fine-tuning position sizes, ultra-conservative drawdown management. Graduate to minis for serious prop trading.

How do spreads compare between minis and micros?

ES (mini): 0.25 points ($12.50 per round trip). MES (micro): 0.50-1.00 points ($2.50-$5.00 per contract). For equivalent exposure (10 MES = 1 ES), spread costs: ES = $12.50, MES = $25-$50. Micros cost 2-4x more in spreads. For scalpers making 10-20 trades/day, this adds up to $500-$2,000/month in extra costs.

Can I mix ES and MES in the same trade?

Yes, as long as total doesn't exceed limit. Example (Beginner, 6 contracts): 3 ES + 30 MES = (3 × 1) + (30 × 0.1) = 6 ✅. 4 ES + 25 MES = 6.5 ❌. Use mixing to fine-tune position size (want 4.5 ES exposure = 4 ES + 5 MES).

Do micro contract profits count toward profit targets?

Yes. Profit from micros counts identically to profit from minis. Beginner $50K account ($3,000 target): Trading 60 MES and making $3,000 = pass ✅. Dollar amount matters, not instrument type. However, hitting $3,000 with micros takes longer due to wider spreads and smaller position sizes.

When should I use micro contracts?

Four use cases: (1) Testing new strategies with minimal risk ($20-$50 per trade), (2) Fine-tuning position size (4.2 ES = 4 ES + 2 MES), (3) Staying under contract limits with odd positions (5.5 contracts = 5 ES + 5 MES), (4) Ultra-conservative drawdown management ($600 from breach, trade 2 MES instead of 1 ES). Don't use micros for high-frequency trading or large profit targets—spread costs are too high.

Why do most prop traders use minis instead of micros?

Four reasons: (1) Better spreads—0.25 points vs 0.50-1.00, saves $500-$2,000/month, (2) Higher liquidity—faster fills, less slippage, (3) Faster profit scaling—$200/trade vs $20/trade on equivalent moves, (4) Industry standard—ES/NQ are what professional traders use. Micros are training wheels—use them to learn, graduate to minis for serious prop trading.

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