ES vs MES: Which S&P 500 Contract Should You Trade?
Traders love to argue ES vs MES like it’s a personality test. It’s not. One contract is for accounts that can handle real heat. The other is for accounts that need training wheels. Here’s the blunt breakdown so you stop guessing.
Contract Size and Tick Value
| Contract | Tick Size | Tick Value | Per Point |
|---|---|---|---|
| ES (E-mini) | 0.25 | $12.50 | $50 |
| MES (Micro) | 0.25 | $1.25 | $5 |
Same tick size, same movement — just scaled down 10:1. If a five-point stop on ES costs $250, that same stop on MES costs $25. That alone tells you which one belongs to beginners.
Margin Requirements
Brokers love to advertise low intraday margin on ES ($500–$1,500), but that doesn’t change reality: ES moves too fast for small accounts. MES intraday margin is usually $40–$100. That makes it survivable.
Volatility Impact
ES doesn’t care about your feelings. A normal 10-point move is $500 per contract — easily wiping out small traders. MES is the same auction but with damage control built in. If you don’t understand ATR expansions yet, review ES ATR Volatility Zones.
Which Should Beginners Trade?
MES. Every time. You learn the ES auction with MES without blowing your account. Once you can hold structure, control risk, and stop revenge trading, then size up to ES.
When ES Makes Sense
- You have a large enough account to take 10–20 point swings.
- You’re consistent and disciplined.
- Your risk per trade is controlled, not random.
- You can handle slippage during news without panicking.
Final Takeaway
Both ES and MES offer the same structure. The difference is how much pain each tick brings. MES keeps beginners alive long enough to learn the auction. ES rewards precision and punishes sloppiness instantly. Pick based on your account, not your ego.