CRT Education · November 9, 2026 · 8 min read

Futures Trading Guide: YM, NQ, ES and Gold (Plus Forex vs Futures)

A practical guide to index and gold futures for CRT traders: YM, NQ, ES, GC and their micros, contract values, what moves each market, the best sessions, and forex vs futures.

Index and gold futures are some of the best markets for Candle Range Theory: they're very liquid, they trade on a central exchange, and they move hardest at predictable times, which is exactly when CRT sweeps happen. Start with the micro contracts (MYM, MNQ, MES, MGC) so a normal stop is a small, controlled amount of money, and focus on the New York session.

This guide covers each contract I trade, what one point is worth, what moves each market and when to trade it, then the honest comparison between futures and forex so you can choose.

What a futures contract is

A futures contract is an agreement to buy or sell an asset at a set price on a future date. For a day trader, the delivery part doesn't matter: you open and close the position long before expiry. What matters:

• They trade on a central exchange (CME Group for all of these). Everyone sees the same price and the same volume.
• Each contract has a fixed value per point. That's what you use to size your position.
• They expire, usually quarterly for the indices (March, June, September, December). You trade the front month and roll to the next one before expiry. Most platforms show a continuous chart.
• Every full-size index contract has a micro at one-tenth the size, which is where almost everyone should start.

Contract values at a glance

So a 100-point move is $500 on one YM and $50 on one MYM; $2,000 on one NQ and $200 on one MNQ. A $10 move in gold is $1,000 on one GC and $100 on one MGC.

Margins and fees vary by broker and change over time, so check yours. And always size from your stop, not from the margin you're allowed to use. The risk management guide has the formula and worked examples.

Dow Jones futures (YM and MYM)

The Dow tracks 30 large US companies and is price-weighted, so the highest-priced stocks have the most influence. It's the market behind "US30" on CFD platforms.

What moves it: Federal Reserve decisions and guidance, the big data releases (NFP, CPI, GDP), earnings from its components, and overall risk sentiment.

How it trades: smoother than NQ, with clean structure that respects key levels well. Round numbers (every 500 or 1,000 points) and the previous day's high and low often get swept before the real move.

Sizing example: a 60-point stop on MYM is $30 per contract. At 0.5% risk on a $25,000 account ($125), that's 4 contracts.

Nasdaq futures (NQ and MNQ)

The Nasdaq 100 tracks the 100 largest non-financial companies on the Nasdaq, so it's heavily weighted toward big tech and growth stocks.

What moves it: interest rate expectations hit it hardest, because growth stocks are rate-sensitive. Big tech earnings, semiconductor news, inflation data and tech-related geopolitics (chip export rules, for example) all matter.

How it trades: the fastest of the three indices. Sweeps are large and decisive, and reversals are sharp, which makes CRT setups very visible, especially around the 8:30 am data and the 9:30 am open. The flip side is that stops need to be wider in points.

Sizing example: a 40-point stop on MNQ is $80 per contract. At 0.5% on a $50,000 account ($250), that's 3 contracts.

S&P 500 futures (ES and MES)

The S&P 500 is the broadest of the three, covering about 500 large US companies, and the most traded equity index futures contract in the world.

What moves it: the same macro drivers as the other two, with broader sector exposure.

How it trades: between YM and NQ in speed. It's the market the others are often compared against, which makes it useful for SMT divergence: if NQ sweeps a low and ES holds its own low, the sweep on NQ is more likely to be a manipulation.

Sizing example: ES moves in quarter points ($12.50 per tick on ES, $1.25 on MES). A 10-point stop on MES is $50 per contract.

Gold (GC, MGC and XAUUSD)

Gold trades as futures (GC and MGC on COMEX) and as spot (XAUUSD) through forex brokers. Intraday price action is nearly identical; the difference is mechanics: futures expire and have exchange volume, spot has overnight swap fees.

What moves it:

• The US dollar: gold is priced in dollars, so a stronger dollar usually means weaker gold.
• Interest rates: gold pays no yield, so higher real rates make it less attractive.
• Risk and uncertainty: gold tends to be bid in crises and geopolitical stress.
• Inflation expectations and central bank buying or selling.

How it trades: gold respects key levels well and moves decisively once it commits. The Asia range is very often attacked at the London or New York open, which gives frequent sweep-and-deliver setups. It's also fast: size down compared to forex.

The best time to trade each market

The index futures trade almost 24 hours, but the overnight session is thin. Use it to mark the Asia and London ranges, not to trade. Full details are in the CRT timings and killzones guide.

Trading futures with CRT

The model is the same on every market:

1. Range: the previous day's candle, or an H4 or H1 candle that closed before your session.
2. Sweep: in the killzone, price runs one side: the previous day's high or low, the Asia or London range, equal highs or lows, or a round number.
3. Confirmation: a close back inside the range and a lower-timeframe CISD. On NQ and ES, check the other index for SMT.
4. Entry: an IFVG, purge order block or BPR on the 1m to 5m chart.
5. Stop and targets: beyond the sweep; the 50% of the range first, then the far side.

Futures have one extra advantage: real exchange volume. A sweep on a spike of volume that immediately fails to continue is the "effort without result" that Wyckoff described, and it's a strong sign the move was a stop run.

Forex vs futures: which should you trade?

Both work with CRT, because the model reads ranges, liquidity and time, not anything specific to one market. The differences are practical.

Forex strengths

• Small starting size. You can trade tiny positions (micro lots), so even a very small account can risk a correct amount.
• 24 hours, 5 days a week, across every session.
• Huge liquidity on the major pairs; the forex market trades trillions of dollars a day.
• Usually no commission on standard accounts (you pay the spread).

Forex weaknesses

• No central exchange, so no true volume, and prices differ slightly between brokers.
• Execution and spread quality vary by broker, and spreads widen around news and the daily close.
• Overnight swap fees on held positions.
• Very high leverage is easy to misuse.

Futures strengths

• One central price and real volume for everyone.
• Regulated exchange (in the US, overseen by the CFTC).
• Excellent for indices and gold in the New York session.
• Tax treatment for US traders can be favourable (often called 60/40); check with a tax professional for your situation.

Futures weaknesses

• Larger minimum risk. Even micros have a fixed value per point, so very small accounts may not be able to keep risk at 1%.
• Contracts expire and need rolling.
• Platform and data fees are common.
• Fast markets, especially NQ and gold, punish oversized positions.

How to choose

• Small personal account: forex, or micros with a small stop and strict sizing.
• North American schedule: futures in the New York session fit naturally.
• Prop firm trader: both have prop firm options; compare the rules (daily loss, trailing drawdown, consistency rules, news rules) rather than the headline price. See the prop firm challenge guide.
• Swing trader: forex pairs work well for multi-day CRT ranges.
• Intraday on the open: NQ, ES, YM or gold.

Many traders end up doing both. What matters is mastering the method first, then choosing the market that fits your capital, schedule and temperament.

Common futures mistakes

1. Starting with full-size contracts. Use micros until your journal shows consistency.
2. Sizing by margin instead of by stop.
3. Trading the overnight session out of boredom.
4. Ignoring the roll and trading an expiring contract with thin volume.
5. Holding through 8:30 am data or FOMC without a plan.
6. Taking the same trade on NQ and ES at the same time: that's double risk, not diversification.

The CRT Radar marks session ranges, sweeps and confirmations on futures and forex charts in New York time. The CRT University lessons cover the model in order, and the CRT Handbook has the complete rules for each market.

FAQ

What are the best futures for beginners?

The micro contracts: MES, MNQ, MYM and MGC. They're one-tenth the size of the full contracts, so a normal stop is a small amount of money.

How much is one point on NQ, ES and YM?

NQ is $20 per point (MNQ $2), ES is $50 per point (MES $5) and YM is $5 per point (MYM $0.50).

Is US30 the same as YM futures?

They track the same index. US30 is usually a CFD offered by a broker; YM is the exchange-traded futures contract. Price action is very similar, but contract value, costs and trading hours differ.

When is the best time to trade index futures?

The New York cash open, 9:30 to 11 am ET, after the 8:30 am data release. The 1:30 to 3:30 pm window is a secondary option.

Is gold good for CRT?

Yes. Gold respects levels well and frequently sweeps the Asia range at the London or New York open. It moves fast, so use smaller size than on forex.

Should I trade forex or futures?

Both work with CRT. Forex is easier to size with a small account and trades around the clock. Futures offer a central price, real volume and very clean New York session moves. Choose based on your capital and schedule.

Education only, not financial advice. Trading involves substantial risk of loss.