If I put on a trade for the mini corn for example. Is the price of the mini corn say $400, or one tenth of this - $40?
The thing I am getting confused with is that I know that a 1 cent move on a mini grain is worth $10, but if the price moves up from $400 to $400.50c, I will be down $500 if I go short? Is this correct ?
Or does the price have to move up from $40.00 to $45.00 ($400 to $450 in the major) for me to incur a $500 loss?
What I am trying to get at is if I want to only risk $500, where should I put my stop?