Question about trading the mini-futures

Hi All

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?
Thanks!

If it's a $10 move per cent, then obviously it's $500 per 50 cents. So you could have a max of 50 cent stop. I know nothing about mini corn, but it's a futures contract, so it's leveraged. If it gaps over your stop (assuming you have an automatic one), you could loose more.

Either way, margin will probably be more than that, so you won't be able to trade it with just $500.

Ok thanks - yes your right about the 50cents max move to hit my stop.

Cheers!