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If the value of 1 point in your chosen contract is $5, and you set a 1 point stop, then your loss will be limited to $5 (plus any slippage on the order, which would be unlikely to exceed a tick or two at most).
You mention "the big contract that you move through leverage" . . . There is only one contract: it's the contract you're trading. Which in your example has a value of $5 per point. There is no other contract you need to worry about.
Similar contracts may move in larger amounts per point, but they're nothing to do with you or your trade. If you're trading the Micro S&P500 for example, then there's the Mini S&P500, which is 10x the value at $50 per point, and the full sized S&P500 contract, which I believe is 10x the value again at $500 per point. You're not using leverage to trade any of these contracts though - you're just trading the Micro contract, and that is what will determine how much you make/lose on any given trade.
It may be worth doing some further reading around the contracts and how leverage works before you start trading. The micros are all relatively new products, and I'm pretty sure that the CME went to a fair amount of effort to provide educational resources when they launched them - have a look on the exchange's website and I expect you'll find some clear videos and whatnot to explain things.
Correct, for the MicroES 1pt=$5. Just remember the ES is around 2950 points. It is easy to think of it as $2950 but for each $1 lost or gained on the ES it is actually $5 to your account (plus commissions).
For posterity -- big spoos are 5x mini's, at $250 per handle per contract (with increments at 0.1 instead of 0.25 for a $25 per tick increment), but with so few trading, who's counting?