I think what you did to calculate the total value of the contract was the right move! Although this is not what used for margin. I too often use this to understand how much leverage I am taking on my account. Day trading margins are determined by the brokerage. Dont go for the $500 day trading margins where you max out the account. Now, your first trade will be a good one. The rest will be losers. Then you will learn how to trade...if you are a persistent. We all remember our first trade....this is what we all want again: a beginner's luck.
Consider this; MAYBE 5% of people trading futures make money, and that includes the banks who make most of it. You stand a better chance with stocks. VERY few people make a living doing either. There is a big difference between making money, and making enough to make a living. Everyone on ET makes tons of cash, or so they say. Even if the people on here aren't lying, they are the one in 100 who made it. Good luck.
So $1406 initial margin will allow me to buy 1 contract, and $2812 will allow me to buy 2 contracts, right?
Leverage allowed ranges from 10:1 to 196:1 depending on your style of trading. $5625 per contract if you want to hold the position through globex closes. $300-500 if you just want to trade and are always flat before globex closes. I don't advise using the low margins until you have traded profitable on sim first. A good starting point is $2000 per contract