I Shorted Fortescue Metals Group

Since the last trading update, I have only made 1 trade. I shorted Fortescue Metals Group on 17 Feb and exit today (22 Feb).

Screenshot from my phone trading app

I entered the trade at an average price of 20.778 and exited roughly from 19.60 to 19.90, for a profit of about $158k.

  • 165,000 shares were shorted, value was about $3.1M
    • The shares were shorted in 1,000 increments
  • Profit was about $158k
    • the screenshot above was captured before I exited the trade, and the price went downwards a bit after that
  • I entered the trade as I felt Fortescue was ripe for a fall
  • I exited the trade today, as circumstances changed:

Prices went down further after I exited the position, thus profit could have been more. However, markets are in a highly volatile mood due to the Ukraine situation. Thus I felt it was more prudent to take profit where possible and just monitor the situation closely for further opportunities.

Author: novaliser

I have been trading since 2012, and retired from the corporate world in Dec 2021 after accumulating enough profits to feel comfortable living without a stable monthly income.

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