Shorted Rio Tinto and Champion Iron Again

I made my 4th and 5th trades of the year, shorting Rio Tinto and Champion Iron again.

Short positions in Champion Iron and Rio Tinto on  1 Feb 2022, taken from mobile trading app

I shorted Champion Iron and Rio Tinto last Friday, and closed the trades today. The screenshot above showed a profit of $13k+, but I didn’t manage to close the positions at those prices, and had only $11k+ profit.

These trades were initiated because I thought iron ore prices might be topping.

I closed the trades today as it seemed like the downward momentum was not strong enough to extend into a second day, and I was satisfied that there was some profit. Also, this CNY period is trickier to trade due to closed China commodity markets, so I am happy to just take quick profits, since the chance of erratic price movements is higher.

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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