His idea was to take profits while they were ahead, since nobody knew whether crude oil prices could maintain their strength.
If you count the days, excluding the weekend, there are 7 trading days left until the international crude oil delivery date.
The price action occurred because of the need for settlement.
Then a sharp drop is inevitable in the next few days.
Let's calculate based on the current lowest price of $17.45.
The average entry price for the 30,000 long contracts in Chen Dong's account was $16.82.
In other words, not only did they recoup their losses, they also made a net profit of $0.63 per barrel of crude oil.
Each standard lot is 1,000 barrels of crude oil.
He made a net profit of $630.
Chen Dong's 30,000 long contracts netted him a profit of $18.9 million.
Wangcai was speechless when he saw the amount displayed in his account.
Boss, just how big is your heart?
It's been almost three days.
They didn't even bother to come and see us, let alone make a phone call.
Aren't you afraid that Wangcai will lose all your money?
Wangcai had a headache, and he decided to call Chen Dong first.
Wangcai was truly touched to be trusted by Chen Dong so much.
On the other hand, he doesn't have a heart as strong as Chen Dong's.
What if the accounts show another loss because of my own failure to communicate in a timely manner?
Chen Dong will suffer a huge loss, and his own dividends will also be lost.
Even a small dividend of 0.3% is still a bonus!
Thinking about all this, Wangcai didn't care about the time and picked up the phone to call Chen Dong.
The call was answered quickly.
"Wangcai, what's wrong?"
Hearing Chen Dong's lazy voice coming through the microphone, Wangcai almost burst into tears.
You asked me what's wrong?
Sir, can't you be a little more careful?
What else could it be besides international crude oil?
Even if you're the embodiment of the God of Wealth, don't let money get in the way.
On the other side.
Chen Dong grinned. It's a real shame that Wangcai isn't an actor; he could probably win an Oscar.
But thinking about it, it makes sense!
Wangcai's anxious and uneasy state of mind is the normal state of mind a person should have.
If Chen Dong didn't know the future situation, he probably wouldn't be much better off than Wangcai.
In international crude oil futures, each fluctuation represents $0.01, and the unrealized profit or loss for one standard lot is $10.
Chen Dong's account held 30,000 long contracts.
in other words.
Every time the international crude oil price fluctuates, Chen Dong's account experiences a floating profit or loss of $300,000.
If crude oil prices were to fluctuate several times in a row, it could probably scare someone with a heart condition into the ICU.
......
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