On January 1, a trader enters into futures contracts to sell 1 million euros for 1.21 million US dollars in March. The March euro futures exchange rate (quoted in US dollars per euro) rises during January so that the trader receives several margin calls and has to provide variation margins on her margin account, in total $10000 by February 1.

On February 1, she decides to close out her position at the prevailing March euro futures exchange rate of $1.25 per euro.

What is the trader's total profit or loss from her trade? Give the answer and provide a brief explaination.