GMX - TOP 1 PNL WEEK 43TH ANALYZE
GMX - TOP 1 PNL WEEK 43TH ANALYZE
We will together delve deeper and learn more about GMX's Week 43 top PnL trader. This trader made over $1.5M in just a week.
I. Introduction
After a week filled with positive developments in the crypto space, we've witnessed a breakthrough in the world of Bitcoin (BTC), which had been stuck in a sideways pattern for over half a year. This week has been a rollercoaster for derivatives traders, with stories of triumph and moments of despair. Bulls who correctly predicted the market's direction are celebrating, while many bears experienced liquidation as the price consistently moved in one direction. This ebb and flow is the essence of the market, where wealth shifts from those with inaccurate predictions to those who seize opportunities. In the face of adversity, lessons are learned, and one's trading skills continue to grow.
In this context, we'd like to delve deeper into the journey of a trader who goes by the handle "GMX," a trader who has demonstrated continuous improvement, bouncing back from previous losses, and achieving better results. Today, we'll provide insights into GMX, particularly focusing on his performance in Week 43, where he clinched the top position in Profit and Loss (PNL).
II. Overview
Let's begin by summarizing some crucial statistics for GMX over the past 60 days:
Winrate: 70%
Total Gain: $2,610,492
Maximum Return on Investment (ROI): 197%
Profit and Loss (PnL): $1,115,727
While these statistics signify remarkable trading performance, there are some less favorable figures:
Total Loss: -$1,494,765
Minimum ROI: -88.9%
However, when we examine shorter timeframes like the past 7 days or 30 days, the results appear highly promising. In this analysis, we will focus on GMX's trading data from the last 7 days to gain a clearer understanding of whether his performance is consistently impressive or merely a stroke of luck.
Risk Management
Notably, when we observe the Total Loss over the last 60 days, which stands at -$1,494,765, it's encouraging to see that this figure dramatically improves when we consider the last 30 days, where it drops to only -$36,581, signifying a 2.5% loss compared to the previous period. This indicates GMX's evolving risk management strategies.
Furthermore, let's explore a particular losing position from the past week. Although a position was liquidated with a disappointing ROI of -88.9%, resulting in a loss of nearly $40,000, a deeper analysis reveals that the trading volume for this position was only 1/10 of the average volume of his other positions. This suggests that GMX had reservations about this trade, and his decision to reduce the trading volume helped mitigate the associated risks.
Market Perception
A look at GMX's trading history, particularly through the Profit and Loss (PnL) Chart, reveals a trader diligently working towards recovery after experiencing significant losses in the past. Though there's still a long journey ahead, the current effort is evident in the decreasing number of losing positions (represented by red bars).
What's intriguing is that, upon reviewing the trading history from the beginning of October to the present, GMX's focus has primarily been on LONG positions. This reflects his bullish sentiment and suggests he have identified a trend in the market.
✅ Positive Market Perception
It's important to note that GMX doesn't fit the profile of a frequent trader. Following a setback at the end of March, when he faced losses exceeding $5 million from two positions, he took a considerable break before resuming trading on GMX. Since his return, there have been intervals of days or even weeks between opening new positions. Although his trading frequency is not high, his trades have consistently yielded profits. Each position opened appears to require a period of careful observation and decision-making.
Analysis Skills
An encouraging sign is that GMX's average ROI has significantly improved, nearly doubling from 25.9% to 45.8% compared to the previous period. One illustrative position showcases his confidence in analysis; he entered the market at $30,793 when BTC was approaching a key resistance level. Subsequently, the next hourly candle broke the trendline, with BTC reaching above $34,800. Simultaneously, there were rumors about a Bitcoin ETF. All these factors aligned perfectly for this position.
✅ Confident Analysis and Market Anticipation
Beyond this example, GMX has consistently chosen excellent entry points for other positions. For instance, the LONG $BTC position mentioned earlier, initiated at $29,526, saw them increase his position size three times and eventually close it with a 68.6% ROI. However, upon examining the next 24 hours using the "What If" tool, it's evident that he could have benefited from a slightly longer hold for even better results.
Profit-Taking Ability
While his timing for entry points seems strong, profit-taking has room for improvement. Several positions could have yielded better results with more extended holding periods. Given the ongoing bullish trend he's following, an additional over $1 million (based on the "What If" calculator) could significantly enhance his overall performance, bringing them closer to breaking even.
III. Summary
Avg ROI: Better than 90% of other traders;
Profit rate: Better than 66% of other traders;
Win rate: Better than 67% of other traders;
Risk control: Better than 21% of other traders;
Frequency: Better than 96% of other traders;
Quickly settled: Better than 35% of other traders;
In summary, with overall better than 60% traders, GMX has made notable strides in risk management, market perception, analysis, and profit-taking abilities. His trading journey shows significant potential, and his pursuit of higher success in the future is evident. This trader's continuous growth and adaptability in the crypto market is a testament to his commitment and skill as a trader.
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This is not investment advice. We are trying to convey messages to help you manage capital and risk better in order to select the best traders.
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