Bitcoin Forum

Hello,
Has anyone used ChatGPT for trading?


Thank you so much.

Make it a habit of looking around or using Google before asking.


Topic: Has someone tried to use ChatGPT to help in trading? https://bitcointalk.org/index.php?topic=5436643.0
Topic: Is it true that this AI is good for trading? https://bitcointalk.org/index.php?topic=5432725.0

Just know that ChatGPT is useful to learn how to trade, telling you the risk and how the market can be so unpredictable. You can use it to learn indicators, some strategies and how to manage your risk, but ChatGPT can not trade for you.

I havent encountered any tool till date that can replace human brain (correct me if I am wrong). If tools can make you rich then everyone would be running after these tools. Tools can only assist you a bit but final decision must come from your own mind. Its also very unfortunante to see how people are using new inventions like ChatGPT, students are using it to write essay for them while some canidates are using it to pass interview questions etc. Such tools should only be used as secondary source of info primary must be your own mind.

It's called "ChatGPT", yep... Did you see the word Chat?

It's a chatbot, not a trading bot. It being an AI chatbot does not mean it should make trade decisions for you… lol. Forget about it.
If you want to learn about trading, then it might help you with some theory and that is it.

In the past few weeks, I saw "ChatGPT predicting the price of some coin (BTC, Shiba, Ethereum...)" news in my google feed. To be honest, I didn't bother to read it or check whether these predictions are correct. When there are headlines and articles about it I guess some people are already using ChatGPT tips for trading, but I am not sure how accurate those predictions are... I tried to find some stats about it, but nobody published anything about it yet.

So instead of asking the people in this forum, why not ask ChatGPT itself?  :D ChatGPT is not a fortune teller that predicts the future on speculative kinds of stuff like the future price of bitcoin or who wins a fight between Tyson Fury and Oleksandr Usyk.

But in the near future, it may give limited answers but based only on specific indicators. For example, ChatGPT in the future might answer your question on the bitcoin price trends in the next few days based on Fibonacci and other trading indicators you mentioned in the question. That would be very cool as it saves us time and effort while freeing us from possible human errors.

Risking the law to get involved is an issue, we are already very very underlawed regarding AI stuff, there are not enough laws regarding this issue, if you start adding more stuff into this then its going to be harder. I can tell you that there has been a few attempts by the "trading bot" community to build AI related stuff, basically machine learning and it hasn't been that awesome. I used to sell Gunbot and it did exactly what you tell it to do, which is great if you are a good trader, if you are a moron like me then its a useless product, and they worked on AI for a while too, meaning machine learning, yet it didn't really made it that much better to be fair.

ChatGPT can't access markets or make searches based on the prompts provided, but it generates answers based on the data that has been fed to it and for predicting prices or doing similar things, it will require the most recent data, otherwise it may predict with errors so that would be a totally wrong prediction since it would be based on outdated data.

Recently I tried to interact with chatGPT by asking few cryptocurrency market and gold market data but I got replies which were saying like, chatGPT was designed for 'text' purposes alone and not for predicting the future.

ChatGPT is limited in what it can accomplish, particularly if you are unaware of what you are doing.

Obviously, ChatGPT can't help you predict the next price action of a particular coin/asset because, in the first place; NOBODY DOES. If there's one thing an A.I. can help you, it's by asking for a script that you can use to automate your trading based on your strategy. And you can only do so if you are proficient in programming, have a trading strategy in place, and know how to trade.

Trust me, that chatbot is pretty good in providing source code that only needs a few tweaks based on your liking.

You are right, no tools that will do it for humans, we have to make the decision ourselves and if we are good we are going to make money than lose in trading.

ChatGPT is an helpful bot, I was even surprised recently that Electrum developer used it to write some codes in this recent version that was released recently. It can helps in may areas of life, even in learning trading just like I said before.

After all, they are just human-made products and operate mechanically, their intelligence is created and updated by us so they can never surpass humans. If they could be used to replace people, perhaps their inventors would have become rich without having to sell them for our use. Whether it's ChatGPT or any other AI, it only aids and helps us get more information, it can't replace us. It's strange that people believe in an AI that operates machines, and don't believe in their own abilities.

Obviously if we really want to learn the human brain is much smarter and more sophisticated than tools,
in trading we have to keep learning knowledge and skills which if we don't have it I don't think we can survive in trading,
related to ChatGPT it is indeed very helpful and useful but if we continue to use it it will not make us develop.

Great thank you

Not taken. Now, can you log into your other alt account and thank me?  :D

You shouldn't be scared, it's no crime having miltiple accounts in this forum after all

ChatGPT AI lets it very clear it can't predict future events or give any financial advices, therefore it can't be used as a trading tool or trading bot. As I see it's just a very technological and modern opened encyclopedia where people can have access to theoretical neutral definitions and informations about almost everything in the known universe. I don't know from where people came with this idea of using ChatGPT for trading, but it's a funny assumption.

Anyone here are using ChatGPT can share what it gives you if you ask questions like "How to trade successfully and get profit?"

If its answer does not include a part to protect your initial capital as a first and most important thing, it is missing a vital point and its advice is not good enough. To trade successfully, you must have the ability to protect your initial capital. If you can not, you will lose your initial capital and what is more terrible than losing most or all of your capital for a trader?

No capital, no trade, not success or failure after that.

I think the answers are pretty solid:

https://i.imgur.com/Gnh3kxC.png

In the end it's stated that investors should only trade with money they can afford to lose, due to the risks this activity involves. When we are trading, there is no way to assure the initial capital is safe, unless we don't use it for trading. :D

lol this alone will really wake him. i don't also get it why a bot that will reply som,e accurate information on whatever we ask can actually be used for trading as OP thought so. 

what i've read was that it can write codes which if it can, a person may be able to request to write a trading bot for the most effective trading system it knew and can be integrated into his tradingview account. it will be cool to hear some success stories about it if there are.

There are counter measures coming to tackle ChatGPT, like apps are coming that can check whether school essay is written by AI powered ChatGPT or not.
Rather training ChatGPT algorithms we must train our own minds in making trading decisions. If we make decisions from our brain then either we win or learn something new. Making decisions on our own will take time but it will be worthy in the long run.

Gosh, stop it with the whole AI thing right here right now. I don’t know where the world is going with this but it is going to create lazy quota around the world. It was time when everything was being discussed face to face, man to man and now it’s all about the computers and their language and their actions. Really? Are we going to be that much lazy now that we want a machine to trade for us or do something for us?

At the end of the day when we will sue our brains or on what we are going to use it? Are we loosing the hopes from bright minds or creating one out ourselves with the time? Oh wait I think we should ask this to ChatGPT!

Thank you for sharing the answer from ChatGPT that is solid, I agree with you.

The answer is solid by emphasizing risk of trading, importance of protecting capital and readiness to afford loss before start your trading. Even that is a bot answer, it is actually better than many human answers which can be lack of many important advice especially three important points I highlighted.

It's basically a "new" technology and that is why it's so much hyped and everyone talks about what AI can do. I understand the hype around it, many people didn't know what it can do, and the previous AI versions weren't as sophisticated as chatgpt, which means that they are seeing something as evolved as this for the first time and they are not entirely sure where else they can use it.

This is why they end up considering if it could trade too, and they ask basically anything about it. But that doesn't mean that it will be true, it just means that they are curious about it and ask futile questions to learn more in depth. It's fine, but it's silly, I know.

ChatGPT is now the talk around now, a very good AI that will help further with users of all kinds, but it's not built for trading if you must know. It can provide you with all you need about trading information for knowledge, but trading advice might be difficult to pass since it can't function better than other indicators and robots/bots in the industry.

Who knows, alterations might happen in the near future, but it can't still do more than to interpret what's on the chart, and perhaps in relation to the fundamental analysis as well. But I doubt if it will ever be worth it.

Human trading is the best I've ever seen!

it will hardly good idea, because they not have basic algorithm for traders into neurosystem including to big data

If you think about it this is is the natural conclusion of our technological development, since the beginning humans have been developing tools and machines which increase their performance, and it is possible that in the future AI could do everything for us.

People are realizing this may be the direction we are going and it is understandable they would like to exploit AI in this way, even if ChatGPT does not seem to be equipped to trade the markets at all.

Right. This would save our time and energy instead of asking a lot of people if ChatGPT has been useful on their trading or not. So since this ChatGPT is a chatbot, we are always free to ask about it. But most likely, the answer will be NO because ChatGPT is never a trading tool but a chatbot that can provide relevant datas when it comes to sentence structure and its alike. But it cannot be reliable enough when it comes to trading because of its unpredictable market that cannot provide fixed details. Though it’s a smart one, but the human mind is much better to use when trading than relying much from ChatGPT.

ChatGPT will only answer questions and the answers given are processed from old data and those that are already on the internet, indeed ChatGPT can provide more specific answers but will not be able to provide answers on what coins are good to buy, so use ChatGPT as a tool to increase trading knowledge not as a machine to work on or provide coins which are worth buying right now.

I agree that it is overused right now and people are overhyping it too much. However, that happens with everything, look at cyberpunks NFT, people spent hundreds of millions of dollars on those stupid pixelated images as well, why? Because it was hyped like crazy, people also spent millions on doge and shiba, things there were created for fun, and imagined they would get richer.

So all in all, AI could be overused right now but it is at least something good, and it will go away eventually, we are facing it too much right now but the media attention and the social media craze will calm down and when that happens we are going to be doing a lot better.

ChatGPT can only furnish the trader with topics related to market analysis, trading strategies, and how to manage risks. It is incapable of making investment decisions or trading. The trader must take the knowledge provided by the resources and make an informed decision. Also, despite the answers you may get from ChatGPT about economic indicators and other things that may affect traders, it will never replace solid financial advice from a certified advisor.

ChatGPT search, train itself with available resources but it does not know everything. In addition, you can not trust a bot for your money. If you seriously consider investing or trading is your job, not a game to play, you would be more careful with your decisions and would not trust trading bot, AI bots like ChatGPT.

Those bots can give you good learning answers, documents but to apply these for my funds, I am so doubtful that it is safe and wise.

It is trained by people so it is not smarter than people. The cost to use the bot is cheaper than subscribing good education course so maybe people will like ChatGPT than official courses and find advises from good tutors and educational trainers.

You have a good point, after all, ChatGPT is just a product made by humans and only knows what is provided by humans. It can be called an encyclopedia that can help us find relevant material, but it cannot think or see the future. Investing and trading mean we will make predictions about the future, so AI can't replace us, we have to do it with our own thoughts. AI is only to assist us, it cannot replace us, especially for high thinking tasks like trading.

Depending on your trading strategy this could be true or not, there are traders out there which use a very chaotic strategy when they trade and it is likely not even an AI will be able to comprehend what they are doing.

But there are other strategies which are almost mechanical and even the most simple code could execute them correctly, still we must not forget that right now different AIs have different specialties, and ChatGPT is not geared towards trading at all.

I gotta say, I havent personally tried using ChatGPT for trading since it aint made to predict the future or give out any specific trading advice. However, I do think it can come in handy when it comes to providin some general insights that could give us an edge in makin informed trading decisions. Lets be real, AI can definitely help us analyze market trends and patterns, but we cant forget to use our own critical thinkin and sound judgement when it comes to trading. Maybe one day, ChatGPT could even give us some lit trading advice based on specific indicators and technical analysis, but we still gotta be careful and verifiy the data before makin any big moves. In the end, its up to us traders to decide whether we wanna use AI in our trading game or not.

That's true. Besides, I was surprised to find out ChatGPT does make mistakes. And I wasn't even asking it for some predictions or some disputable things but plain simple basic stats and well-known facts. I corrected it providing proof and it went "oh I'm sorry for misleading you" immediately.  ;D

Experienced traders are still more reliable when it comes to trading strategies compared to ChatGPT since it can only answer our inquiries about trading but it will never help us in making our trades successful and profitable. But maybe in the near future, this AI machine will be more enhanced and maybe it can already help us in making market predictions and good market analysis.

I would love a machine to trade for us but I am also against AI in any of their form,they will make sure to cause some natural disasters if we give them to much power as AI-Artificial intelligence is just that,artificial and in situations where things are complex and they require the experience and the skill of human beings if we let AI make decisions I am pretty sure that this can end badly in for example factories which deal with automation and things like that.Beside that ChatGPT is in infancy stages and would make anyone using it to trade to lose money so this is a no no and you are right about it.

OP, I'm not very familiar with ChatGPT, but from what I read from the internet, ChatGPT is merely a layer interacting with the AI. You can ask it questions, and if ChatGPT doesn't like the answer from the AI, it will "filter" the answer and prevent it from doing "wrongthink".

BUT trading bots, and building back-tested systems trading rules for the trading bot is, probably the closest you can get to an "AI for trading". That's perhaps what plebs like us are currently trading against.

Just the other I was trying it out, and it managed to fail a simple question like "Under which license does xyz brand operate?". Mind you, this info was something well available/displayed and probably asked a million times on the interwebz.

I wonder how many people are using it for article writing and not fact-checking the info.

It could help write short codes for some strategies. I tried out with pine script, but sometimes It can suggest a code that is not suitable. So as user, one has to have prior knowledge of the script before they even think about chatGPT helping them

Absolutely true, and sometimes the info it gives is also not updated (Not so current). I experienced this.

No, it can't help you in trading or give you any suggestion on that matter. Although you can find and learn information from this, it can't do the work for you. You have to do it on your own, pal. There are many people trying to make a code to create a trading bot. ChatGPT can help you do that, but you will have to do some of your own works too in order to make it perfect and suites your desire. If you don't have any knowledge about coding, then you can learn it from ChatGPT too but to apply it in action, you will have to do the job by yourself.
Don't just copy-paste everything it shows you. Learn about it first, do your research and then compare.

There's always a limitation on where ChatGpt would be helpful or something that you could apply on but not on the things which are really that needing that speculative approach.We've seen similar questions which

is really that pertaining about in gambling too on which trying to ask out an AI in basing on what are the game results or simply dealing on things which cant really be known whether by human or an AI.

This is why its never been that recommendable on having this kind of consideration on making use of it on something like this.Nothing beats out with your own personal approach and mold up
your own analysis basing up with your intelligence and experience.

I have not tried Chatgpt with trading, but I have some experience with Chatgpt and my opinion. Chatgpt works best when we are looking for work related knowledge, and it is suitable for people with marketing jobs that need to write content and programmers. For trading, trading means we need to make predictions about the future, and I think Chatgpt is not a crystal ball, so it cannot replace us trading.

So why not try it and see for yourself if it works or not? Because you know, there are so many people who are curious how it works in trading and even in betting. Some feedbacks that I read are great but some says that it doesn't work really well. Maybe it also depends on the timing and our luck, as results can differ sometimes if you will use ChatGpt in different times in regards to trading and in sports betting because their market is also changing from time to time.

What I know is that the main use of ChatGpt is to help programmers with the codes but I never hear that it works well in marketing related stuffs but I think it's not that hard so it can always be done manually.

I would guess that "chat"gpt is basically just a primitive form of what we can see in the future and that is what being discussed right now. Not exactly the same thing, not openai and chatgpt being able to trade, but basically AI that comes out of that.

I know it is open source if I am not wrong, or at least replicated a few times already, and even painting related stuff are done with midjourney, so we should be able to say how much it can do and how much it can't do and what is the power of it. Will it be able to help you trade? Well in a sense it could, because it can learn from other people what to do and how to do it, that's what machine learning is all about.

What, is really chat GPT can help you to do trade? I don't think so. It’s a text based bot that can help you to learn anything, but I don't think it can help you to do trade or buy sell any crypto.

If you want you can learn from it that how to do a trade or a complete guidline of crypto trading. But don't expect this will help you to do trade like a Trading bot.

Like you, I have not tried ChatGPT for trading, or anything else actually, but like I read and have understood, ChatGPT is an Ai bot which one can learn a lot from, including how to trade, OP probably didn't phrase his question properly, I think what he should have been asking is whether anyone have tried learning how to trade the market by asking questions through the bot, as we all know and some have mentioned, ChatGPT is not a trading bot, but an artificial intelligence bot through which a lot can be learnt from with proper application.

Yeah totally agree with you. But if you are looking for a quick way to find something, and you want it in your way, AI could definitely help in that case. But in the end, you are the one who will be putting that in action with your own approach to the matter. No matter how powerful the AI get's, there will always be some knowledge hidden from humans. And as humans who created AI, it will also won't have the knowledge too. And where's the fun and joy of trading and gambling if you are using an AI to do the job for you?

Because you can't use it for trading. ChatGPT is a layer around the actual A.I., the source from which ChatGPT gets output from user input. It functions more like a search engine, which makes this topic a little stupid. Mods should probably lock the topic, or OP should probably change "ChatGPT" to "A.I.".

Personally, I began to see that all that was happening was promoting that application. It was just an application that used artificial intelligence in the background to enhance search results, and not a miraculous tool to solve all your problems. Likewise, if you were so desperate to believe that an application would help you be rich, you are scamming yourself.

Therefore, trying to use it for other than what was allocated for it and promoting it as an effective tool is a waste of time.

ChatGPT cannot help in doing trading although if anyone wants to learn about trading, he may use the chatGPT to get answers to some generic questions such as what are different type of indicators, how to use trading view, what the are platforms to trade etc etc.

ChatGPT cannot do technical or fundamental analysis for us, because it does not have the current market data and news to consider in its analysis.

However, i see many people on social media spreading this thing that they will teach how to do trading with the help of ChatGPT and they are getting money from innocent people for this training. Whenever a new tool comes in the market, some people only try to scam others and those who have less knowledge become their victim.

It surprised me yesterday. I was just messing around. So I wanted to know how ChatGPT mess with me. I gave it my name, things I like, my professional information and then asked it to tell about me in a long article format.

It was doing it things, writing paragraphs after paragraphs. All made sense, all general things but you get a format and edit things to make some tweaks. What surprised me is, it somehow managed to know my personal domain name. The domain was never ranked to any search engine even the robots.txt disabled not to rank the pages but still it's a mystery for me how the F**K ChatGPT found my exact URL of my domain?

I would had a heart attack if it new what is my wife's name, how many children I have etc as these are the information I never gave anywhere too. But one thing is clear to me, it reads everything you do on your browser. Not sure in the future if you will be able to keep your private key private anymore.

Then it's better to guess on the coffee grounds than to use ChatGPT for trading. This tool was created for other purposes and is completely unsuitable for trading crypto currencies. I have big doubts even about trading bots and other similar tools that supposedly help trading and allow everyone to become a millionaire. In this scheme, only the seller of bots is 100% likely to make a profit.

ChatGPT is the current hype topic and everyone is looking to use it as a quick money making opportunity. It is enough to promise people the opportunity to earn and use a new hype topic (technology), as a queue of simpletons immediately builds up. Of course, this is a fraudulent method that gullible people should better avoid.

For trading, it is desirable to use traditional methods, and not try to apply every technology that was not created for this. For any job, you need only one properly selected tool.

As I said, the reason I don't want to try it with trading is because trading is about analyzing and making predictions about the future. While ChatGPT is a parrot, it can't think, it only knows what happened in the past and is constantly updated by us. I find it a waste of time to use it in trading, I still trust myself more than AI products in trading. If it is possible to apply AI to predict the future, I believe it will not be free or only cost 20$/month for the pro version.

You may not want to try it if you are no more a beginner, but beginners can try it to learn trading, it will really be helpful as it will bring out useful information needed in trading, what to know and what to avoid, how to have good management risk and many other information like how trading is very risky and how the future can be hard to predict. But for trader that have known all those information, you do not need ChatGPT, but if you are a programmer, you can still use it and see it easy to write some codes for you which can be helping to create some bots that can be used in trading.

It's actually just like a search result. ChatGPT is also used by bloggers to produce those generic blogs that no one reads, but could earn them some ad revenue. It could also be used to produce forum posts as well. Look for those forum topics that have generic information posted by the OP. There's some probability that it might be made by using some kind of A.I. program, or an article generator.

We're off-topic, plus most of the posts look like they don't know, or haven't researched, what ChatGPT is.

I'll be honest that I don't know if the variables under discussion are good for trading, but like what means ^{[artificial intelligence]} this tool helps only partly without guaranteeing profit. We have to really rely on the natural intelligence that we have in the market even though AI can help in some parts but when we have to rely on it then we really have to be ready to take big risks.

I mean that natural intelligence does not have the same pattern every time, whereas someone or other tools can record the same pattern from this artificial intelligence in the long term so there is a possibility that manipulation can occur in the future. If they expect profit, traders must be smart enough to take advantage of opportunities in the market regardless some of them use AI to predict.