Is it true that this AI is good for trading?

[Outhue]

I keep seeing videos on Youtube related to how good this A.I project called ChatGPT is very good trading and we all know how unreliable those YouTubers are, so I bring this on here instead, have you use this A.I project for trading yet? Any one?

UPDATE

Sorry guys its actually OpenAI not ChatGPT

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[mk4]

Not sure what you've head/read, but ChatGPT is just a chatbot(a good one, to say the least) — how will a chatbot exactly be good or bad as for helping a person with his/her trading? It's not like a chatbot can predict the future.

[Oshosondy]

It can help.

What I like about the bot is that it answers good questions about what trading is. With the bot, you can learn about trading fast. It will help you with what trading is, what indicators are, the strategies you can use and how to manage your risk. All will be as an article. Which means it helps you to know what is trading how how to trade as a beginner. But you will have to trade by yourself.

It is not a bot that trade for you, it is not a signal group that will scam you. If you are ready to know how to trade, you can begin with the ChatGPT.

I will like if the ChatGPT can indicate many ways newbie traders can be scammed too, but I do not know if it is among.

It is used for other things too.

[tygeade]

I keep seeing videos on Youtube related to how good this A.I project called ChatGPT is very good trading and we all know how unreliable those YouTubers are, so I bring this on here instead, have you use this A.I project for trading yet? Any one?

Artificial intelligence is still in its beginning days even we did hear about it some 10 or 15 years back itself. So far those claimed as AI were just machine learning which means database driven as neural network is still in development stage for enabling chips to decide by themselves.

AI based trading can be the next stage of bot trading but the efficacy cannot have any big differences as per my understanding.

If I am able to code a bot based on AI then I will not open/sell it for public use until I become a multi-billionaire. So, if anything similar to use is available means they are using us as test rat to evaluate its efficiency; nothing else.

[SquirrelJulietGarden]

AI can not be better than a real tutor with experience and can give you lessons and real-time practice.

AI use algorithms to find available advice, courses and filter them to give you most common advices but it can not be a real tutor for you. Trading is personal task and if you can not be disciplined, can not control emotion and your decisions, you fail. A real tutor can not control you and AI can not control your decisions too.

AI is good if you don't want to pay money for paid courses but free usually can not compare to paid.

[SquallLeonhart]

It is not a bot that trade for you, it is not a signal group that will scam you. If you are ready to know how to trade, you can begin with the ChatGPT.

Could you please elaborate more on this? I mean that I need to ask the chatbot like BTC price will rise or fall in next 10 minutes and based on the answer, I need to place the order? Looks funny but definitely it is not trading but a kind of fore-teller driven gambling.

Looking for someone to share their real experience with chatGPT on trading BTC.

Trading is personal task and if you can not be disciplined, can not control emotion and your decisions, you fail.

But, people always keep trying to escape from those responsibilities by trying to automate all their trading activities; now, in the name of bots and in near future, it can be AI. I am sure that those traders who never understand it as "personal task" will never stop their attempts to automate.

[KingsDen]

AI can not be better than a real tutor with experience and can give you lessons and real-time practice.

AI use algorithms to find available advice, courses and filter them to give you most common advices but it can not be a real tutor for you. Trading is personal task and if you can not be disciplined, can not control emotion and your decisions, you fail. A real tutor can not control you and AI can not control your decisions too.

AI is good if you don't want to pay money for paid courses but free usually can not compare to paid.

It is not easy to see a willing and experienced real tutor and if you see one you can be charged darely for it. That is why people resolved to using cheap and ever available technological means to help themselves in such situations.

Op answering your question on realising it is an OpenAI and not ChatGPT. AIs give result if the market does not deviate from what is programmed into it.

[Oshosondy]

AI can not be better than a real tutor with experience and can give you lessons and real-time practice.

AI use algorithms to find available advice, courses and filter them to give you most common advices but it can not be a real tutor for you. Trading is personal task and if you can not be disciplined, can not control emotion and your decisions, you fail. A real tutor can not control you and AI can not control your decisions too.

AI is good if you don't want to pay money for paid courses but free usually can not compare to paid.

If you are taught how to trade, you can still lose if you do not have discipline and follow the correct strategy, that is trading. If a newbie trader can follow the bot, it can help is what I know.

There are paid services that can be almost the same as free. Some paid are just scam too.

[crwth]

I think OP is trying to chat with it and let it predict depending on what the AI says. So it's going to be like gambling as well. It's going to be hard to rely on it, but you should make your management risk appropriate for you. Risk what you can afford.

[Zaguru12]

I think OP is trying to chat with it and let it predict depending on what the AI says. So it's going to be like gambling as well. It's going to be hard to rely on it, but you should make your management risk appropriate for you. Risk what you can afford.

The ChatGPT is great but when it comes investing it is bad to depend on it information or even act on it. The AI gathers various information on line and then share that information. Some of these information might be totally wrong just like information you might get from the forum so basically The AI can be use for general knowledge but for investment advice I think it’s bad to rely on it. Some of its info are wrong

[tjtonmoy]

I have heard about trading bots, but this is my first time hearing about an AI for trading. Trading bots can help you trade for a certain point, and after that you are on your own. I think the same goes for AI trading. Never used it, so I don't have enough knowledge about it. Don't know what so say here, but I have to have some experience on trading bots. Here what I will say, don't rely on these Bots and AIs. It can prevent you from learning proper way of trading and trading should be fun. You lose the fun using it.
It could help in lots of situations, I agree on that, but don't rely totally on that. DYOR and then trade.

[FanEagle]

I am not entirely sure how it will be because what we call as "AI" today is simply machine learning, a highly developed one but not AI at all, that means something else. So, if you could put all the trades and reasons why they were done from a very good trader, that bot will learn how to trade and why to trade something, and maybe it could be good if things go the same way.

But, it is not simple because market is not an information, asking questions and getting facts is easier, but asking it to trade is something totally different. It can easily trade, that part is easy, no problems, but could it profit? That part is not entirely sure at all and doubtful.

[crwth]

I think OP is trying to chat with it and let it predict depending on what the AI says. So it's going to be like gambling as well. It's going to be hard to rely on it, but you should make your management risk appropriate for you. Risk what you can afford.

The ChatGPT is great but when it comes investing it is bad to depend on it information or even act on it. The AI gathers various information on line and then share that information. Some of these information might be totally wrong just like information you might get from the forum so basically The AI can be use for general knowledge but for investment advice I think it’s bad to rely on it. Some of its info are wrong

Maybe we can see it as some source of information and we shouldn't act on it too much unless we agree with what is presented in it. We need to be aware of the risk as well making sure that you have all the info regarding the topic. I suggest using it for information gathering or something.

[Davidvictorson]

It is amazing how far artificial intelligence has come and that there is now discussion about whether or not it can execute a profitable trade. or, even better, whether it can take the role of actual dealers.

Now, in response to the OP's question, I do think there are more advanced trading AI systems that can produce near to accurate predictions other than OpenAI. Despite their intelligence, these machines are incapable of making good trades. Additionally, despite the potential of these machines, I would invest my time and effort in learning how to trade rather than rely on it.

[Oshosondy]

Could you please elaborate more on this? I mean that I need to ask the chatbot like BTC price will rise or fall in next 10 minutes and based on the answer, I need to place the order? Looks funny but definitely it is not trading but a kind of fore-teller driven gambling.

If you ask this kind of question, it is a kind of bot that will give an accurate or almost accurate answer like telling you that the price of bitcoin can either increase or decrease and how volatile the price can be. The bot is for learning if you want to know how to trade, that is what people are not getting, it is you that will trade yourself if you have learnt about trading. But the bot can ease the learning process for you by getting most accurate or accurate information from the web for you.

[joniboini]

Despite their intelligence, these machines are incapable of making good trades. Additionally, despite the potential of these machines, I would invest my time and effort in learning how to trade rather than rely on it.

If I understand them correctly, how good/bad they depend on what data the developer feeds them. Not sure how reliable they are but it is definitely easy to get trading history data if they just scrap them from exchanges. CMIIW.

In a perfect world where technology always works, then it is definitely a great tool to use. Since the real market does not always follow that, then nobody should treat them as the gospel to make a profitable trade. I personally view them as an advanced tool from your usual bot trading tools.

But the bot can ease the learning process for you by getting most accurate or accurate information from the web for you.

I won't be surprised if these bots just paraphrase the top 10 results from Google or something similar. OP or anyone should learn further by doing demos or real trading with limited funds. Knowledge about technical terms won't be enough to make them a good trader, regardless if they use AI/bot or not.

[Oshosondy]

If I understand them correctly, how good/bad they depend on what data the developer feeds them. Not sure how reliable they are but it is definitely easy to get trading history data if they just scrap them from exchanges. CMIIW.

According to the review I checked about the bot, it is limited to 2021 online information, but maybe updates have been released that can make it up to the recent time.

The program has its limitations, including a knowledge base that ends in 2021, a tendency to produce incorrect answers, constantly using the same phrases and when given one version of a question, the bot claims it cannot answer it, but when given a slightly tweaked version, it answers it just fine.

I won't be surprised if these bots just paraphrase the top 10 results from Google or something similar. OP or anyone should learn further by doing demos or real trading with limited funds. Knowledge about technical terms won't be enough to make them a good trader, regardless if they use AI/bot or not.

There are stages in trading, but most likely if the newbie trader read all the information given, there would have been all these there and how risky trading is.

I prefer to use just like $5 to $10 to start to trade than using demo.

Some people may just prefer to get a tutor, but they must be careful of scammers.

[Wind_FURY]

OP, isn't the user to be the one who programs a script for OpenAI or a bot to function? If that's true, then your bot would only be as good as your trading strategy. But what's probably good about it is it will remove human emotion from trading, and it will absolutely follow all the rules of your trading strategy, making it have less mistakes, and therefore probably also make it more profitable in trading IF you programmed the bot with a good trading strategy.

[cryptomaniac_xxx]

I think it's too early for this kind of AI to help us in trading, there are a lot of factors that this bot might not have any information. Not just in trading though,  ChatGPT has been touted to even predict who is going to win in world cup and other sports, here is the thread, https://bitcointalk.org/index.php?topic=5427381.0

So for me, it's better to get a Bot specifics for trading, not saying that it will be a guarantee to make profits, but at least it was design for the one used only. But we all know that the data is still based on us, so what we feed the bot, will likely what he will give us in trading, I'm talking about the parameters.

[barbara44]

With the bot, you can learn about trading fast. It will help you with what trading is, what indicators are, the strategies you can use and how to manage your risk. All will be as an article. Which means it helps you to know what is trading how how to trade as a beginner. But you will have to trade by yourself.

This sounds like an improved version of google. Google will get us the links to the web pages where relevant information will be available whereas this bot gets us exact information in the chat box from those same web pages. This might get the beginners the experience of chatting with a mentor to clear their doubts. At the end of the day, the final decision is in our hands like where to enter and where to exit which finalize the profit or loss.

people always keep trying to escape from those responsibilities by trying to automate all their trading activities; now, in the name of bots and in near future, it can be AI. I am sure that those traders who never understand it as "personal task" will never stop their attempts to automate.

But, unfortunately trading is not about automation but accurate prediction which will never be possible as future is not foresee-able one. I mean that you can try whatever technology available with time period but 100% accurate prediction will never be possible but cutting your losses will be possible with the help of AI and being disciplined like when to trade and when to avoid kind of suggestions will be possible along with new technological improvements.

more profitable in trading IF you programmed the bot with a good trading strategy.

The problem with all bots is, no one could code all the strategy or a strategy for all market conditions. So, bots also will book losses. It means bots cannot be the final destination.