Is it true that this AI is good for trading?

[noorman0]

-snip-
It's not like a chatbot can predict the future.

There may be other dedicated AI brands that allow for price predictions out there.
Afaik, OpenAI prevents itself from talking about the future, I think making trading predictions is also included. So specifically, OpenAI won't be able to fool anyone about the future (at least for now). However, OpenAI can also be misleading about the information presented.

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[teosanru]

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

AI as of now is nothing but bots which work on some preset parameters taught to them. I am pretty sure that the publicly placed softwares have not reached the mark where people are selling a software whose code can automatically learn things from the past behaviours to earn profits in the future. Also even if this happens initially it will be very coin specific and market specific as each coin's market are pretty different also what set of variable do you give the bot to study, is it only the historic price? Or indicators? Or quantitative data?

[Slow death]

this idea of using a bot to day trade is something that I have seen since a year ago and it has always failed or at least I have never seen someone say or show that they made very high profits using these bots, nowadays there are many bots and all of them have not had consistent results and it has also caused losses for people using these bots, I myself in the past have taken the time to do research on these bots, and you see I have done research on trusted bots that were on this forum (don't know if they are still on this forum or if at least some bot is still on this forum ) but the fact is that despite the fact that the bots that are on this forum are reliable bots, ( I'm not talking about scam bots that are in the gambling section, because in that section there are no bots, there are only hyip/ponzi sites) I realized that the profits were very low for the people who bought the bots, the only ones who really profited from the bot were the bot owners

Algorithms can be very effective in markets like crypto where there is alot of inefficiencies but finding a trader offering their effective bots for licensing is rare. Getting a developer who thinks they understand trading is what is generally what is on offer. They won’t understand fundimentals like overfitting. They will create models that look like they trade effectively but in fact they have made a mistake and used the historical data in a way that generates a perfect result, because the model has a perfect knowledge of the historical data. So you need to see actual trading results audited by a verifiable third party. Scarce as hen’s teeth but definitely available some places.

source: https://www.quora.com/Do-day-trading-bots-work-Their-concept-is-simple-whats-their-issue

the bots are programmed with historical data from the past that were successful, this is one of the problems of these bots, even being AI I still haven't seen great results from these bots, I could be wrong about that but from what I could see since years I still haven't seen effective bots and I would not use these bots, I prefer to trade using my own knowledge than being dependent on bots or other people

[Hamza2424]

AI in terms of Trading bots, Yes the bots are good for trading but are careful to use reputed protocols or trading bots. Recently i replied te a similar topic on trading bots, so here too I would like to repeat the strategy used for the Trading bots must use these bots in sideways trading and do not prefer them in volatile markets.

[Lanatsa]

the bots are programmed with historical data from the past that were successful, this is one of the problems of these bots, even being AI I still haven't seen great results from these bots, I could be wrong about that but from what I could see since years I still haven't seen effective bots and I would not use these bots, I prefer to trade using my own knowledge than being dependent on bots or other people

Yep, it would be basing up on those historical events and information which they would really be added up into the library but not something that you could fully rely on using it on future use or recent ones.

We know that there are lots of things that could happen along the way unexpectedly and there's no way that you could really be able to determine out via these AI's.
They would need still to be feed up and would be added up with those past informations which i dont see for it to be worth if we do speak about
using on something like trading.I would rather prefer to trade on my own analysis and decisions.

[GreatArkansas]

the bots are programmed with historical data from the past that were successful, this is one of the problems of these bots, even being AI I still haven't seen great results from these bots, I could be wrong about that but from what I could see since years I still haven't seen effective bots and I would not use these bots, I prefer to trade using my own knowledge than being dependent on bots or other people

Yep, it would be basing up on those historical events and information which they would really be added up into the library but not something that you could fully rely on using it on future use or recent ones.
(.....)

In short, it is still not guaranteed 100%. Using this AI will just help us to decide, we still need to analyze and decide on our own. These AI for sure just suggest.
There are already trading bots that you need to configure based on analysis but I believe it's not enough.
It's very difficult to use AI when there is something financially related like trading, you may lose your money of some mistakes.

[Strongkored]

have you use this A.I project for trading yet? Any one?

AI technology is relatively new to me, and so far I haven't found a project that can be used for trading, so I don't understand whether AI technology will help traders in every trading activity to be more effective or can also make the win rate higher. Will give it a try when I find an AI project that can be used in trading

[samcoin]

I don't think somthing known for everyone is a good thing to make profit from trading, we already know that exchanges and big whales don't trade personally, they have their own bots and programs that opposite your trading, so as long as these entities capable of reaching the same information as the normal trader, they will trade against them. However, for longer term expectations, it may work better.

[kapalmabur]

have you use this A.I project for trading yet? Any one?

AI technology is relatively new to me, and so far I haven't found a project that can be used for trading, so I don't understand whether AI technology will help traders in every trading activity to be more effective or can also make the win rate higher. Will give it a try when I find an AI project that can be used in trading

If such a project exists of course it makes it even more interesting but on the other hand we don't know whether the AI technology will actually work effectively in trading,
As time goes by, the development of technology is also increasing rapidly,
The most important thing is just keep following the progress.

[Questat]

I don't think somthing known for everyone is a good thing to make profit from trading, we already know that exchanges and big whales don't trade personally, they have their own bots and programs that opposite your trading, so as long as these entities capable of reaching the same information as the normal trader, they will trade against them. However, for longer term expectations, it may work better.

Yes, we'd expect better results from using advanced technology like AI to make trading easier but I see the real advantage to the trader if they actually do it, not by relying on robots. Of course, we can say that these things don't have emotion so they can perform well in critical situations but if we wanted to gain more experience and learn, this is not the best option to take either.

For now, it was still a quest in which AI or bots are performing well. It can be interesting in other ways but for now, doubts are still there.

[LUCKMCFLY]

Nah. I do not think so. Some things in trading requires more than calculations. It requires gut, instinct and conviction.
Do intelligent machines have these? I guess not. Infact, I feel that the number of people who incorporate AI in their trading are very few. I also feel that most veteran traders will not be comfortable with artificial intelligence doing the trading for them.

Probably most of the trading strategy are with those AI but I think its too risky to depend on this. Imaging, if there’s a good AI for trading then everyone will make profit, and that is not healthy anymore. In trading someone will always lose and win, we can’t everyone win because this is how the market works. The result will always depend on our own analysis and if you didn’t make any good analysis, don’t expect to make profit at all.

Any AI system can present a higher degree of effectiveness, that is something I cannot deny, but since there is currently a lot of AI being developed it is likely that they will be tested by many traders, I would honestly use it as high frequency trading because it is better study those movements, of course there are many bots that do a lot of trading, but they are actually pure algorithms that make and obey some of the patterns that are programmed, but the AI can identify and analyze all the movements they can make and which is the best option for you to have and solve, I haven't tried it but I would like to.

[Distinctin]

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.

There’s no guarantee that this ChatGPT will help us make successful trades in the process, as they are obviously good in some reasons but not reliable enough when it comes to correct predictions. And besides, trading in the market do not come with fixed results as there are always uncertainties like factors that suddenly arise when you’re in the middle of trading. Just imagine even a human mind cannot actually create or predict a good outcome, so how much more on a chatbot wherein it has no real senses but only processed information being inserted.

[yhiaali3]

I haven't used it before but in general I think it's like bots and I don't like bots, maybe there are some good ones but for me I tried many of them and I didn't get the results I wanted.

But in any case, you need trading skills in order to know how to program the AI system well to give you the best results and get good profits. If you do not know the basics of trading, you cannot benefit from it.

Simply AI system or bot does not do everything for you, it just does what you command it to do.

[worle1bm]

For chat related things and asking questions this AI software is good but won't rely on such things when it comes to trading because my funds are at stake.It can answer your trading related queries for what information it retrieved from the backend or how it answer but these bots are still not useful in actual trading so it must be done with your own mind.

[Hypnosis00]

For chat related things and asking questions this AI software is good but won't rely on such things when it comes to trading because my funds are at stake.It can answer your trading related queries for what information it retrieved from the backend or how it answer but these bots are still not useful in actual trading so it must be done with your own mind.

I'd see it was perfectly made for answering queries but if we talk about trading or those that are performing more on technical and market analysis, nothing could do it other than humans. Because these AIs are not programmed to become emotional, not programmed to analyze the market on their own but are created based on the history of the market and interact with what traders wanted to happen. Meaning, this stuff relies on the trader who uses it, and if we have no knowledge of trading definitely, it never works well.

[Zilon]

ChatGPT is a powerful Al tool for content creation and easy learning tool in any field by responding to prompt inputted by users. This Ai tool is powerful for answering questions on how to trade but when it comes to making trade predictions this tool will never get accurate. Its prediction will be based on past data and what happens when the data get outdated. The only aspect ChatGPT will help in trading is by giving better learning ideas as compared to other search engines

[Pamadar]

For chat related things and asking questions this AI software is good but won't rely on such things when it comes to trading because my funds are at stake.It can answer your trading related queries for what information it retrieved from the backend or how it answer but these bots are still not useful in actual trading so it must be done with your own mind.

I'd see it was perfectly made for answering queries but if we talk about trading or those that are performing more on technical and market analysis, nothing could do it other than humans. Because these AIs are not programmed to become emotional, not programmed to analyze the market on their own but are created based on the history of the market and interact with what traders wanted to happen. Meaning, this stuff relies on the trader who uses it, and if we have no knowledge of trading definitely, it never works well.

Exactly, the point here is AI still needs human knowledge. Those who are using it and manifesting from bot are people who already gained enough knowledge to configure the settings that they wanted to execute.

The good thing with bot, unlike human the emotions when fears dominate you'll be forced to react
in unnecessary actions, placing your investment in a big risk, while with bot it will let you pass
the market situation without doing anything.

[Flexystar]

Looks like a clickbait really. None of that feels very true to be implemented. Even normal trading bots are not doing any good to the traders plus there is always issues with setting up the proper codes and logic flow to them. As mk4 said how can I chatbot would be beneficial for the trading? Those YouTube videos are not worth watching if they are claiming it that way. It is just "trendy keyword" and nothing much. You are getting into it because you are getting pulled based on your search history. These kind of YouTube channels are just made with the intentions of making money by views and nothing more.
Better keep up with the normal bots which are also not 100% reliable or just learn the trading skill set!

[savetheFORUM]

For chat related things and asking questions this AI software is good but won't rely on such things when it comes to trading because my funds are at stake.It can answer your trading related queries for what information it retrieved from the backend or how it answer but these bots are still not useful in actual trading so it must be done with your own mind.

I'd see it was perfectly made for answering queries but if we talk about trading or those that are performing more on technical and market analysis, nothing could do it other than humans. Because these AIs are not programmed to become emotional, not programmed to analyze the market on their own but are created based on the history of the market and interact with what traders wanted to happen. Meaning, this stuff relies on the trader who uses it, and if we have no knowledge of trading definitely, it never works well.

Isn't it obvious? That is why its name is CHATgpt but its crazy how people think it can solve anything even crypto trading lmao. I don't think it will work just like that because the thing wasn't built for that in the first place and why would they release it if let say it'spossible when they can just use it for their own benefit? Or they can also sell it for an expensive price. TA's doesn't have to do with our emotions but in trading, it is said that emotions can affect your trades.

It can go really bad if you are too emotional. AI's doesn't have an emotion but isn't it great to be use in trading? However it's not ChatGPT rather they can be trading bots and something similar which are specifically built for it.

[DoublerHunter]

the bots are programmed with historical data from the past that were successful, this is one of the problems of these bots, even being AI I still haven't seen great results from these bots, I could be wrong about that but from what I could see since years I still haven't seen effective bots and I would not use these bots, I prefer to trade using my own knowledge than being dependent on bots or other people

Yep, it would be basing up on those historical events and information which they would really be added up into the library but not something that you could fully rely on using it on future use or recent ones.
(.....)

In short, it is still not guaranteed 100%. Using this AI will just help us to decide, we still need to analyze and decide on our own. These AI for sure just suggest.
There are already trading bots that you need to configure based on analysis but I believe it's not enough.
It's very difficult to use AI when there is something financially related like trading, you may lose your money of some mistakes.

^ I don't think an AI alone will work for us in trading without our command as a human, traders should know this even automated bots need to have a proper setup to command. That is definitely right, it is not 100% guaranteed that you will make a profit, if so, I don't think even how expensive this AI will probably become more in demand in the market for all traders which is if you will bought it, expecting the result. It is still considering the crypto market price is unpredictable and no one can give accurate prediction all are based on the previous data of the market price which they believe repeat itself which I think that is impossible.