Is it true that this AI is good for trading?

[alastantiger]

I think it is high time we stopped the hype around AI and trading. Yes, they are good but still will not be as good such that they can perform some functions. There is a reason why the so-called AI,  ChatGPT has "Chat" in front of it. It is also like saying can Siri help you make trading decisions? Or can Alexa predict bitcoin's price? We still have a long way to go with AI and intelligent machines doing stuffs for human. Maybe in 2050 but right now ChatGPT or whatever AI out there can do trading.

[Nrcewker]

I guess it’s too late to give my suggestion on this topic. But still I will share my knowledge and experience on this. For me when it comes to finances, I never trust with any bot or any artificial intelligence. I am not saying that all the AIs are bad, but yes, I don’t feel secure using AIs for trading. At the end of the day, these are machines only. One wrong instruction can make the whole game reverse, and if by mistake loss is made, then no one can be blamed also for this. So I do not use AI for trading, and I am also not recommending anyone to use it.

[goldkingcoiner]

Are you guys really questioning whether or not you should trust a bot, over yourself? Whether its AI or not does not matter since AI is still in its baby shoes and obviously the human mind is leaps and bounds beyond the current AI.

And honestly, we might never develop an AI which can outperform a human in the areas that matter most to us. How does one create something better and more complex-minded than oneself? Do we even have the capacity to think of such a thing or does it outstrip our brainpower and is therefore out of reach to us?

Either way, I do not trust my money to a computer algorithm. No matter how impressively it can imitate a human.

[jeraldskie11]

AI is a program where it makes things easier for everyone. It answers your questions of things that you wanted to know and it saves you time researching about the things you ask. Instead of reading a book that'll take you some time to read its contexts, AI do it all for you, so you could ask things you wanted to know. It will not do the actual trading process for you, like entering a position and will give you easy win (profits) every single time.

It will just give you basic knowledge you need to know so that you can avoid mistakes as much as possible depending on how you will execute what you've learned. Trading is a long term process before you could make a lot of profits.

I agree with you that AI is not good for trading because simply the market is unpredictable. That's why AI will not always makes you win because it's only follow what setup is programmed with it. That's why we always have to react and if there's a opportunity, then go with it. I tried many strat in trading but none of them has 85% winning rate how much more if we only rely our trading future in bots.

As what my friends said, they experienced winning streak in the first place but in long run it all liquidated.

[wxa7115]

Are you guys really questioning whether or not you should trust a bot, over yourself? Whether its AI or not does not matter since AI is still in its baby shoes and obviously the human mind is leaps and bounds beyond the current AI.

And honestly, we might never develop an AI which can outperform a human in the areas that matter most to us. How does one create something better and more complex-minded than oneself? Do we even have the capacity to think of such a thing or does it outstrip our brainpower and is therefore out of reach to us?

Either way, I do not trust my money to a computer algorithm. No matter how impressively it can imitate a human.

It seems to me you are talking about strong AI, strong AI is often the central subject on books and movies about robots being human like, and as you state we are very far away from reaching that goal.

But weak AI is an AI which is dedicated to learn and solve a single specific problem, it is here where great achievements are being made, self-driving cars, voice recognition and even the recommendations you receive on your favorite store are the results of weak AI, and trading is a very specific topic which can be learned by a weak AI and if given enough data it can perform at a higher level than most humans.

[LUCKMCFLY]

Well, I think the subject is very extensive, but when we start to see, in my case an AI is a double-edged sword, the most advanced thing I have seen is the GPT chat, and they only have an update until 2021, and we are in 2023, there is talk of an apparent update, but I think it will be updated until 2022, I think it will be like this so as not to return to a crazy world, and its programming is not to make predictions, I don't know, nor do I have any knowledge Yes, there are other AIs that can make predictions, but I think it will be in privileged hands and even so I don't think they will release it to the world, it is very difficult to make an AI that can predict world events, because there are many fundamentals to take On consideration, I still believe that doing trading the way one does, relying on logical thinking and making our own predictions are still more viable and with better results.

[Ziskinberg]

Trading is another story and a huge task that an AI can make which is actually out of its design as Chat Bot. I'd never use chatGPT personally but one of my friends tells me how good it is when comes to chat messages, answering questions, and word compositions. It is really amazing to think huh, but I might think that it was really intended for that area, not on trading or in general works. Maybe in the future, the developers will make that programs but still, I'm not sure how good it was when it comes to decisions like normal people can do.

[TimeTeller]

Trading is another story and a huge task that an AI can make which is actually out of its design as Chat Bot. I'd never use chatGPT personally but one of my friends tells me how good it is when comes to chat messages, answering questions, and word compositions. It is really amazing to think huh, but I might think that it was really intended for that area, not on trading or in general works. Maybe in the future, the developers will make that programs but still, I'm not sure how good it was when it comes to decisions like normal people can do.

Others are using bots for trading but it depend on how well you program your AI.
It doesn't mean that if you deploy bot in trading, it will automatically rake profits for you.
These bots are using algorithms to execute your trades and works according to your set-up.
And if the market conditions are not met by how you set-up them, you won't get the profits that you want.
Thus, it doesn't mean, if you own a trading bot, it will surely give you continuous profit.

[tiCeR]

Well, I think the subject is very extensive, but when we start to see, in my case an AI is a double-edged sword, the most advanced thing I have seen is the GPT chat, and they only have an update until 2021, and we are in 2023, there is talk of an apparent update, but I think it will be updated until 2022, I think it will be like this so as not to return to a crazy world, and its programming is not to make predictions, I don't know, nor do I have any knowledge Yes, there are other AIs that can make predictions, but I think it will be in privileged hands and even so I don't think they will release it to the world, it is very difficult to make an AI that can predict world events, because there are many fundamentals to take On consideration, I still believe that doing trading the way one does, relying on logical thinking and making our own predictions are still more viable and with better results.

There is one thing that never really makes sense to me when we talk about AI being used in trading for example. When the goal of an AI should be to generate an alpha for a trader, there is only so much alpha in a certain situation in the market to be made. If the AI does a good job, it generates a max alpha for user A. If user B now requests the AI to generate max alpha, wouldn't it necessarily lead to an alpha being perfectly neutralized to zero with a growing number of users?

To me this seems like there is a contradiction because everyone could just start to use a certain bot. In the end it should come down again to who has access to the best software out there, which means it is again nothing more but a programming competition and speed and even then I would be careful because I think it is prone to errors when it comes to external events. How would the AI anticipate something like a pandemic? Or a war? Or any other event that has significant impact on the global economy?

[shinratensei_]

you would never know unless you tested it yourself, AI still have some inaccuracy and just imagine it having some mistake while handling your money it could quite literally make your investments vanish just like that.
so I'd still refrain from using AI for making financial decision, it's always good to make the decision by yourself.
the only thing that could give you edge in using AI is the fact that it could reads the chart and compares it with textbook chart guides, that way maybe you might have some insight towards the market from the technical analysis.
other wise there's nothing really stand out from using AI.
maybe in the future once there's someone that develops better integration with AI then that might be the right time for you using it for trading.

[jokers10]

you would never know unless you tested it yourself, AI still have some inaccuracy and just imagine it having some mistake while handling your money it could quite literally make your investments vanish just like that.
so I'd still refrain from using AI for making financial decision, it's always good to make the decision by yourself.
the only thing that could give you edge in using AI is the fact that it could reads the chart and compares it with textbook chart guides, that way maybe you might have some insight towards the market from the technical analysis.
other wise there's nothing really stand out from using AI.
maybe in the future once there's someone that develops better integration with AI then that might be the right time for you using it for trading.

If technical analysis worked in 100% cases then we probably could say if AI will work (may be not today, but in theory) even before using it. Because AI doesn't make anything new, it makes something like it was done before. So right you are, it can be a very useful tool for modelling of different scenarios which you can learn by yourself later, but it will hardly work good for trading by itself, without a control. IMO it is not much more revolutionary than nowadays bots and will hardly become so in the near future.

[libert19]

UPDATE

its actually OpenAI not ChatGPT

OpenAI created ChatGPT.


I haven't tried it and have no intention to. Even if it were to get trading/predicting capability, it would be just like other countless bots available in market. Trading strategies coded into product. You know how well they work.

[xSkylarx]

Trading is another story and a huge task that an AI can make which is actually out of its design as Chat Bot. I'd never use chatGPT personally but one of my friends tells me how good it is when comes to chat messages, answering questions, and word compositions. It is really amazing to think huh, but I might think that it was really intended for that area, not on trading or in general works. Maybe in the future, the developers will make that programs but still, I'm not sure how good it was when it comes to decisions like normal people can do.

It is just there to answer your question and won't do anything at all, so it is still up to you how you use it. I think it was just helpful for you to gather data regarding the history of the prices of the current crypto you are trading, and it can also give you knowledge on how to tweak your strategy. It is good for researching which it just answers you immediately on what it can see, which is very fast, rather than checking those websites one by one in Google.

[death69]

Trading is another story and a huge task that an AI can make which is actually out of its design as Chat Bot. I'd never use chatGPT personally but one of my friends tells me how good it is when comes to chat messages, answering questions, and word compositions. It is really amazing to think huh, but I might think that it was really intended for that area, not on trading or in general works. Maybe in the future, the developers will make that programs but still, I'm not sure how good it was when it comes to decisions like normal people can do.

As a trader, I feel y'all might be doubtful about employing AI for trading decisions. But let me tell ya, AI can be a mightly tool to help traders make some brilliant decisions. Even though AI ain't got no emotions or gut feelings like us, it can scrutinize data much quickr and more accurately than we can. AI has the knack to detect patterns and trends that might be slipery for a human trader to catch. But heres the deal, AI is just a tool, not a replacment for human wisdom. We still need to have our heads wrapped around the markets and an astute trading strateggy in place. AI can be a valuable accomplice for making better-informed decisions, but we can't rely on it completley. My personal experience dictats that fuzing AI with human analysis and intution can lead to grandiose trading outcoms. For instance, I use an AI-powered trading platform that gives me real-time market data and analytics, which I then merge into my trading decisions.

[tiCeR]

Trading is another story and a huge task that an AI can make which is actually out of its design as Chat Bot. I'd never use chatGPT personally but one of my friends tells me how good it is when comes to chat messages, answering questions, and word compositions. It is really amazing to think huh, but I might think that it was really intended for that area, not on trading or in general works. Maybe in the future, the developers will make that programs but still, I'm not sure how good it was when it comes to decisions like normal people can do.

As a trader, I feel y'all might be doubtful about employing AI for trading decisions. But let me tell ya, AI can be a mightly tool to help traders make some brilliant decisions. Even though AI ain't got no emotions or gut feelings like us, it can scrutinize data much quickr and more accurately than we can. AI has the knack to detect patterns and trends that might be slipery for a human trader to catch. But heres the deal, AI is just a tool, not a replacment for human wisdom. We still need to have our heads wrapped around the markets and an astute trading strateggy in place. AI can be a valuable accomplice for making better-informed decisions, but we can't rely on it completley. My personal experience dictats that fuzing AI with human analysis and intution can lead to grandiose trading outcoms. For instance, I use an AI-powered trading platform that gives me real-time market data and analytics, which I then merge into my trading decisions.

But I highly doubt that that does also count for the average trader who gets some software on the free market for a few hundred bucks. The first bots that have been coded for crypto markets might have been successful, but I think by now you are mostly competing with highly developed software from financially strong companies. That is surely the case if you trade on the big registered crypto exchanges.

I have been around for quite some time and it did surprise me often times when people told me they bought some trading software from some random dude on the forum. It usually doesn't work as nobody would give away a software that is almost guaranteed to make some money. Now that the markets got so huge it is full of big businesses who are able to hire the best coders, or probably you are already competing with bots from Google and Facebook who have all the data in the world to build AI-based trading software.

This is why I think that it's wrong to say that "a trader", like anyone who is a trader could make use of it and benefit from it. For most people I am convinced that long-term investment strategies, or let's say longer term investment strategies are the better choice.

[Vaskiy]

I haven't personally experienced the goodness, but many people have begun to use it for trading. Even we do trading based on the particular assets past performance and the ongoing demand. When it comes to AI, it involves in precise data gathering and takes decision accordingly. However in some situation AI can't be same as human minds think. And with cryptocurrency unpredictable market changes happen and at that time how AI works is questionable.

[shinratensei_]

if you think technical analysis is everything then I guess it's true that AI might be good tool for trading but the thing is the implementation, how you can make your AI read your trading chart in real time.
I think AI nowadays in general are still lackluster piece of technology you should wait until newer version arrives with larger data for training then you will get better AI that might suits your need like for trading and investing, I'd say eventually these AI will be integrated in many of the exchanges feature if one of them start bringing this AI to their system it will become like a competition. but surely this wouldn't be happening until few iterations of AI technology.

[jokers10]

I haven't personally experienced the goodness, but many people have begun to use it for trading. Even we do trading based on the particular assets past performance and the ongoing demand. When it comes to AI, it involves in precise data gathering and takes decision accordingly. However in some situation AI can't be same as human minds think. And with cryptocurrency unpredictable market changes happen and at that time how AI works is questionable.

AI uses the same patterns it can find in a past. If lots of traders will start using AI it will be a great idea for manipulators to investigate the same patterns with AI as others but do just the opposite to ruin the strategy of naive traders trusted AI too much. Market is a place where win-win strategy is hardly achieved so mostly any time there will be as winners as losers. Trusting some known tool entirely usually will lead to defeat. Of course, we'll see, but I don't have expectations that AI will replace traders, it will be just another tool for them IMO.

[_BlackStar]

AI uses the same patterns it can find in a past. If lots of traders will start using AI it will be a great idea for manipulators to investigate the same patterns with AI as others but do just the opposite to ruin the strategy of naive traders trusted AI too much. Market is a place where win-win strategy is hardly achieved so mostly any time there will be as winners as losers. Trusting some known tool entirely usually will lead to defeat. Of course, we'll see, but I don't have expectations that AI will replace traders, it will be just another tool for them IMO.

AI might be useful for some of things, but I'm not at all sure AI can predict the future even though the data it has is a reference for traders. I tend to think that people are starting to feel their brains and abilities are no longer better than AI so they can no longer rely on their brains for all activities, including trading. I really didn't expect AI to replace humans, and self-reliance is usually much better.

Humans were created to think and decide things wisely, while AI only works based on data provided by its developers. When the data is wrong, of course the trader will bear the consequences.

[Mr. Magkaisa]

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

     -     When it comes to various youtube channels that have a trading theme, most of them are really only chasing views, and to get views they will make thumbnails that will get the viewer's attention, just like that it is better to use chatgpt in trading, which actually isn't.

We or the majority of the community in this forum know that the person doing the actual trading is still different because there is emotion involved and we know what is currently happening compared to chatgpt which they say is not true.