Is it true that this AI is good for trading?

[jokers10]

First of all, you are ignoring the fact that there are sooooo many people who are so bad at math that they would have hard time doing additions, let alone anything else, I have seen people who failed in math multiple times, and never really understood it and didn't even really have any intend on getting any better neither.

So yeah, calculator calculates better than a human, faster and more precise, 99% of the population would fail getting the right answer, let alone be any faster, 99.9999% of the population would be either slower or wrong. Hence, yeah, I would say calculator is better, and with this regard, if done properly and used correctly, an AI trading bot could be better than 99.9999% of the traders as well.

No, I keep in mind that lots of people have problems with maths and I saw how many mistakes they made using calculator because they didn't understand how it works. If some tool is like a magic wand for a user they will make as many mistakes using it as it only possible. So if the one doesn't understand anything in trading and will rely on an AI they will lose anyway.

So no, calculator is not better, it is just faster. You can easily make a mistake as yourself as with a help of a tool, the only difference is that if you rely on a tool and trust it your mistake will probably happen more rare (statistically) and bring much bigger damage.

[slaman29]

AI can only give you results according to rules. So it can make recommendations only as good as you can, it still has to follow rules and conditions set by the programmer.

AI trading has been around for 10 years or more. I remember all kinds of forex ai programs.

Now people think crowd wisdom.

None of it works. Use your logic. If AI could even work for 1 satoshi per trade, why would anyone even tell people or sell it? I would make a zillion trades a day.

[Peanutswar]

ChatGPT is one of the algortihm that creates the code for the developers which is a chat bot you can ask even can create a bunch of codes with your just a request but recently they are now using this bot to get a lot of information this AI must need to have a command and I guess still depends on the script of the users would like to use the ChatGPT afaik right now has a payment for a monthly subscription for me better to learn with this bot and not get dependent on it.

[Pamadar]

ChatGPT is one of the algortihm that creates the code for the developers which is a chat bot you can ask even can create a bunch of codes with your just a request but recently they are now using this bot to get a lot of information this AI must need to have a command and I guess still depends on the script of the users would like to use the ChatGPT afaik right now has a payment for a monthly subscription for me better to learn with this bot and not get dependent on it.

Learn from the bot with what he can provide, especially this information that can lead you to a much better success rate. I'm sure learning still on you as the AI needs your inputs when executing the trade.

You can use it as a good learning platform but also there's a need to keep learning, especially with a kind of
industry crypto market is executing. There are lots of unpredicted outcomes and there are many factors that
we needed to consider.

[coinerer]

AI is progressing a lot and many big tasks are now being done through artificial intelligence but I am still not sure how much AI will work in trading. Because I have never traded using AI myself and I have yet to learn from any professional traders how well AI works in trading.  But since AI is improving day by day so I think AI may not do good for trading at present but in future upgrade AI can do a good job for trading also

[Mauser]

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

I was a bit surprised to read that ChatGPT should be involved with trading, because they try to be children friendly and political correct. A friend of mine has tried a lot of things with bot and says there are a lot of limitations. With OpenAi it's something else, it can be used in all aspects of life and can bring value for the users. However when it comes to trading I am sceptical, so far I haven't seen a profitable AI based trading strategy. Financial markets are very complex, and while many traders use computer system to support their trading strategies, they still need human input and supervision to making sure the bot doesn't break down. Self learning AI is definitely the future, but when it comes to trading do we think there is this one perfect pattern the AI will identify? I don't think so, human action always involves emotions and the more people are involved the bigger the emotions. I do think there are strong patterns in the market, but they are changing with the market conditions. A strategy that works well during a bull market is not guaranteed to do well in a bear market and vice versa. The Ai might have problems switching between such strategies.

[Mpamaegbu]

I don't think it's wise for anyone to allow bot(s) trade for them, honestly. I talk from experience. During the early days of my trading involvement, I was introduced to trading robots. Then crypto wasn't even a thing. It was FX trading. Robots or bots can make you money but you will eventually lose it when the market becomes choppy. Bots are programmed for certain market conditions and those are trending markets – bull and bear. Once the market goes into range, robots won't understand the direction anymore and they become indiscriminate in placing trades. The best is for one to learn the skills and be present minded trading it. If you don't have the time, then don't trade.

[EarnOnVictor]

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

I can't ascertain the source of your info, you should have at least shared the link to the Youtube video that claims such. Well, be informed that many of the Youtubers are pathetic lies, they are only trying to gain traffic to their page. From what I know about the two (CahrtGPT and OpenAI), they are not coded to tare for anyone, but to give information.

However, some people might want to try to manipulate them into giving them trading advice, but I am sure that they will fail in that because they are not designed for such a purpose.

[jokers10]

...
However, some people might want to try to manipulate them into giving them trading advice, but I am sure that they will fail in that because they are not designed for such a purpose.

You know, sometimes I play eagle and tails to find a solution I'm not really sure in. And I'd say it is a good option to save time in some cases as when the arguments are equally good for the two options sometimes you need just to choose the one and start realizing. But anyway I understand that it is not a decision of a coin, it is my own decision to use random. So when you use some divination for trading you should anyway understand that it is not AI who trades, it is still your decision. And consequences of that are on you and no one (and no thing) else.

[Viscore]

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.

I guess it can help but when it comes to real trading, it will never be reliable. Our own knowledge and honed skills in trading will still be the best sources on how we can make our trades successful and profitable. ChatGPT is only a chatbot, it can be useful if you are just making some queries and it will give you somehow good answers, but knowing trading is always unpredictable, this ChatGPT can never predict what will be the future outcome of your trading.

[LUCKMCFLY]

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.

I guess it can help but when it comes to real trading, it will never be reliable. Our own knowledge and honed skills in trading will still be the best sources on how we can make our trades successful and profitable. ChatGPT is only a chatbot, it can be useful if you are just making some queries and it will give you somehow good answers, but knowing trading is always unpredictable, this ChatGPT can never predict what will be the future outcome of your trading.

Well, the ChatGPT thing is nothing more than a fad, now that the written bot has come out to the world, almost everyone uses it for whatever, despite the fact that it has to be made many corrections, it is obviously not apt to give predictions, besides its information must be updated and although OpenIA does not allow you to make predictions, any bot that has AI can do it, there are many specialized algorithms with the best mathematical modeling that can simulate many events, and among them are probability and statistics, obviously it is much more fast than us, because they have all the information ready to be searched and executed, in this sense, there is still a need to optimize the AI, there is still too much to do.

[jokers10]

...
there is still a need to optimize the AI, there is still too much to do.

And what results are you expecting from an optimized AI? If to summarize different data then programs were able to do that before AI. If to predict accurately then AI is not working that way and we hardly can expect that nowadays developing if AI will lead to something like that. So AI will become just another tool for trading, I suppose it will be a good tool, but as for any tool you need to understand how it works and how to use it most effectively, otherwise the same tool can bring damage.

[LUCKMCFLY]

...
there is still a need to optimize the AI, there is still too much to do.

And what results are you expecting from an optimized AI? If to summarize different data then programs were able to do that before AI. If to predict accurately then AI is not working that way and we hardly can expect that nowadays developing if AI will lead to something like that. So AI will become just another tool for trading, I suppose it will be a good tool, but as for any tool you need to understand how it works and how to use it most effectively, otherwise the same tool can bring damage.

Of course, having an optimized AI is still not a guarantee that it can have very good results, for an AI to give moderately good results, according to what I think, it would still take a long time, I would say years, because it is complicated, if nothing else. AI detectors are bad, imagine everything that an AI is missing? What many traders look for with an AI is for the AI to do the work for them and for the profits to increase, obviously it is to win, but I see something like this too far away, it is not within the parameters that people expect, it is impossible.

[Synchronice]

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

ChatGPT can't help you in trading. Actually, it can't predict the future and it's data is limited to 2021. In this videos, they build trading bot in Python with the help of ChatGPT. I mean, when you have a question in programming, you can ask ChatGPT and it will provide you with the information just like google but it will represent everything in human language, i.e. it filters information and rebuilds it. It gives answers similar to how human would answer you if you messaged.

Overall, I want to say that AI trading bots don't exist. There is not a public AI trading bot that can analyze charts, news, everything that affects the data and then give the prediction like an intellectual.
Also, I can't call if a = b, return c function an intelligence. It's collection of bunch of functions and operators.

[summonerrk]

The situation turns out like this: scammers know perfectly well that ignorant people do not know how the bot works. At the same time, they themselves do not know. And due to the fact that artificial intelligence is now in trend - they are trying to sell their program to everyone. The bot does not know how to trade, if it could, its developers would already dominate the market. Now it is best to be suspicious of all coins and programs that touch on the topic of AI.

[Altryist]

Self learning AI is definitely the future, but when it comes to trading do we think there is this one perfect pattern the AI will identify? I don't think so, human action always involves emotions and the more people are involved the bigger the emotions. I do think there are strong patterns in the market, but they are changing with the market conditions. A strategy that works well during a bull market is not guaranteed to do well in a bear market and vice versa. The Ai might have problems switching between such strategies.

If it is a self-learning AI, then I think that its progress will be very fast and its capabilities will be very impressive. He will be able to study and try many strategies in different markets and, based on this, find great deals that will be profitable. I may be overestimating the possibilities of AI, but in the end what holds us back when we look for working strategies. For me personally, it takes a long time to test a strategy, AI can test hundreds of strategies at the same time in much less time.

[Pamadar]

Self learning AI is definitely the future, but when it comes to trading do we think there is this one perfect pattern the AI will identify? I don't think so, human action always involves emotions and the more people are involved the bigger the emotions. I do think there are strong patterns in the market, but they are changing with the market conditions. A strategy that works well during a bull market is not guaranteed to do well in a bear market and vice versa. The Ai might have problems switching between such strategies.

If it is a self-learning AI, then I think that its progress will be very fast and its capabilities will be very impressive. He will be able to study and try many strategies in different markets and, based on this, find great deals that will be profitable. I may be overestimating the possibilities of AI, but in the end what holds us back when we look for working strategies. For me personally, it takes a long time to test a strategy, AI can test hundreds of strategies at the same time in much less time.

That's the advantage, it can execute many strategies in the same time, while with human process it will take lots of time before executing it. If that can be done, the chance is good for AI.

End of the day, it's still traders' decision whether to use it or not, there are still many things that need to
consider before using it, still needs a test period to make sure that it will bring a higher chance of trading
success.

[Bushdark]

ChatGPT is one of the algortihm that creates the code for the developers which is a chat bot you can ask even can create a bunch of codes with your just a request but recently they are now using this bot to get a lot of information this AI must need to have a command and I guess still depends on the script of the users would like to use the ChatGPT afaik right now has a payment for a monthly subscription for me better to learn with this bot and not get dependent on it.

The ChatGPT seems toake life easier which isna friendly app but presently I had that there were bam on the app in some regions. There had been lots of similarities compared to a human scripts and that of an AI which can never be the same.
This app make work easier for programmees to be able to code with ease. I see it as a good assistant for coders to get things done smoothly and the monthly subscription is okay for developers to make use of it in the best possible ways. I will not advise a newbie to go for IA trading because that would not yield a better result for them.

[ogamibr]

Artificial intelligence can analyze risks, spreadsheets and other data, but if the trader does not have prior knowledge of the subject, he will still have a lot of risk.

Analysis does not mean certainty, so think carefully before using this data, common sense should always prevail so that you reduce your risks.

[jokers10]

Of course, having an optimized AI is still not a guarantee that it can have very good results, for an AI to give moderately good results, according to what I think, it would still take a long time, I would say years, because it is complicated, if nothing else. AI detectors are bad, imagine everything that an AI is missing? What many traders look for with an AI is for the AI to do the work for them and for the profits to increase, obviously it is to win, but I see something like this too far away, it is not within the parameters that people expect, it is impossible.

Okay, imagine the situation when AI is as good as the best trader, everyone can get their AI and start trading and everyone will earn at the market as the best traders. From where will they get an income? Nowadays income is summarized from — as a small part — growth of entire economy (when it grows) and from losses of other players as a big part. When everything will be done with an AI it will won't work at all and trading will be over or AI will never work that way. Choose prediction you like more.