Is it true that this AI is good for trading?

[GigaBit]

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.

In trading, a trader needs to have a wide range of knowledge and it must be dynamic. But the bot can help you with some calculations which you may take time to do manually, in the case of the bot it will take seconds. But trading will not run according to any rules. In this regard a trader will be guided in trading with intelligence. So I am not interested in using robots in this dynamic work. Major disasters can happen at any time. Although AI has improved a lot in recent times, but since it is artificial, i think it is better to do it with your knowledge and skills depending on the trading environment rather than depending on AI.

[WatChe]

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.

There are many sectors where AI is doing good job and working just like a human like in car assembling units AI powered robots are assembling cars without intervention of humans. But the case of trading is somewhat different, at least till now. If AI can work like humans in trading then that will be the day when the entire mankind will be millionaire.
The AI tools can be used to get guidance about trading but cant work independently in trading sector.

[Renampun]

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.

There are many sectors where AI is doing good job and working just like a human like in car assembling units AI powered robots are assembling cars without intervention of humans. But the case of trading is somewhat different, at least till now. If AI can work like humans in trading then that will be the day when the entire mankind will be millionaire.
The AI tools can be used to get guidance about trading but cant work independently in trading sector.

what you said is very true, AI is perfect if it is used to help heavy human work such as drivers - mining workers - nurses - cleaners, not for trading activities.

AI is still in the development stage, apart from that there are some experts who say that AI is difficult to implement for trading. AI lives on the internet network so when all traders have the same trading AI, it can be ensured that all trading activities carried out by the AI (selling or buying activities) are carried out simultaneously and I can't imagine how messed up that is.

[|MINER|]

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

In my personal opinion I have to answer for your question.
Yes for- Because it can help you with important information about trading like candle analysis, chart monitoring etc. I would call it indirect help specially if it is about Chat GPT.
And no for- Because chatgpt has many limitations regarding data and it is not aware of current data so I don't think it can directly help in trading in any way.

[Nrcewker]

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

In my personal opinion I have to answer for your question.
Yes for- Because it can help you with important information about trading like candle analysis, chart monitoring etc. I would call it indirect help specially if it is about Chat GPT.
And no for- Because chatgpt has many limitations regarding data and it is not aware of current data so I don't think it can directly help in trading in any way.

It’s better to not rely on any bot or AI when it comes about your finances. These are only virtual machines and they read datas and give instructions. If by chance with wrong instructions, your all money is lost, then no one other than you will be blamed for this action. So as advised before, don’t use AI for trading. Also it’s not good to use data and analytics from these AIs also. As 90% of the time, they aren’t updated with the current market scenarios and prices. Now rest is upto you OP.

[doomloop]

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.

ChatGPT is a good and useful tool, but it is not 100% reliable, even if you are using it for programming or coding tasks, you will still need to double-check the code and the bugs it may have. Though it can sometimes generate a total of 100% accurate responses and codes, it is not advisable to use the responses directly without a human check.

What it does is it makes the process easier. A program that might take hours or days for a human to be written, ChatGPT writes it within minutes, and then all a person needs to do is check if the code has no errors or issues. You need to be aware of programming languages yourself of course, in case there are errors so that you can rectify them.

[bittick]

AI is always good for the technical analysis if it could reads the chart, but as far as I know this openAI's chatGPT is actually not a real time AI meaning it might lack some new information.
but if you are just looking for guides from the textbook i'm sure it could be good for you, regardless this AI is still lacking in so many areas that I doubt it's gonna be that useful for trading.
but sometimes trading isn't always going like in your text book it could stray from that and also some times there's also tricker and luck involved.

[jokers10]

There are many sectors where AI is doing good job and working just like a human like in car assembling units AI powered robots are assembling cars without intervention of humans. But the case of trading is somewhat different, at least till now. If AI can work like humans in trading then that will be the day when the entire mankind will be millionaire.
The AI tools can be used to get guidance about trading but cant work independently in trading sector.

If entire mankind will become millionaires then these millions will cost nearly nothing. Resources entire mankind has don't give an opportunity for luxury for everyone and will hardly do so in a future, because more developed economy becomes more needs we have at a basic level. So no, AI will not make us all richies, it will just raise the level of consumption for majority. And of course there are different fields where AI works good at the moment already, but but it is good not for every type of work activity and some works will, most expected, stay for human beings, including trading (if it will stay).

[PancherSh]

the platform has been on the market since 2014 and offers ready-made solutions and 90 bots can be customized to fit your needs.

where can i learn more about the platform?  what is the comparability with operating systems and on what devices can I trade, as well as how many algorithms are used in bots and their ability to be reconfigured for a specific trading style?

[EarnOnVictor]

...
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.

Friend, trading is not that relaxed, which is why many bots have been built to trade the market but none has had an outstanding performance till today. These are bots that some are paying as much as $2,500 for, but in the end, they failed. Not to talk of an AI that was not explicitly designed for trading, it might know all the theoretical aspects of trading as it supposes to but practicalizing it in the real market will be a problem, just like the challenges that trading bots are facing.

The real market is not a play, it will frustrate the AI and those that are trying to manipulate it for trading advice.

[Crypto Library]

There are many sectors where AI is doing good job and working just like a human like in car assembling units AI powered robots are assembling cars without intervention of humans. But the case of trading is somewhat different, at least till now. If AI can work like humans in trading then that will be the day when the entire mankind will be millionaire.
The AI tools can be used to get guidance about trading but cant work independently in trading sector.

I will also say the same thing I would also like to say that such bots have no direct use in trading.You gave a perfect example already. However, the guidelines needed for  trading can be used by such bots or the Open AI project. Also I don't think relying on them for trading signals would do much good and it also may the cause of loss of those traders.
Also as per my knowledge most of the sectors of open AI project are not aware about current situation especially chat gpt is limited till 2021.

[PancherSh]

the platform has been on the market since 2014 and offers ready-made solutions and 90 bots can be customized to fit your needs.

interesting idea, but I don't know if my knowledge is enough for trading.  Do I need to know how to program to set up a bot?

[Tigerw]

the platform has been on the market since 2014 and offers ready-made solutions and 90 bots can be customized to fit your needs.

interesting idea, but I don't know if my knowledge is enough for trading.  Do I need to know how to program to set up a bot?

😁 no, no, don't worry, bots are assembled in the constructor

[jokers10]

I will also say the same thing I would also like to say that such bots have no direct use in trading.You gave a perfect example already. However, the guidelines needed for  trading can be used by such bots or the Open AI project. Also I don't think relying on them for trading signals would do much good and it also may the cause of loss of those traders.
Also as per my knowledge most of the sectors of open AI project are not aware about current situation especially chat gpt is limited till 2021.

When we talk about possible AI trading tool we mean something in perspective. AI is developing very fast and we expect that it will conquer different branches of the economy in the nearest future as it can do many laborious things which are usually not pleasant for human beings. Technical analysis is maybe not so unpleasant but making lots of different predictions can take lots of time and if AI will do it for us it will be great (IMO). But it is not the same as let it trade for us.

[LUCKMCFLY]

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.

Yes, it is quite a useful tool to do the analysis that we as humans could take 2 or 3 hours to do, the AI does it in a matter of seconds, so for now we as humans have a lot of advantage because we have the power to make decisions, that it can be a very important tool, yes, but we all know that AI is a tool and that it is in fashion, everything that is said is based on AI, these are things that should know how to take advantage of those who want efficient results, immediate to win in trading because unfortunately that has not yet arrived.

[Bhig Daddy]

Although I've heard of trading bots, this is the first time I've heard of trading AI. You can use trading bots to assist you up until a certain point, after which you are on your own. I believe that AI trading is the same. I haven't tried it, so I don't know enough about it. I'm not sure what to say at this point, but I need to have some knowledge about trading bots. I'll tell it again: don't rely on these AIs and bots. That can stop you from learning how to trade properly, because trading ought to be enjoyable. By employing it, the appeal is lost.
I agree that it could be useful in many circumstances, but don't rely solely on it. first DYOR, then trade.

[death69]

I'm not aware of any openAI specifically designed for trading. I've come across bots that simply assist you in carrying out your transactions automatically by putting them up beforehand, but they won't carry out the entire trading process, such as making judgments automatically if the market suddenly collapsed. I conceive of these AIs as being similar to guides, but they are unable to forecast the market, offer insightful analysis that is based only on data, and express opinions about trading on the extremely unpredictable cryptocurrency world.

Granted, AI traders with a specific focus on trading are yet to be developed. That being said, I am confident that it is simply a matter of time before someone creates one. Just picture a future where all trading is undertaken solely by AI traders. There would be no irrationality, only dispassionate analysis of real-time market data. My conviction lies in the split-second decisions that AI traders will be capable of making, capitalizing on even the most minute market trends that humans would overlook. Nevertheless, we must be cautious of the risks associated with AI trading. It is paramount that we regulate and observe the use of AI traders to minimize any prospective threats

[|MINER|]

i also initially thought that ai trading would work much like a trading bot.  But later i saw that there are many companies or traders who are trading based on ai. With AI they identify potential risks and come up with good strategies. However, using AI does not mean that only profit will be achieved, there is always risk associated with trading, even if AI is used, it will remain. And I think you have to be well trained to trade using AI, otherwise it's like steering a car to a blind man.

[LUCKMCFLY]

I will also say the same thing I would also like to say that such bots have no direct use in trading.You gave a perfect example already. However, the guidelines needed for  trading can be used by such bots or the Open AI project. Also I don't think relying on them for trading signals would do much good and it also may the cause of loss of those traders.
Also as per my knowledge most of the sectors of open AI project are not aware about current situation especially chat gpt is limited till 2021.

When we talk about possible AI trading tool we mean something in perspective. AI is developing very fast and we expect that it will conquer different branches of the economy in the nearest future as it can do many laborious things which are usually not pleasant for human beings. Technical analysis is maybe not so unpleasant but making lots of different predictions can take lots of time and if AI will do it for us it will be great (IMO). But it is not the same as let it trade for us.

In that you are right, maybe as a trader you have an analysis already established, but you want to try certain tools to see how good the final decision can be,an AI can quickly simulate the different tools or indicators and you as a trader decide which is the best option, but predicting that way or that the AI says what the signal is is not feasible, an AI can be very fast calculating, mathematics can be its great forte, many people in hedgerows are currently looking for solutions to traign through bots They have AI, but if they listen to everything, they may lose a lot of money.

[virasisog]

i also initially thought that ai trading would work much like a trading bot.  But later i saw that there are many companies or traders who are trading based on ai. With AI they identify potential risks and come up with good strategies. However, using AI does not mean that only profit will be achieved, there is always risk associated with trading, even if AI is used, it will remain. And I think you have to be well trained to trade using AI, otherwise it's like steering a car to a blind man.

Many traders rely on AI tools which I think isn't a bad thing because it shortens the period of technical analysis that humans can do so it is actually a big help. For professional and independent traders, I'm not sure if they still rely their decisions on AIs but for those who are having a hard time doing technical analysis, it will be an edge to use it.
It is part of the continuous innovation of AIs n the crypto industry so I believe that more developments will make our trading journey easier in the future.