If you had AI day trade bitcoin to make profits

[tread93]

How would one do so efficiently? I am very interested.

[BitMaxz]

AI Day trading with crypto like Bitcoin is very risky without knowledge you won't be able to make a profit.

Since crypto is too volatile it would be hard to make an AI trading bot more efficient in day trading. Because you will need to train your AI model from previous historical data, strategies, and risk management. There is no guarantee that your AI will make a profit after you've trained it unless you know much about risk management and good strategies.

[Faisal2202]

If I have access to an AI bot that could efficiently do day trade in BTC, then like other big investors, I might try to perform hundreds of trades in BTC. I recently watched a video in which the person, who is an Institutional trader, is making thousands of small trades, by using some automated bot and he said the profit ratio is good. But, as I am not that familiar with that strategy, so before implementing it, I do need some knowledge plus a lot of assets too. Which I don't have now, well, I also don't have the AI in my hand so. 

AI Day trading with crypto like Bitcoin is very risky without knowledge you won't be able to make a profit.

Since crypto is too volatile it would be hard to make an AI trading bot more efficient in day trading. Because you will need to train your AI model from previous historical data, strategies, and risk management. There is no guarantee that your AI will make a profit after you've trained it unless you know much about risk management and good strategies.

You are 100% right, and another thing is, that the creation and maintenance of that AI bot must be done frequently. But as OP has created a situation in which we have the AI bot already in complete form, to day trade in BTC. This means that AI must have all the necessary functions required by day traders. As, we all know day trading, has different strategies that could earn money. And day trading in BTC might be profitable as it is less volatile than ALTs.

[ImThour]

So If I am not wrong, you are asking about an AI which do day trading for you and get you profits? So how are you so sure at the first place that it will only be a profit? Why there's no chance of loss in your trading logic? Also, Day Trading requires trade to be completed before the day is over. So what if your criteria to close the trade isn't met on the same day? Will you close it with the on-going loss and Profit? If AI trading was beneficial, teams building GPT-4 would have worked on that directly.

[mk4]

If I actually found a way to use AI to trade bitcoin or whatever cryptocurrency or asset in general effectively, simple — why the heck would I tell anyone? I'd just use whatever method that is and use it heavily until it doesn't work anymore. There's no way that strategy would come out of my mouth.

[livingfree]

How would one do so efficiently? I am very interested.

Just because it is an AI, it doesn't mean that it will rake you profits with assurance. No, it doesn't go like that as these AIs are also not perfect and can make mistakes.

They're basing the data of the market based on what can be found through the interest and they can't do read future events so, there's no analysis that they can do pertaining to future market movements but only the past ones.

If I actually found a way to use AI to trade bitcoin or whatever cryptocurrency or asset in general effectively, simple — why the heck would I tell anyone? I'd just use whatever method that is and use it heavily until it doesn't work anymore. There's no way that strategy would come out of my mouth.

I agree, I'll definitely make myself the richest first until it doesn't work anymore but sadly, there's nothing like that.

[palle11]

Your question is also what going on in the minds many but you were about to put your question into writing here. Everyone want easy money but it doesn't come that way you want it. If you ever find such Al trading bitcoin profitable, you won't release it online so also others. It is a difficult and Al are not reliable in trading. Try to learn best way to trade and profit from it. People who have secret to make themselves rich won't like to get you involved in it.

[JunaidAzizi]

How would one do so efficiently? I am very interested.

Using AI in day trading is not like magic which gives you only profits. AI can't perform well and make mistakes. Due to high volatility, it is difficult for AI to make predictions which leads to loss. Also, the bots are more expensive and very complex to use. And the most fearable thing is that the hacker can easily manipulate the AI bots which is lost for you in a huge amount. Although AI has some more potential benefits I can't recommend that you use AI,  Do your own research, Gain knowledge, and then do trading, it will be good enough from AI bots.

[logfiles]

How would one do so efficiently? I am very interested.

Learn how to trade mate. Stop looking for easy ways out because you won't get any

I don't know what the fuss about AI is because there's nothing special. I have seen lots of trading tools created lately with an assurance of using AI to predict trades but they still record losses.

[alastantiger]

How would one do so efficiently? I am very interested.

If you are beginner you want to make all the efforts to stay from anything that is AI assisted. It will benefit you in the long run. The use of artificial intelligence in trading will make the trader less confident and you don't want to deal with a trader.

Even if you have to use AI let it be as a collaborator in your analysis and not as a substitute for the real thing.

[jeraldskie11]

No matter what type of traders it is, when you only use AI for trading you still cannot guarantee your profit in the long run. It might work for a couple of trades but in the end of the day, you will gradually losing. So we don't let AI to trade on it's own, we have to monitor our trades to avoid unnecessary liquidation of funds.

In my opinion, if you use an AI you have to know how to analyze the market. It's because you understand the flow of your trades using AI if it's good to continue or not. It's really different if you don't have knowledge and experience in trading.

[AmoreJaz]

How would one do so efficiently? I am very interested.

If you are beginner you want to make all the efforts to stay from anything that is AI assisted. It will benefit you in the long run. The use of artificial intelligence in trading will make the trader less confident and you don't want to deal with a trader.

Even if you have to use AI let it be as a collaborator in your analysis and not as a substitute for the real thing.

much better if you have a solid grasp in trading before employing AI in your trades  this will give you better understanding on how certain market movements happen.
AI may help you but without prior knowledge of trading won't give you skills to manage your AI. you still do need to set-up your AI to do the trading. so how can you set-up your AI if you don't know anything about trading?

[harizen]

How would one do so efficiently? I am very interested.

A trading AI, if there is one, is supposed to be fully designed to somehow deal with different market trends and behavior.

Technically, there are lots of "what if" sequences in its program where it has a designated strategy at each. The question is, with how volatile crypto is, can it really cover all those trends and make up a strategy for each? It's still good for me to use instead a trading bot and create an algorithm on our own.

I know others will say that AI technology is really evolving and it can almost do what people can't do.

Maybe it's best to try out that program for real, if possible, and do the conclusion based on its performance.

[tread93]

How would one do so efficiently? I am very interested.

Learn how to trade mate. Stop looking for easy ways out because you won't get any

I don't know what the fuss about AI is because there's nothing special. I have seen lots of trading tools created lately with an assurance of using AI to predict trades but they still record losses.

Yeah good point, there is no easy way. You're better off spending a good chunk of time just studying the markets and making some educated highly strategic moves, but even then there is still high risk. There is also still risk with AI

[Learn Bitcoin]

Have you heard of the recent scam of MTFE, which was a trading platform? Unfortunately, that was an MLM/Ponzi scheme with AI trading features. Their CEOs claim that AI trades for you and AI generates profit for you. It's not guaranteed that AI will make money every day. It can lose as well. Everyone was investing in it because some were getting profit four days a week and one day lost in a week.

Recently, all the users saw their negative balance, and MTFE says AI traded for them and lost money in the trading market. They scammed $1 Billion dollars. I have created a scam accusation which you can find here https://bitcointalk.org/index.php?topic=5463811.0

Make sure you are using real AI and not fake ones like MTFE. However, I encourage you not to use AI for trading related to finance.

[GreatArkansas]

I really don't understand how you can use AI to trade Bitcoin.
Maybe AI will just help you to create your own bot that automates trading, like creating some pine script which is the programming language of Tradingview and from there you can add some way to automate it from exchange to make some trades.
And maybe AI will just help you to improve your decision making to make trades.

[Dzwaafu11]

How would one do so efficiently? I am very interested.

It is not advisable for a beginner to start their trading journey with AI. This will make them lazy and lack the knowledge of trading in general because using AI to trade cannot allow someone to learn the knowledge that is required in trading, and AI doesn’t guarantee you profit, so I don’t think you should have an interest in that. I think you should focus and learn your trading skills and the technical analysis that is required. After you gain the knowledge and experience, you may be interested in using AI as an assistant because if you use it now that you are supposed to learn, it will make you lazy, and in the long run, bot may not work for you.

If you are beginner you want to make all the efforts to stay from anything that is AI assisted. It will benefit you in the long run. The use of artificial intelligence in trading will make the trader less confident and you don't want to deal with a trader.

Even if you have to use AI let it be as a collaborator in your analysis and not as a substitute for the real thing.

You are right, mate. even the professionals lose in trading, so you can see that it is not advisable for a beginner to even think about using AI to trade; they should learn about it and trade on their own instead of looking for easy ways to trade, which will not help them but make them lose their money anytime.

[cryptoaddictchie]

How would one do so efficiently? I am very interested.

Wow maybe its my question too. If AI can be used effectively on trading then I definitely will utilize the use of it. Probably some developers are already on it getting some testing or trial to incorporate on trading cause once this become sucessful surely it can be sell with a huge market demand due to potential it could do for any traders. Will check too if theres some progress for the response here.

[yudi09]

How would one do so efficiently? I am very interested.

IMO, day trading without using AI is more to my liking looking at some coins that have potential to improve.
Daily trading on bitcoin is not my choice because bitcoin is not for daily trading where there is no guarantee of profit. Bitcoin is an investment asset and that has not changed to this day.

Using the help of bots in trading will not provide satisfactory results in terms of the desired profit targets because crypto prices are very volatile and it is difficult to predict the daily closing price.
I can't say for sure that the bot can provide profits to traders who use its help for that reason.
Hopefully I'm not wrong.

[leonair]

I do not support it and it is not wise to trade Bitcoin using any bot. Because the bot never guarantees profit, you should learn about trading yourself and then do day trading in Bitcoin after doing a good research. But I also think that choosing Bitcoin for Day Trading is not the right decision.  If you want to invest in Bitcoin, you have to hold long-term, then profit is guaranteed from here. Although I do not give financial advice to anyone, since the creation of Bitcoin, there is no history of long-term losses from holding it. So you should choose Altcoins for day trading and decide to hold Bitcoin long term