ChatGPT and Trading - page 2. | Bitcointalksearch.org

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Quote from: Flexystar on February 06, 2023, 12:51:51 PM

Gosh, stop it with the whole AI thing right here right now. I don’t know where the world is going with this but it is going to create lazy quota around the world. It was time when everything was being discussed face to face, man to man and now it’s all about the computers and their language and their actions. Really? Are we going to be that much lazy now that we want a machine to trade for us or do something for us?

At the end of the day when we will sue our brains or on what we are going to use it? Are we loosing the hopes from bright minds or creating one out ourselves with the time? Oh wait I think we should ask this to ChatGPT!

I would love a machine to trade for us but I am also against AI in any of their form,they will make sure to cause some natural disasters if we give them to much power as AI-Artificial intelligence is just that,artificial and in situations where things are complex and they require the experience and the skill of human beings if we let AI make decisions I am pretty sure that this can end badly in for example factories which deal with automation and things like that.Beside that ChatGPT is in infancy stages and would make anyone using it to trade to lose money so this is a no no and you are right about it.

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Quote from: Davidvictorson on February 11, 2023, 01:09:24 AM

Quote from: hack3rcon on February 01, 2023, 01:48:49 AM

Hello,
Has anyone used ChatGPT for trading?
Thank you so much.

ChatGPT can only furnish the trader with topics related to market analysis, trading strategies, and how to manage risks. It is incapable of making investment decisions or trading. The trader must take the knowledge provided by the resources and make an informed decision. Also, despite the answers you may get from ChatGPT about economic indicators and other things that may affect traders, it will never replace solid financial advice from a certified advisor.

Experienced traders are still more reliable when it comes to trading strategies compared to ChatGPT since it can only answer our inquiries about trading but it will never help us in making our trades successful and profitable. But maybe in the near future, this AI machine will be more enhanced and maybe it can already help us in making market predictions and good market analysis.

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Quote from: logfiles on February 01, 2023, 07:54:37 AM

Quote from: hack3rcon on February 01, 2023, 01:48:49 AM

Hello,
Has anyone used ChatGPT for trading?

It's called "ChatGPT", yep... Did you see the word Chat?

It's a chatbot, not a trading bot. It being an AI chatbot does not mean it should make trade decisions for you… lol. Forget about it.
If you want to learn about trading, then it might help you with some theory and that is it.

That's true. Besides, I was surprised to find out ChatGPT does make mistakes. And I wasn't even asking it for some predictions or some disputable things but plain simple basic stats and well-known facts. I corrected it providing proof and it went "oh I'm sorry for misleading you" immediately. Grin

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I gotta say, I havent personally tried using ChatGPT for trading since it aint made to predict the future or give out any specific trading advice. However, I do think it can come in handy when it comes to providin some general insights that could give us an edge in makin informed trading decisions. Lets be real, AI can definitely help us analyze market trends and patterns, but we cant forget to use our own critical thinkin and sound judgement when it comes to trading. Maybe one day, ChatGPT could even give us some lit trading advice based on specific indicators and technical analysis, but we still gotta be careful and verifiy the data before makin any big moves. In the end, its up to us traders to decide whether we wanna use AI in our trading game or not.

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Quote from: Tony116 on February 12, 2023, 10:59:20 PM

Quote from: Strongkored on February 10, 2023, 02:49:32 AM

ChatGPT will only answer questions and the answers given are processed from old data and those that are already on the internet, indeed ChatGPT can provide more specific answers but will not be able to provide answers on what coins are good to buy, so use ChatGPT as a tool to increase trading knowledge not as a machine to work on or provide coins which are worth buying right now.

You have a good point, after all, ChatGPT is just a product made by humans and only knows what is provided by humans. It can be called an encyclopedia that can help us find relevant material, but it cannot think or see the future. Investing and trading mean we will make predictions about the future, so AI can't replace us, we have to do it with our own thoughts. AI is only to assist us, it cannot replace us, especially for high thinking tasks like trading.

Depending on your trading strategy this could be true or not, there are traders out there which use a very chaotic strategy when they trade and it is likely not even an AI will be able to comprehend what they are doing.

But there are other strategies which are almost mechanical and even the most simple code could execute them correctly, still we must not forget that right now different AIs have different specialties, and ChatGPT is not geared towards trading at all.

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Quote from: Strongkored on February 10, 2023, 02:49:32 AM

ChatGPT will only answer questions and the answers given are processed from old data and those that are already on the internet, indeed ChatGPT can provide more specific answers but will not be able to provide answers on what coins are good to buy, so use ChatGPT as a tool to increase trading knowledge not as a machine to work on or provide coins which are worth buying right now.

You have a good point, after all, ChatGPT is just a product made by humans and only knows what is provided by humans. It can be called an encyclopedia that can help us find relevant material, but it cannot think or see the future. Investing and trading mean we will make predictions about the future, so AI can't replace us, we have to do it with our own thoughts. AI is only to assist us, it cannot replace us, especially for high thinking tasks like trading.

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Quote from: Davidvictorson on February 11, 2023, 01:09:24 AM

ChatGPT can only furnish the trader with topics related to market analysis, trading strategies, and how to manage risks. It is incapable of making investment decisions or trading. The trader must take the knowledge provided by the resources and make an informed decision. Also, despite the answers you may get from ChatGPT about economic indicators and other things that may affect traders, it will never replace solid financial advice from a certified advisor.

ChatGPT search, train itself with available resources but it does not know everything. In addition, you can not trust a bot for your money. If you seriously consider investing or trading is your job, not a game to play, you would be more careful with your decisions and would not trust trading bot, AI bots like ChatGPT.

Those bots can give you good learning answers, documents but to apply these for my funds, I am so doubtful that it is safe and wise.

It is trained by people so it is not smarter than people. The cost to use the bot is cheaper than subscribing good education course so maybe people will like ChatGPT than official courses and find advises from good tutors and educational trainers.

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Quote from: hack3rcon on February 01, 2023, 01:48:49 AM

Hello,
Has anyone used ChatGPT for trading?
Thank you so much.

ChatGPT can only furnish the trader with topics related to market analysis, trading strategies, and how to manage risks. It is incapable of making investment decisions or trading. The trader must take the knowledge provided by the resources and make an informed decision. Also, despite the answers you may get from ChatGPT about economic indicators and other things that may affect traders, it will never replace solid financial advice from a certified advisor.

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I agree that it is overused right now and people are overhyping it too much. However, that happens with everything, look at cyberpunks NFT, people spent hundreds of millions of dollars on those stupid pixelated images as well, why? Because it was hyped like crazy, people also spent millions on doge and shiba, things there were created for fun, and imagined they would get richer.

So all in all, AI could be overused right now but it is at least something good, and it will go away eventually, we are facing it too much right now but the media attention and the social media craze will calm down and when that happens we are going to be doing a lot better.

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ChatGPT will only answer questions and the answers given are processed from old data and those that are already on the internet, indeed ChatGPT can provide more specific answers but will not be able to provide answers on what coins are good to buy, so use ChatGPT as a tool to increase trading knowledge not as a machine to work on or provide coins which are worth buying right now.

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Quote from: inthelongrun on February 01, 2023, 09:11:23 AM

So instead of asking the people in this forum, why not ask ChatGPT itself? Cheesy

ChatGPT is not a fortune teller that predicts the future on speculative kinds of stuff like the future price of bitcoin or who wins a fight between Tyson Fury and Oleksandr Usyk.

But in the near future, it may give limited answers but based only on specific indicators. For example, ChatGPT in the future might answer your question on the bitcoin price trends in the next few days based on Fibonacci and other trading indicators you mentioned in the question. That would be very cool as it saves us time and effort while freeing us from possible human errors.

Right. This would save our time and energy instead of asking a lot of people if ChatGPT has been useful on their trading or not. So since this ChatGPT is a chatbot, we are always free to ask about it. But most likely, the answer will be NO because ChatGPT is never a trading tool but a chatbot that can provide relevant datas when it comes to sentence structure and its alike. But it cannot be reliable enough when it comes to trading because of its unpredictable market that cannot provide fixed details. Though it’s a smart one, but the human mind is much better to use when trading than relying much from ChatGPT.

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Quote from: Flexystar on February 06, 2023, 12:51:51 PM

Gosh, stop it with the whole AI thing right here right now. I don’t know where the world is going with this but it is going to create lazy quota around the world. It was time when everything was being discussed face to face, man to man and now it’s all about the computers and their language and their actions. Really? Are we going to be that much lazy now that we want a machine to trade for us or do something for us?

At the end of the day when we will sue our brains or on what we are going to use it? Are we loosing the hopes from bright minds or creating one out ourselves with the time? Oh wait I think we should ask this to ChatGPT!

If you think about it this is is the natural conclusion of our technological development, since the beginning humans have been developing tools and machines which increase their performance, and it is possible that in the future AI could do everything for us.

People are realizing this may be the direction we are going and it is understandable they would like to exploit AI in this way, even if ChatGPT does not seem to be equipped to trade the markets at all.

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it will hardly good idea, because they not have basic algorithm for traders into neurosystem including to big data

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Quote from: hack3rcon on February 01, 2023, 01:48:49 AM

Has anyone used ChatGPT for trading?

ChatGPT is now the talk around now, a very good AI that will help further with users of all kinds, but it's not built for trading if you must know. It can provide you with all you need about trading information for knowledge, but trading advice might be difficult to pass since it can't function better than other indicators and robots/bots in the industry.

Who knows, alterations might happen in the near future, but it can't still do more than to interpret what's on the chart, and perhaps in relation to the fundamental analysis as well. But I doubt if it will ever be worth it.

Human trading is the best I've ever seen!

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Quote from: Flexystar on February 06, 2023, 12:51:51 PM

Gosh, stop it with the whole AI thing right here right now. I don’t know where the world is going with this but it is going to create lazy quota around the world. It was time when everything was being discussed face to face, man to man and now it’s all about the computers and their language and their actions. Really? Are we going to be that much lazy now that we want a machine to trade for us or do something for us?

At the end of the day when we will sue our brains or on what we are going to use it? Are we loosing the hopes from bright minds or creating one out ourselves with the time? Oh wait I think we should ask this to ChatGPT!

It's basically a "new" technology and that is why it's so much hyped and everyone talks about what AI can do. I understand the hype around it, many people didn't know what it can do, and the previous AI versions weren't as sophisticated as chatgpt, which means that they are seeing something as evolved as this for the first time and they are not entirely sure where else they can use it.

This is why they end up considering if it could trade too, and they ask basically anything about it. But that doesn't mean that it will be true, it just means that they are curious about it and ask futile questions to learn more in depth. It's fine, but it's silly, I know.

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Quote from: uneng on February 06, 2023, 12:28:40 PM

I think the answers are pretty solid:

In the end it's stated that investors should only trade with money they can afford to lose, due to the risks this activity involves. When we are trading, there is no way to assure the initial capital is safe, unless we don't use it for trading. Cheesy

Thank you for sharing the answer from ChatGPT that is solid, I agree with you.

The answer is solid by emphasizing risk of trading, importance of protecting capital and readiness to afford loss before start your trading. Even that is a bot answer, it is actually better than many human answers which can be lack of many important advice especially three important points I highlighted.

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Gosh, stop it with the whole AI thing right here right now. I don’t know where the world is going with this but it is going to create lazy quota around the world. It was time when everything was being discussed face to face, man to man and now it’s all about the computers and their language and their actions. Really? Are we going to be that much lazy now that we want a machine to trade for us or do something for us?

At the end of the day when we will sue our brains or on what we are going to use it? Are we loosing the hopes from bright minds or creating one out ourselves with the time? Oh wait I think we should ask this to ChatGPT!

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Quote from: Oshosondy on February 04, 2023, 02:17:41 AM

You are right, no tools that will do it for humans, we have to make the decision ourselves and if we are good we are going to make money than lose in trading.

ChatGPT is an helpful bot, I was even surprised recently that Electrum developer used it to write some codes in this recent version that was released recently. It can helps in may areas of life, even in learning trading just like I said before.

There are counter measures coming to tackle ChatGPT, like apps are coming that can check whether school essay is written by AI powered ChatGPT or not.
Rather training ChatGPT algorithms we must train our own minds in making trading decisions. If we make decisions from our brain then either we win or learn something new. Making decisions on our own will take time but it will be worthy in the long run.

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Quote from: logfiles on February 01, 2023, 07:54:37 AM

Quote from: hack3rcon on February 01, 2023, 01:48:49 AM

Hello,
Has anyone used ChatGPT for trading?

It's called "ChatGPT", yep... Did you see the word Chat?

It's a chatbot, not a trading bot. It being an AI chatbot does not mean it should make trade decisions for you… lol. Forget about it.
If you want to learn about trading, then it might help you with some theory and that is it.

lol this alone will really wake him. i don't also get it why a bot that will reply som,e accurate information on whatever we ask can actually be used for trading as OP thought so.

what i've read was that it can write codes which if it can, a person may be able to request to write a trading bot for the most effective trading system it knew and can be integrated into his tradingview account. it will be cool to hear some success stories about it if there are.

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Quote from: tbct_mt2 on February 06, 2023, 06:24:54 AM

Quote from: uneng on February 05, 2023, 08:36:50 PM

ChatGPT AI lets it very clear it can't predict future events or give any financial advices, therefore it can't be used as a trading tool or trading bot.

Anyone here are using ChatGPT can share what it gives you if you ask questions like "How to trade successfully and get profit?"

If its answer does not include a part to protect your initial capital as a first and most important thing, it is missing a vital point and its advice is not good enough. To trade successfully, you must have the ability to protect your initial capital. If you can not, you will lose your initial capital and what is more terrible than losing most or all of your capital for a trader?

No capital, no trade, not success or failure after that.

I think the answers are pretty solid:

In the end it's stated that investors should only trade with money they can afford to lose, due to the risks this activity involves. When we are trading, there is no way to assure the initial capital is safe, unless we don't use it for trading. Cheesy

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