Topic: If you had AI day trade bitcoin to make profits - page 5. (Read 810 times)

If if you know how it works it will not be very sketchy at all. AI is proven to be helpful, technically in everything, from finance to healthcare to transportation, etc. there is so much potential in AI but the potential threats also persists. AI could be one powerful tool in trading, I don't use it but if I were to develop one AI use-case then it's definitely worth building around crypto especially in trading where I can make money in a daily basis, I mean thousands of $ everyday.

This is a topic for a long discussion, just like everything else that gives you a step forward, if I'm benefiting from AI in trading then I won't tell to it anybody as it would only lessen my advantage with the market. Bots and AI must have in one category but I do believe there is a big difference between these 2, and I think is more comprehensive than just bots where you can just configure settings, unlike AI that it has its own reasoning and decision-making efforts.

I didn't get your question but yes if AI comes to this arena as well then the competition of markets will eventually come to the best tech Instead of having the best trading skills or economic skills, which is really sad. Just like F1 most of the companies will race upto getting the best hardware and software in order to make the AI as intelligent as possible and mint as much money as possible.

I must say we aren’t ready for a stage where we can completely rely on AIs. AIs can be used to gather information, but completely using as auto pilot is very risky. AI provides information by browsing the web, so the information is sometimes not accurate. So how you can completely trust on something like this with your hard earned money? Yes integrate AI in the trading process but don’t leave everything completely on the AI to do. AI can’t never replace human’s brain and skills.

There is no AI that you can use to trade, there are bots that people label as AI but it's not AI that they sell, it's just a branding thing. You can go search any AI trading bot out there today, and you will realize that it's just basically a software that uses certain things that the creator showed the bot how to do, and then the bot does it for you.

It's basically a robotic worker, that's it. You tell it what to do and it does what you tell it to do is not AI, you teach it something and then it checks out how it can be done and finds ways to optimize it etc, even decline to do it if it looks dangerous, that's AI, even machine learning would be better, the more it trades the more it learns, checks all the data, makes a trade, if it's profiting then it knows how to.

I don't know about AI trading but what I do know is trading bots. But in order to use it, you'll have to learn the trading process yourself and know how to code. Because you can not just go out there and use someone else's bot. That's way too risky for anyone. So the process will go something like this. You will have to learn how to code and create a program. Let's just say you know how to do it and now you have created a bot. Then you will also need to learn about trading. Then feed that data to the bot in order to create a program that will do the trading automatically for you.

Now let's say you have achieved both. Here comes the tricky part. The bot won't run as smoothly as you thought. It will run for 24/7 365 days if you program it to do so. But the market does not move in the same pattern always. It changes from time to time. So if you run the bot infinitely with the same strategy, it will eventually make losses instead of profits. Also, bots and AI both run without human emotion. And most of the time the market makes its move based on sentiments. In that case, the bot or AI won't work. And trying to implement such a thing to do day trading is way too risky IMO. Just do it on your own mate. You will learn something that will stay with you till the end. And this is thinking about the future.

 If it was possible, many traders would not be looking for trading signals and those group that are giving trading signals out would have made billions of dollars secretly. AI is been programmed based on past event and don't also forget that trading needs skill, strategy and risk management. In trading if your trading strategy is not working,you are to try a new strategy, how will AI do that.

Bitcoin price cannot be predicted by humans that created the AI, so how will it be possible for AI to predict the market. In trading there nothing like making only profit, you will make profit and also run at loss, but you are the one that will do the risk management, to make sure that you make more profit than loss due to the volatile nature of bitcoin.

It is not possible to make that much money by day trading from Bitcoin so we have to hold Bitcoin for long term. If I invest in Bitcoin now and wait for few months then we can make good amount of money. But on the other hand day trading from Altcoins every day  We can earn some good money. But trading Altcoins day trading cannot be done thinking that we can make profit every day. While trading there can be both profit and loss so if we can accept profit loss and trade it will be very easy for us.

I don't know if you actually mean Ai or trading bots, I personally have never used Ai to trade before, and neither do I even know how to use it yet.
But I sure have used trading bots to trade on several occasions, but unfortunately, my experience with using the trading bot is not good, every trade I did with the bot always ended up in a loss, and I always made use of the recommended set up, yet, I still loss .

So I don't know if it's trading bot you mean or Ai, but what I can say is that, machines can never be as smart as the human brain, if you take the time and train yourself to become a very good trader, you will achieve it and trade more effectively and efficiently than any Ai or bot that currently exists or will ever exist .

Nothing is easy in trading. If you come across an advertisement claiming AI trading brings consistent profits, you should be skeptical because if it were that successful, it would already be very popular, and many people would be using it. However, I haven't seen many success stories from people using AI trading. If there are some, they might be affiliated with the companies selling these systems or trying to promote their subscriptions.

It's wise to learn how to trade yourself and to keep learning until you become consistent. That way, you are being realistic and not relying on others to achieve your success.

AI trading bot will cause your trading more risky because trading requires your knowledge which AI trading bot never possess and if they are operating your trade. One benefit of AI trading is that they don't possess any emotions which is a big enemy of humans which cause a failure.

In day trading AI bot cannot make quick decisions which is a necessary part of Day trading. In AI trading bot you have to make some management but as you are familiar that crypto industry cannot be believed easily that is why without knowledge and experience one cannot get benefit even by using AI bot.

Many questions arise if AI is working efficiently in trading but no one will be able to answer them straight and say YES because, in the first place, it was not the AI itself but the program inside. AI already existed for quite a long already but it was created not for trading, therefore, is not really suitable use for trading. 
However, I was waiting for someone who would show us some proof but for now, AI in trading is uncertain. I'd rather do it and use my personal knowledge than use this technology for a test.

If this is going to generate money easily, I'll find it very sketchy. Despite having the support of an AI, it's still a must to be knowledgeable about how to do it manually. But if someone proves that he's doing it, maybe there's a catch as that person should keep himself quiet and just enjoy what he's having. Anyway, are there really traders that are making their trades profitable with the use of AI? I don't quite understand how to do that since there are the features already from exchanges that allows you to trade with bots.

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

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.

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.

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.


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.

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.

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://bitcointalksearch.org/topic/ponzi-trading-platform-mtfe-collapse-1-billion-scammed-5463811

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.

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

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.