If you had AI day trade bitcoin to make profits - page 6.

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Quote from: alastantiger on September 13, 2023, 05:46:54 PM

Quote from: tread93 on September 13, 2023, 08:25:11 AM

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?

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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.

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Quote from: tread93 on September 13, 2023, 08:25:11 AM

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.

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Quote from: tread93 on September 13, 2023, 08:25:11 AM

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.

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Quote from: tread93 on September 13, 2023, 08:25:11 AM

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.

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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.

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Quote from: tread93 on September 13, 2023, 08:25:11 AM

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.

Quote from: mk4 on September 13, 2023, 11:48:16 AM

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.

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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.

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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.

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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. Wink

Quote from: BitMaxz on September 13, 2023, 10:51:08 AM

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.

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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.

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

Topic: If you had AI day trade bitcoin to make profits - page 6. (Read 810 times)