We've all heard the warnings about using AI in trading. I get why people are skeptical. The crypto scene is crazy, unpredictable, and even the best algorithms can get wrecked. But there's been something interesting brewing lately...
Check this out. I was looking into some centralized exchanges and their new AI features, and one platform really caught my eye: BingX. Their tool, BingX AI Master, is more than just another trading bot or signals provider. It's promoted as the world's first AI-driven crypto strategist, and apparently over a million users have given it a shot, which I totally believe. That's a pretty big deal if you ask me.
It feels like the gap between human trading strategies and AI is getting smaller. What do you all think about using AI for trading?
Are you sure about this? Because there are many exchanges that I am using and all has AI, while also that some people are saying people can use ChatGPT, Grok or Gemini for trading.
If you are a professional trader, AI can just be like those indicators. I mean tools that you can use but you still have to make use of more analyses. Do not follow AI blindly.
I do not make use of AI.
Bitcoin trading is something that requires good skill and strategy in other to scale through, and before now people have been making huge losses in bitcoin trading ,sometimes as a result of being unable to analyze the market tends very well and execute trades when necessary.
Today, the incorporation of AI into cryptocurrency trading has given traders some relief in their trading journey journey. The use of AI in cryptocurrency trading has its own advantages .
The use of automated trading has giving cryptocurrency traders very big relief as AI can monitor and execute trades for 24 hours without being tired, this is unlike human being, as a human, trading cryptocurrency for a whole day can get you exhausted, causing you to make errors during trading.
Analysing trend movement: AI can help a trader in analysing the trend movement of cryptocurrency, analysing the support and resistance level and know when to enter the market and when to exit the market.
The use of AI also help a trader to make informed decision while trading, it does not execute trades with emotions, unlike human that can trade with emotions and make impulsive decision.
Trading cryptocurrency is risky, therefore the right approach should be used in other to minimize losses and optimize profit.
My question to you, OP, is have you actually tried using the BingX AI that you're talking about? Because if all you're going to say is that you just believe in it, it seems like you're only fooling yourself, OP, because how can you say you believe in it if you haven't even tried using it?
And another thing is, as one of our colleagues here mentioned, the AI tools you're referring to are only one of the potential tools we can use in our trading activity on the exchange,
but they are not guaranteed to actually give a profit to any trader here in the crypto space, OP.
AI trading is gaining popularity, and exchanges are trying to make use of this to their advantage. Why? Because they are not using this tool to pay the traders but to make them earn more.
This AI just helps beginners by guiding them in what they have to do and giving suggestions, but this won't make them profitable. In the long run, relying on our own personal analysis and decision-making has a huge impact on our success story. Because I know that successful trader don't rely on others or even follow the script, but rather they build their strategies and the confidence that they can understand the market so well.
The hype on AI trading capacity to optimize trading tasks for you in the less mental and physical stress may really sound perfected as the developers may present their brands but in reality the bot does not perform those efficiencies.
I have come across so many trading bots and non has ever been described deficient because developers just want to sell their brands while given false hope on users.
It also feels more regrettable when you looses after believing AI will do more better than yourself who has got experience because, you can enhance your trading skills at every cause of experience or necessity while the AI will just blow your portfolio off over making wrong decisions that are even poorer than human with good experience.
Using AI may be the trend these days, as a lot of trading companies continue to develop and promote AI devices, but the question is, is using AI greatly benefit us? Or its the exchange itself that is having a good advantage?
Its not really bad if traders resort into using AI, but set also some limits. The trading market is still highly unpredictable and uncertain, and only a human mind and intelligence can deal on it. AI is just a robot, a computer-based program, while it process some certain facts, but it cant guarantee the whole success of trading in an unpredictable market.
When I read your post OP, it all looks like a shilling mission regarding the exchange you mentioned. Nothing else. There is another specifically about AI. It just gathers the already available information and suggests to you the possible strategies. Funny thing is, it is not as perfect as people depict it.
You want to prove me wrong?
I challenge you to create a trading thread here, use the AI tool on the exchange to analyze the markets, enter positions and show us the profits here after 1 month.
Exactly. AI is just a tool to guide beginner traders, but it will never perform and guarantee trading success. What still makes positive outcomes from trading is from our own experience, proven skills and strategies that continue to improve our trading performance, and drive success in the long run.
AI is just a source of relevant facts and information, but it will always be our own human mind and emotional capacity that will perform overall trading, in order to maximize profitable and successful trading outcome.
I would love to use that with small amounts to trade for me. Instead of looking for someone that can trade and grow my money, I'd simply go to a trading AI and let all the job take care of it. But as if this is the real thing that happens, I don't think that it's all 100% AI and there's still a need for human intervention on it. The success in trading won't be copied, maybe yet by an AI but maybe a time will come that everything can be automated and its algorithm will be able to analyze and read the market like through the common strategies that we know in trading like Elliott wave, etc.
In those 1 million that used it, how many made profit from those? Well, they can also say that 2 million people have used it. Or 3 million. Will you still believe in it if they said it? Of course because you're being blinded by numbers.
Let's not forget that Bitget and MEXC also has their own AI tool where they're analyzing the market and giving signals just like BingX's AI tool. I haven't tried it myself when it comes to my trades, but I've been using it for analyzing the current state of a particular coin. From my perspective, I don't think AI can replace humans when it comes to trading. Sure they can help you in analyzing a coin's movement, but relying your decisions on AI will not help you make profit. AI can be useful in a different way, but to rely on AI when it comes to your positions for me is a big no-no.
TBH, I also want to see somebody who's profitable here in trading to try this even only just $10 as a starting capital. I mean huge or small capital doesn't matter as long as you're relying on AI when it comes to your positions.
Since cryptocurrency begins we have been hearing how people trade and lost along the line due to we are human to monitor chats is not just easy sometimes as a human you will be exhausted but with the help of AI things was easy because Ai do many things in trading now,but I think I just a decision if you like to cure in for AI or not.
this is exactly how expected others to think about Al, as help tool for beginners who are just getting started with trading, and not the other way round. Al can't guarantee anyone success in trading it can only give out guidance and suggestions to beginner's who are just getting started with trading, but beginners shouldn't totally rely on Al for trading, they should also try out things for themselves in other to experience the market, for experience is what can make you a good trader, and not by relying only on third parties, and anybody who calls himself or herself a trader should be able to analyse the crypto market and place a trade without using any third party like Al or copying another person's trade. And I have said this thing several times that if you want to be a trader take your time and learn trading very well don't be in hurry to trade to start making money, and relying on third parties like Al and some on is not the best thing for someone who want to good and profitable in trading should be doing.
My thought is that apart from the benefit of faster execution of trade, loads of data analysis application and majorly taking unemotional decision in the highly volatile market that emotion should not have a place in but I still prefer the human mind strategy because you can make your judgement of the market and that, the AI is not structured to do. They are equally exposed to errors and glitch that can mess your trade up instantly. Most times that the glitch will occur either due to high traffic in the use of different AI from traders, the settings can be disrupted and the technology can not have control just as a machine becomes faulty in a manufacturing company then produces substandard products not good for public use or consumption. That's what AI glitch can also do.
No problem with that. As long as they know how to use AI correctly, they may profit from AI. But you need to know how to run AI for your benefit because that will determine whether you profit or lose. This is why you should learn more about AI to trade before you use it. AI can get the data faster than you but if you don't have the skills to analyze, that is just a waste of yourself
Maybe if AI develops better from today, more people will use AI to trade. They can shorten their time to searching for the data and they only need to analyze in the short term. The importance of using AI is how well you master it.
Trading using AI is not recommended that because crypto market is fluctuation and unpredictable even with the experience skill for years it is not guarantee you always can predict with correctly the movement of prices but i know the people who trading using AI and they were admitted the winning rates is not 100% accurate but these people is very confident that trading using this method is much better but i don't says it's bad because these traders know utilize AI will be profitable and maybe in the future this technology will be develop and we will found AI which can predict the market correctly and this is possible to happen
Recently I have been seen some traders on Facebook saying that they have been using AI to trade and it has been working for them and then they are calling on people to come so they can teach them how to use AI and trade, I really don't know if this statement from this traders on Facebook app are true because I usually don't believe them because I believe they are using people, reason why I'm saying so is because I have a friend who paid some amount of money in order to learn from this Facebook traders and they did not even teach him well they just ate his money and left him like that so I usually don't trust whatever they are saying.
Using AI to trade is something that I will never advise anyone to do because the market is very unpredictable and not even AI or any machine can predict how the market will go so it is better you use your human intelligence, there are some things that human intelligence is the best and one of them is trading I will never support a trader or encourage a trader to use AI for trading because it will cost him to lose a lot of money.
I saw a similar thread in the Altcoin Discussion board - Can Human be more Accurate than AI in Trading
Let me quote it here for context
Any smart person can see what you or a group of accounts is trying to do here. This is not a smart way of advertising your product.
Many traders on social media claim to have secret methods or AI systems that guarantee profits but most of these claims are made to attract attention or money not to teach real skills. AI trading exists and there are legitimate systems used by large financial institutions but the truth is no AI can fully predict the market. The market moves with emotion news and unexpected events that no algorithm can perfectly understand. When someone says their AI system always wins it usually means they are selling promises not results.
Your doubt is very valid because real traders rarely advertise magic tools on social platforms they work quietly testing data and managing risk anyone demanding payment before showing proof should be treated with caution the sad part is that many beginners lose money not from trading but from trusting the wrong people. What happened to your friend is unfortunately common those so called mentors disappear once they collect the money because there was never a real system behind their words. AI can be a tool but it is not a mind of its own it follows rules and patterns written by humans it can analyze large data faster than we can but it still depends on how well it was built and what kind of data it reads. In volatile markets like crypto AI often fails because sudden moves break every rule it learned. That is why human judgment still matters we can read emotions we can adapt instantly AI cannot.
There is limit to use AI for trading and when the limit is being exceeded continuously, then it poses a threat to your whole trading journey. The trading market is very unpredictable and that makes even the AI machine become prone to error as humans do also. People have started using AI for long now and I know more people will embrace using it for trading which is not totally wrong. If its being used for general overview of the trading market, its a very good one but once it exceeds that stage and youre using it for execution of trade, its now youre putting yourself at more risk. More people will embrace it because theyre too lazy to analyze the market themselves and depends on the results from the AI which is not a good quality of a trader.