Using ChatGPT for Day Trading: What You Need to Know

I've been noticing a lot of buzz about this lately, even in the news. Plus, I came across some ads claiming 'let AI handle your trading'. Has anyone else seen this? If you’re into trading, I’m sure you’ve caught wind of it too. Just a heads up though, while AI bots can be useful, they're not perfect and can lead to significant losses if you're not careful.

First, ChatGPT is a multi-purpose AI, which means it will only make efforts to answer all your questions, but it is not specifically designed for all purposes. And if the bots/AIs designed for trading are still challenging, how much more is ChaGPT that wasn't designed for it? In my experience with the AI, it merely analyse the historical data it could gather (technically and fundamentally) to issue trading advice, but in the end, it is more confusing than specific. So I stay neutral.

It is common in exchanges, especially Kucoin which has integrated trading bots into its system, I'm not an active trader, but I've received their regular trading coupons of $15 repeatedly, placed some trades in it and have not made single profits from the trades. I think these AI are still learning and wouldn't be great to entrust our funds into. I have heard from a friend from 2 years ago that uses AI software to trade and it makes a minimum of $50 profit daily on a capital of $1500, it lasted for 3 months and on a fateful day, all the capital was drained right before his watch, too bad he could not save the funds since AI was in charge the funds are only available again at the end of trading hours. My friend was in net gained actually, but it is a very risky path to follow. Yeah, everything about trading should be approached with caution, even if you would use AI, never trust it with so much funds at a time.

I recently use ChatGPT pro and it let me create a trading bot for day trading using Python, actually it's not that easy in my experience. I tried to connect it to my Telegram so I can get updates on what it bought, how much is the profit, target losses and take profits and a lot of bugs that I encounter, I use Pinescript to check if the strategy has a potential to be profitable but still I wasn't sure. In the end, I just tried it for 1 week though the strategy didn't earn much but it's on profit I tried to make it better but the more complex it gets the more bugs I encounter (this is a perspective from a non-coder user)

AI can be a great assistant, but unfortunately, some people have gone brain dead with its use. Instead of trying to hand over the job completely to artificial intelligence to trade for you, why don't you try to get assistance from artificial intelligence to make your learning process of trading easier by asking the right questions? ChatGPT can make the research process into learning much easier.

ChatGPT can help you with providing information and analysis but the free model can't help you with that because free one uses GPT-4o as far as I'm aware. When you buy ChatGPT Plus or Pro in the best case, you are provided with o3 model, which uses advanced reasoning. Yesterday, I got access to ChatGPT o3-pro, which is superior in advanced reasoning but also takes lots of time to get an answer compared to the traditional o3 model. The problem with ChatGPT models is that its knowledge is not very updated. For example, O3's knowledge goes up to June 2024. You need to manually provide the URLs of the latest articles every day to get updated analysis from it. I think that in the best case, you should provide all URLs of news since June 2024, which will be very hard to my mind.

I've never traded using chatgpt or any other AI because I thought it was the same technology, just presenting the necessary data, not producing accurate results. I've used it once for sports betting, and the results were disappointing, so I don't think it will help increase my win rate in trading either. So always be careful if you don't use it properly our trading can be very chaotic.

AI can help you trade, but it shouldn’t be “AI trades for you.” That’s where things go wrong. Most of the time, that kind of pitch is just marketing hype used to lure people in, and in the end, they end up losing money and regretting it. Same goes for sports betting. Some claim AI can guarantee wins.. don’t fall for that. AI is a tool to help you make better decisions, not something that should take over and do everything for you.

I think that a trader can use ChatGPT only as an auxiliary tool that can simplify the trader's work by generating trading strategies and analyzing patterns. But in any case, the trader will have to make his own decision, since neither ChatGPT nor any other trader can provide you with a signal that is guaranteed to bring profit.

Had it been that AI has been proven effective in trading, then many of us would have been able to afford getting one to perform all our trades, but things don't really work from the way or perspective in which people are taking it from,  using AI cannot be be effective in trading, because things often changes while we are on trades and we may need to readjusted from our initial plan or target as we continue in speculations while on trades.

Of course and that is certain, I don't know I also often see the discussion here that says trading in the Crypto market with the help of Al or chatgpt, can be blah, blah, whether it's true or my myth is clear for now yet Seeing those who trade in the crypto market that asked for help from Al succeeded and succeeded, instead I saw they were destroyed in real losses. For me Al can be relied on not for money, I mean Al to ask for an address, world history and others may be, but not in trade or game, al functions what has happened, but Al blind to the results to come.

I've never used Chatgpt during my trading career because I'm sure the results won't be accurate, even though there are several bots offered via Telegram, but I've never tried them. Because I don't really trust Chatgpt for trading. Do professional traders rely on Chatgpt for large-scale, let alone daily, trades? I'm not sure, so I don't rely on this tool. Chatgpt is only used to research data and other history, as it's more helpful in interpreting the data.

Who doesnt love automation? Convenience? Comfort? Accessibility? All in one go? The only shit thing about this AI is definitely that it could put up those commands and executions without any problems but the one problem on here is about on making immediate decisions basing up on market conditions on which we know that human beings are the ones who can be able to do it. In todays AI advancement then we cant be able to deny that when it comes to overall utility then we can tell that it is somewhat beneficial but of course there would be those limitations on which it would be that including this one on which its being applied to trading. If ever there are some bots or whatever automation of trades using AI then it would be that up to someone whether they would be that making use of it or not. It would be just that impossible that they wont be able to determine out on what are those main differences in between AI trading in compared into those traditional ones.

You can't. You can automate things probably but there are already better tools that are focused entirely on trading automation. Compared to them, ChatGPT will perform worse. These types of AI are prone to hallucination, you should in no circumstance use them for handling anything related to money. They don't, the risk is too large.

Chatgpt in this era is very useful for most people today, from businesses, to students, workers, freelancers, and others, it will be of great help. But when it comes to trading, specifically in crypto or bitcoin, I'm not impressed because I think that bot trading, in which is, in my opinion, not really profitable.

All the most professional traders from traditional and new finance are using automated tools, bots. Just because the average person is not able to profit with a bot, that does not mean it is not profitable. It means that the average person does not know how to trade, which is correct.

I haven’t seriously seen a profitable AI tool for trading  although I am not say there is none but the success is definitely not much and that’s why we are yet to see much of them and if they can be less profitable then what becomes of ChatGPT which wasn’t primarily designed to do that. For me I think it is a bad thing to leave trading for AI tool but that doesn’t mean you cannot use them when doing analysis. AI can easily help you to find informations most especially fundamental information to aid your analysis and they can also help you to make their own technical decisions based on historical data, with this information you can simply apply your own strategy and draw your own set up and not leaving everything for AI. Moreover the market sentiment can easily change without the AI effecting the change to the trade

I am using some AI chat programs like opengradient beta AI test that has ability to check potential good and new tokens. But the trading part its me who will control and do or buy or at whatever budget I used. Just using the AI to find me a good tokens or coins to spot on the market as early as possible.

Anything about AI helping in trading is not something I will think twice about and want to adopt in my skills in trading. It may be an assistance in trading, but it is still not something I feel is kinda important to have in order to have a better trading result. If I can’t trade to my best without seeking for help from another tool, then I’ve failed as a trader or yet to achieve that level I need to reach as a trader to become a reliable trader to myself.

Adding the term AI behind every term is the new trend even though it doesn't work based on AI, because this is the era of AI so everyone wants to promote and stay relevant with the trend. I am not sure how ChatGPT can be helpful with trading and here's the response it's generated. So it's clear what is the role of AI in trading which is nothing but testing the strategies that a trading bot does which existed even before the AI era if I am not wrong.