Will ChatGPT Trading Bots Replace Human Traders?
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- Опубликовано: 30 май 2024
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Are you ready to dive into the future of trading with AI and the likes of ChatGPT? AI, including advanced systems like ChatGPT - it's the most talked-about topic on Wall Street and among retail traders alike. Its disruptive potential, exemplified by models such as ChatGPT, is undeniably transforming the way we all trade. But is it a game-changer or a career-ender?
If you're curious, excited, and even apprehensive about the wave of AI sweeping over our industry - including the ChatGPT's implications. This video is for you!
I'll dissect the good, bad, and the ugly aspects of AI trading, and the immense potential it holds. You'll hear wisdom from a seasoned day trader with over 30 years in the game, and insights from a former CEO who ran an automated trading firm. Not forgetting the role of language models like ChatGPT in this.
I'm also going to cover:
👉 How AI and systems like ChatGPT can help YOU make money
👉 The potential downsides of AI and language models like ChatGPT
👉 The future of retail trading with AI tools including ChatGPT
👉 Whether you should invest your hard-earned cash into AI trading
👉 How to future-proof your trading skills in an AI and ChatGPT-driven world
Just remember, while I do have 8 years of trading under my belt, I'm not an AI guru, not even close. I'm simply a curious day trader who's excited about the future and doesn't want to return to a 9-7 job. So, join me as we explore together and navigate the future of trading in this brave new world of AI and ChatGPT! 💪
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Traders, how do you envision the role of AI and chatbots like ChatGPT in the future of trading? Do you think we’re at the end or the beginning of an era?👇🏼
Lol , if robots could trade without human imput, the hedge funds would have replaced all human traders by now. The reality is everysingle time the market changes the robot needs an update, if you have a robot which updates that robot, you need to update that robot with human imput, if you try to automate that? Youll need another human to fix the machine that fixes the other machine etc . One single hack can ruin an entire robotic trading floor, half and half is the most humans will be replaced when it comes to trading
would not surprise me if AI will be utilized by market makers to analyze market sentiments and generate liquidity more efficiently, but, after a while there will be someone else who figured out the AI's algorithm and use it to be profitable. and we'll be back to square one.
Do hegdefunds not already use A.i algorithms to trade at high speeds and to handle the huge trading volume already 🤔.
I think the whole thing will be people using the same models and algos only to get wrecked by more sophisticated models and algos playing against the crowd...so basically what the big money does now but with more automation from retail traders. It may end up being a better idea to use your own unique strategies because then you will be "off the grid" and not following the herd.
Hard to predict.
I thought the Zune was way better than the iPod and see where it is now???
Hey Shay! My favorite HOT Humbled Trader LOL! I don't think we need to worry about AI really taking hold and running on it's own until Quantum computers become more prevalent. Once Quantum computing matures then AI will really have that capability to calculate exponentially faster than current super computers and self learn. That's just my 2 candle sticks of thought 🙂
AI is not gonna get rid of you.... you are an individual account... your not competing against AI... you are betting (educational guess) if the market goes up or down... that's it... best thing to do is go with the flow and get your piece of the pie...
Good point👍
@@HumbledTraderOfficialPlease read 🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏
Are day traders in canada allowed to open margin account and Trade in usa stocks with margin account?
Please reply if you're non usa residents and day trade and tell me if you're able to open margin account to day trade in usa stocks or not
Thank you Humbled Trader for such important information! We were getting worried as retail traders!
Exellent information. Thank you, Shay! 🙏
When we place a buy or a sell order we are hoping that the other person at the other end of our trade is making the wrong decision. Unfortunately that "other person" is not a person at all but an algorithm or some other form of AI. So we have been competing against these forces already for some time. The ability to make money against this technology is much harder than it was 5 years ago. The usage of more sophisticated AI with High Frequency Trading companies will continue to present more challenges for the retail trader. But that is what they will be - new challenges that will require more imagination by retail traders to find different trading strategies. No, we will not become obsolete. But the way we trade today may become obsolete.
As traders we gotta constantly adapt. Thanks for your thoughts 🙏
Your video was interesting, thank you for taking the time to make it.
Thanks for the informative videos that you put out . I have learned some tricks . I also like the jokes that you make . It makes it fun while learning. Keep up the good work . 👍🏻
Cheers!
Thank you Shay. I actually feel a lot better about this subject
Hi Shay, thanks so much for another great video tutorial. I think that AI it is a great tool for us to improve our work. I totally agree that Artificial Intelligence gives us good results depending on the quality of the information or data that we give it. Thanks a lot Shay!!
Yes, another tutorial about AI trading !!!
good morning Shay, it is great to see you💗💗I smash the like👍👍👍, and thank you for the information.
Thank you for another great video
If AI trading eventually dominates in the market through the “big guys” using it to move billions of $ I would think the retail trader would still be able to ride their waves. Even now the retail trader is typically trying to catch the trends that are created by the big money managers and benefit from them. I don’t see that going away any time soon. Yes, would love to see your next AI video.
Really good video! Like the inclusion of podcast scenes.
Cheers the full length coming soon
A lot of resource for different type of AI to develop. some AI algorithms able lookup/filter out stocks, some algors able READ(Images) chart patterns(Different Timeframes) it is not just simple indicator signals trigger..., some aglor able backtest and forward test to tuning the trading strategies and risk/money management...REMEMBER! AI is really FAST!!
Post certified P&L please
When they begin to trade properly, there might be an "AI trading war" that could become very confusing for retail traders. Some AI could for example master chaos, to get liquidity out of the others. Better be careful if we are on the market when that happens, and they go rogue against each others!...
SEC will create exchanges for AI and the the stupid volatility they will create
As others have alluded to, we (retail traders) are not in control nor are we in the drivers seat and we haven't been for quite some time. We are fighting for scraps. I worked on WS as an engineer and analyst, and developed a number of systems designed to beat the retail trader and match others in capital markets.
From a retail perspective, there is no winning strategy that consistently outputs profits. Either you get lucky or you trade based on insider information.
ChatGPT helped me to learn Python, learn coding for trading, resolve coding errors. It took me around 3 weeks to code a fully working trading bot. Another 3 weeks to test if it is working properly for optimising the profitability. I have no previous coding experience.
Great video
I am inclined to think that AI will be very useful. I had a talk with one of my friend who is a trader last year and I told him maybe in 5 years we will get AI tools to help us. Turned out it came earlier. Now, I think that in the near future, AI will be used as an assistant. For instance, on a certain pattern, certain asset, I am preparing to go short and then the AI could help me: there are X% probability that the trade will lose or win etc. AI would be also helpful in automizing backtests on the fly, or in giving you the answer to: when was the last time that hit the 200 days EMA, and what happened in the next 4 M15 candlesticks ? This would be very helpful.
He’s exactly right far as “what is vwap” and if I had chatgpt when I first started trading it would’ve helped.
Hey Shay let me ask you, do you trade pre-market at all?
Do you think it is possible to trade on the smart phone
AI!!! :) Thank you for the great video
Hi Shay, I am super interested in your upcoming AI bot video. I can't trade with algos on Questrade, where most of my account is, but I recently opened an IB account where I can use algos. But, I don't know how to do that yet. Still learning, and looking forward to your video...
Thanks!
thanks for watching!
I listened to your cwt episode. As it began I thought “I like her style, if only she traded high beta stocks so could relate”. To my surprise I found out you do!
I think AI may help research a stock much faster, however it will only be as good as the information you put in. I think that there are variables outside the box that may come into play
Yeah very true
I hope I get the chance to try it before the robot's take over. Slow internet sucks! The candles for me dont move in real time, take's them 3 or 4 min's before another one pop's up. nothing nothing nothing full candle....I dont see them move or color till they pop up in full. :(
Great video! I've been using chat GPT for some time to help with programming and I'm amazed at how fast this bastard learns 😅
Yeah almost scary
Full interview 😊😊😊😊
Coming soon!
The best hedgefund in the world (medallion)is a quant fund using a form of AI. The acronym "A.I." itself i being misused all the time. There are also intelligent forms of automation which some are categorizing as AI but really isn't that is being used daily. Th majority of the volume in the markets right now is well known to be EA's, algo's or bots of some kind. About 80% of my trades are done with 4 different ea's over the last year. its 100% like what the man said. Gotta have good input to get good output unless you are using pattern recognition systems to find new patterns. You just have to be able to quantify what your doing in a way that is logical and then communicate that via instructions. If you cannot do that then it doenst work
Learn learn learn with a dose of common sense. Another fantastic class!
AI won´t replace retail trading. The successful traders need someone to make money of. Let´s assume AI is gonna be able to create and trade a winning strategy for everyone. Who´s gonna be the loser? We as traders don´t create wealth we just move it unlike production for example that takes one thing and makes something more valuable out of it. So by nature we need people to lose money in trading.
I think AI and chatbots such as ChatGPT can help traders in making decisions. They possess the ability to transform the way we trade, by offering technical analysis and suggestions.
And fast information gathering!
AI please (and if you could please take us step by step on how to implement it) Thank you
AI will Probably Replace a Large % of Human Traders this Decade.. AI and EV Stocks Should Continue to Surge in June. Thumbs Up Video / Thanks.
why i think AI can't replace a successful trader is that the market is determined by supply and demand which is a big difference from a mathematically made decision. Because AI is math and not a negotiator of supply and demand, AI cannot replace a trader. I don't see how AI (=mathematics) can become a negotiator of supply and demand. So I completely agree with Dean.
Day trading might get difficult. But swing trading and investing will always be traditional. I am a day trader though. 😊
Your guests have different perceptions of ai,like many people do . Many people are mistaking AI with algorithm programming. AI is more than that and there is no saying how far AI can go in the next years but the development will be exponential and depending on the boundaries dictated by governments
AI may be here but definitely not for new comers but we are using AI since the the time of development in computing.
But yes agreed.. in near future the more we dig into the alogrithm and create some formulas to reach to the result we want, and as robert frost said long ago:_ "The woods are lovely, dark and deep.But I have promises to keep, and miles to go before I sleep, miles to go before I sleep.
As Long as Sell Orders Are Not Scheduling, It Will Be Hard For Them To Predict And This Is Where Human Resource Comes In . Sincerely ❤❤❤
It'll be the same as it is now: the little guy fighting for scraps.
What do you think guys ? About ai or robots ?
I think stock market is moving why because of human emotions ,there is no place to replace human emotions to ai or robots ....! No matter how hard he tried but we know there was trap in market we are manage the whole trade but ai or robots can't do it without humans........ That's the point !
maybe best to just use A.I. to look for your specific setups and just notify you when they form on the charts you trade
That does exist right now
@@timprice6302 agreed.. posted in hopes to trigger a lightbulb moment for others to start looking into it.
"AI" and thank you for your informational videos
It already has at some firms.
I think that new traders that rely solely on chatgpt to find a strategy will be crushed by the market. It would be a better choice to try to code a trading bot with your own rules and put it to work. That's my humble thought 😌
when you create a trading plan with AI how can you be sure that no one else can tap into your ideas?
When i feel that AI is going to replace me as a trader.. I lay down till the feeling goes away. 🤣Whiskey can help too 🥃
How can I learn how to trade with AI can you please help me
Please read 🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏
Are day traders in canada allowed to open margin account and Trade in usa stocks with margin account?
Please reply if you're non usa residents and day trade and tell me if you're able to open margin account to day trade in usa stocks or not
@@Realestate19341 I did 🙏🙏🙏
I think once we reach AGI, there will be bots that will be able to exceed many common retail strategies. The version of AI right now does not have the intelligence or flexibility that humans have. Trading is like medicine or any other profession that requires a merging of science and art in a sense. We are not there yet, but AI will eventually get there. And it most likely will get there faster than we think.
Would be interesting to see
AI and YOU!
I honestly think it's unfair for us (people) to trade against algorithms (computers). There should be two-tier trading humans vs humans and machines vs machines. Like a casino, trading is designed to suck money out of people's pockets. AI is very interesting. It should be looked at as a tool rather than a replacement. Back in 2005 when I graduated with an Accounting degree people were saying computers will replace your job and yet 18 years later salaries of accountants have shot up exponentially. If you had asked me 10 years ago if a company like Instacart would take off? My immediate answer would be a no since it's cheaper for anyone to grab groceries on their own. Anybody can shop for themselves however Instacart is doing phenomenally cause it's a convenience thing. So the bottom line is people need people.
Algo spikes are the same thing. These AI just follow alrithms to provide info. If retail traders were replaced then the markets would go flat, why no emotion. So no they will not replace humans anytime some. Atleast thats what Im thinking.
Good point.
We shall see
W Greenstone
Fear,greed and discipline are more important factors than market direction in trading. No AI or algo bot can make your decisions perfect, only discipline and character can...❤
😂
AI would help me. I know the conditions and indicators that give me a high win rate, yet sticking to those rules is hard. So AI will just stick to my rules.
" if there even a job to be back to" ....hahahaaa so funny
Would love just to make a program to trade for me, set upon some simple rules...Never Mind AI... I don't need that I need access to create the order... Tradingview doesn't allow this.
AI trading is different with trading bot right? AI is Self-Correction and no any human mentality affecting decision (MachineTrade)
Trading bot just setup some conditions then it trade automatically without thinking...
My dream to become a trader I have no idea about the share market can you tell me about share market by a separate video
@@Realestate670 can you give me information about trading and investing . I have no idea about share market
Artificial intelligence is a buzz word that takes in a lot of territory but which is vastly misunderstood. If a trader thinks that a program that follows a rule set developed by the programmer is artificial intelligence, the trader is mistaken. Such is merely a computer program that interfaces with the platform to make trades based upon the algorithmic design set forth by the programmer. Artificial intelligence is a computer program or computer language, such as LISP, that learns from its own mistakes and learns knowledge by consulting a knowledge base. The only problem is Artificial intelligence doesn't work too well because intelligence isn't the same thing as wisdom. Applied knowledge done correctly is wisdom and results in the correct decisions. Sister Shay, we will discuss this topic together more in depth. I'm composing an email to you that will be interesting. It will arrive around Monday or so.
Algos have been the AI we’ve been facing. AI cannot predict and manipulate higher time frame they will lose
Neural Networks in a way bypass the "bad" sides of AI you mention in the video. The "lack of adaptability of AI to current markets" is a specialty of neural networks since they are trained in real time to current market events and can trade in any conditions with ease. Also the "inability to understand news" is bypassed years ago with buzz word searches and modern APIs.
... If you at this point of reading my comment think I am crazy or talking out of my a**, please go ahead and research "blackrock aladdin" and notice the "1988" release date, also check with how much money this "bot" / "AI" is trading with ...
Prediction: Humble Trader AI, informs us that it has already happened. Will the bio-Humble Trader appear in the video. Now to watch.
Long PayPal, Dell and Adobe ⬆️
oh pls, yeh.. tells how you utilize this as example. here is a big ( AI ) :D
🙌
Asks ChatGPT "Whats VWAP?"....redirects me to AI version of Cardi B 😂
😂😂😂
While AI may be able to improve trading strategies, it is unlikely to succeed in trading due to the dominance of Citadel HFT in the field.
Algorithms have already mostly replaced human day traders 🤖🤖🤖
Depends on the strategies
AI❤
I think AI is not for trading, but rather than help tools about single Information, ex Indicator and so on.
Second, Before we care about Artificial Intelligence, should we first get natural intelligence better under control. Sorry for my English. Best greetings from Germany
Great point!
Ai 🎉
Ai Bots will be like any other trader.... No panic....this will increase liquidity!!!!!
Ai
I feel old AF when Shay apparently has never heard of GIGO😂
😂😂😂😂
Ai please
AI is fun but it looks scary.
AI!
Artificial Intelligence
beep...meep...AI
there is the Blackrock Ai "Alibaba" that already does it and who knows who else does it.....its here for years now so....????
AI
AI already reacts to news faster and more efficiently than human day traders. This is well known. 🤖 🤖 🤖
Debatable
AI got nothing on Nancy Pelosi😂😂😂
@@ninjazzrhythm400 😂😂😂😂😂
I here just looking for Daniel's comment
AI 🎉🎉🎉
scammers around =)
AI 🎉
Artificial Intelligence
Some place nice please.
Will never happen, Algo high frequency trading has been around a while though.
👍👍👍
Humble going to be rich with AI
AI are advancing
AI😊😊😊
🙌🙌🙌
ai
AI, yo.
Well u know i never trust anything artificial...i can trust street intelligence then artificial intelligence...because artificial intelligence doesnt even know we exists in trading and what we think but we do..😍😍 my frnd retail traders do u agree with me?
AI .
🤖
Humans will become AI powered and AI will become Human powered
🤔🤔🤔