ChatGPT can significantly improve and facilitate a trader’s life by generating trading strategy recommendations
ChatGPT is a free AI chatbot that generates human-like texts based on data from the internet. The chatbot was launched by OpenAI in November 2022. ChatGPT can significantly improve and facilitate a Trader’s Life and this AI generate reports on market trends, prices, and other data.
ChatGPT is considered a revolutionary technology because it is trained to learn what humans mean when they ask a question. Reinforcement Learning with Human Feedback (RLHF) is an additional layer of training that uses human feedback to help ChatGPT learn the ability to follow directions and generate responses that are satisfactory to humans. ChatGPT claims to generate trading strategy recommendations based on historical data, technical analysis, and other factors. A trading algorithm is used, it’s like telling a super-fast machine how to execute the trade. But, ChatGPT makes it easier by using this AI chatbot, it automates repetitive trading orders and similar tasks.
A reporter from AMBCrpto used ChatGPT to explore some cryptocurrency trading solutions. He asked the GPT to predict the price of Bitcoin for the next six months. It predicted $50,000, given the fact that the GPT is trained on the data before June 2021. This technology also helps developers find a bug in the code. The AI helps crypto-traders through TradingView’s (TV) pine script, a programming language created by TV to backtest trading strategies. The challenges to trading mainly are the ability to quickly and accurately analyze large amounts of data and make a decision. Here, ChatGPT can help in analyzing and processing large data quickly and accurately. ChatGPT in the trading process help generates code. Accurate implementation of trading strategy is possible as ChatGPT generates scripts based on the users’ parameters and goals for trading strategy. ChatGPT helps assists with automating the trading process. Thus saving time and increasing the speed of the trading process.