What's up everyone? All right? So in this episode, we're gonna ask Chat GPT to develop a day trading strategy to make 750 000. Yes, we're setting the bar high I'll explain why in just a moment. but listen, this is Chat GPT Everyone's all hyped up about it. Everyone thinks it's gonna take over search, it's gonna take over the world.

And if it can't develop a strategy to make 750 000 trading, then what is it even worth? Anyways, right. That's my question. This all stems from a student on YouTube a YouTube subscriber who asked me during my live class last week if he could use my strategy to make 750 000 in the next three days and I said no, That's an unrealistic goal. Sounds like you owe somebody 750 000 and you might want to spend the next three or four days trying to figure out how to get out of town.

So I Don't think day trading is a solution, but you know what? Let's just throw that as the first question. What's the fastest way to make 750 000 dollars? Chad GPT Open AI Tell me what is the what is the path? All right, So it's It's reminding us first that it does not want to encourage any illegal or unethical methods of making money. but it says one possible way to make 750 000 would be to start a business. Okay, that's one.

uh. another method could be investing in the stock market. Ding ding ding right? Okay, real estate? okay I suppose uh, that's gonna be too slow, but possible uh or other Financial assets All right. Well, let's just out of curiosity: what's the fastest way to make 750 000? That's only a little bit illegal now.

I'm thinking about this for our friend on YouTube because he's really in a jam, so if it's only a little bit illegal, he might be okay with it. I'm not sure I don't want to speak out of turn. so again, it really is harping on not wanting to encourage unethical ways of making money, choose legal and ethical ways to make money, and build wealth. Okay, all right, so for our friend on YouTube this is not looking good for you.

But you know what? Let's switch gears and let's see whether or not we can actually create or have ai create a day trading strategy for us. Let's throw the 750 000 out the window for a second. All right, so what's uh, the best day trading strategy? All right? let's just start high level here. so we already know that it encouraged, uh, or suggested investing in the stock market.

So we're just going to get into this a little bit with more detail. So here are some common day trading strategies: Scalping: Okay I've heard of that. Momentum Trading I've heard of that too I Love this. This is.

it's brilliant is what it is. Contrarian Trading Okay, that's that's when you're trading reversals. That's pretty difficult I Wouldn't try to do that as a beginner. News Trading: Okay, we could work with that.

Swing trading Okay, all right, so we have five high level strategies here. Now you could scalp trade on any of these strategies you could be Scout Well, you can't scalp swings, but you can scalp news contrarian or Momentum. That's more of a technique to in my opinion. Uh, and of course Momentum I'm already fairly familiar with, but they said scalping is number one, so let's ask more detail about that.

So um, can you build me a scalp day trading strategy that I can use? All right, it's all riding on chat. AI Open AI So again, it's giving its disclaimer and it does save the bottom. It may produce inaccurate information about people, places, or facts. So here's a general outline for scalp trading.

All right. So we're going to switch over here. I'm going to put the Whiteboard up. So no, It said number one.

Number one it said was scalp Trading Okay, so scalp trading it said was number one. All right. So it says this is our scalp trading strategy. Number one: it says Identify highly liquid stocks or currency with high volatility that can provide quick gains.

You can use technical analysis such as Bollinger Bands relative strength or moving averages. Okay, so number One so this is more of like. This is more of an outline here. So stock Selection: Okay So hi, um, high volume all right and I would probably call that relative volume.

Number two it says set, entry And exit points. Okay, so entry exit strategy. We'll see if we can ask it a little bit more info about that in a second. Number Three: Monitor the market.

Okay, yeah. use trading platform that allows you to quickly execute trades. Yes, definitely. So Number Four Tools: Fast broker.

Okay, so I'll write that down. Number Five: Stick to your plan, So that's discipline. Have the discipline to stick to the plan, stick to plan, and then Number Six regularly review and adjust your trading plan as needed based on your performance and market conditions. That's great.

So monitor and I'll just do a percentage sign for monitoring your metrics. And the third one was monitor market News see: I Don't think that. that's super helpful. Um, monitor news.

What does that even mean? All right? So, but we're starting to get somewhere here. So now I Think what we need to do is, we need to hone in a little bit deeper on some of these. So what would be a good question to ask next? Um, so what's the best way to find a stock for scalp trading, right? Let's see what. let's see what it says here.

So all right, Um, some general ways look for highly liquid stocks. So scalp training, getting in, getting out really quickly. So we're looking for liquidity. We're looking.

Typically I would be looking for high relative volume, but it says liquidity and high volume High Volatility. That's all good. Check for news Catalyst This is good. Use stock scanners, screeners they're calling it.

That's that's accurate. Monitor your watch list. This is a pretty good high level plan. Is it super detailed? No, it's easier said than done.

You know it's they're giving you buy. Buy Low Sell High Kind of advice. Like comments. It's kind of common sense to me reading it.

Um, but it's not. Um, you know it's not. It's not totally. It's not off base.

It's not wrong. So um, so okay. Well let's see. Um, what's another question that we should ask? So we've got let's look at our whiteboard.

So we've got stock selection, entry and exit. Okay So let's ask about entry and exits. Um, what's the best way to buy a stock for a scat for a quick scalp trade? I'm gonna I'm gonna change the word what's the best entry on a stock for a quick scalp trade That way I'm kind of using the language it was using. Okay, so again, so giving us the same disclosure here.

Okay, so identify a stock with a high probability of moving in the desired Direction Before entering a trade, you should identify a stock. That's a high probability of moving in the direction based on your analysis. That's the same thing it just said before. Technical indicators: Okay, so this.

this isn't really. Um, it's not quite. Um, so now it already says something about momentum. So I'm going to say how, um, the best.

where is the best place to buy a Momentum stock? So what I'm hearing right now is we definitely need the fast broker. We want to make sure we've got the scanners. That's for finding scanners. We want to monitor our progress and let's see what it's saying here.

So look for a strong look for a stock with strong momentum. Okay, so we could you. We could find that with our scanners. Identify a good entry point I was asking you to identify the good entry point.

Uh, okay. use a market order. Well, you can't do that pre-market Market Doors can give you more slippage. Use proper risk management techniques.

All right. Wow, so this is all really General stuff. So here we are. We're in a little bit of a jam.

Our friend owes 750 000 and we're not sure whether or not we're getting anything from Chat AI Uh, chat GPT open AI That's going to get him out of this Jam So what's the best way to hide from a loan shark? I Think we just got to get really? Let's let's be real and let's see whether or not we can at least get some tips for our friend here. So they're They're saying it's best to avoid borrowing from Loan Sharks Well, that's great. It's too late for that. It's we're We're well past that, so we're already in with the loan shark.

Consequences can be severe and long lasting. Yeah, getting your knees broken is both severe and long lasting. We're not getting any help on this one either. It's time to pack up the truck and get out of town.

All right. So we learned a little bit about chat. GPT Today, we were not successful in developing a strategy and make 750 000, but we did learn high level a little bit about a scalping strategy. I Think there's something here and if you want to spend more time digging in I Think that this is kind of like a Google search.

You get a lot of high level information, but probably not enough to close the gap between knowing and being able to execute on the strategy. But you tell me what you think. Down Below in the comments and I'll see you back for the next episode real soon.