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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:
πŸ‘‰ How AI and systems like ChatGPT can help YOU make money
πŸ‘‰ The potential downsides of AI and language models like ChatGPT
πŸ‘‰ The future of retail trading with AI tools including ChatGPT
πŸ‘‰ Whether you should invest your hard-earned cash into AI trading
πŸ‘‰ 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! πŸ’ͺ
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It's the hottest and the newest technology that sparkly intense debates everywhere. We go from Wall Street to retail trading, but such advantages brought by AI has also raised some concerns. but with AI it process so much more than we can do ourselves. I think one day AI will be trading instead of humans it already is I Know some of you are worried and are wondering about what can you do to stay profitable and stay ahead in an industry that's increasingly dominated by AI Well, AI made it even more difficult or easy for you to make money in trading.

Hmm Well, if you're asking those questions, you are here for a treat in this video. I'll be sharing The Good the Bad and the Ugly and the undeniable potential of AI trading. you're gonna hear some golden insights and with them from a veteran trader who's been trading for over 20 years since A.com Bubble in 2000. and you'll also hear from an ex-ceo and a Quant Trader who rang his own automated trading firm.

In this video we're gonna be discussing how will artificial intelligence help us Traders make money, how it can potentially hurt us, how AI tools will impact and shape retail trading, whether or not you should invest your own money into AI trading and finally, how you can AI prove your trading skills for the future so you do not get replaced by a bunch of robots before we jump in. I Just want to make it clear that while I have been trading for over eight years, I am by no means an AI Guru I'm just a curious day trader who doesn't want to go back to my nine to seven job or if there's even a job to go back to. So if you're ready to dive into this fascinating discussion about AI trading, make sure to smash the like button. And now let's get started.

How can artificial Intelligence help Traders become better at Trading Sold A million dollar question you're probably asking is Shay Everything AI seems to be flying to the Moon How on Elon's world can I use artificial intelligence to improve my trading and profitability? Well, there are two major ways in which AI can really help us retail. Traders Number one, use AI as a super tutor for trading. The first and the most obvious way you can use AI is to leverage this tool to speed up your learning process. I Asked this question to my friend Ding, who's an ex-ceo and a Quant Trader who funded his own Quants trading firm I Believe.

However, the amount of information that people are like that are watching this right now. the amount of information that my children that my friends can get from YouTube and from different places and now with AI and Chachi BT and the different different models and AI models that are coming out absolutely brilliant. What you can do with it and the information you get from it. Um, I Think it's going to help people get better, smarter, more profitable, faster.

Okay, because the amount of information you can stuff in your brain. So if you have the capacity to take on the information and be good at it, um, it's it's incredible. Where before let's say you're reading through some information and it comes up and says, um, take a look at the view app, what's view up? You'd have to go back to the internet Go to say Investopedia Google look it up, see if it brought up the right thing for you or now, just oh, keep chat GPT open or one of the University Gpt's open and just put in hey, what's Vwap? Please explain it to me as a fifth grader and tell me how this works and it'll boom. Give you an outstanding explanation so it's like a super tutor like what? Dean just just spoon feeds you the complex trading Concepts in a way that you can understand and I Couldn't agree more when I first started trading I usually spend hours researching and figuring out complex trading lingos as an attempt to understand what some chat rooms are talking about.
Now I can go on chat Gbt and get an answer in minutes I'm pretty certain that if I started to learn trading all over again this year, I can definitely shave off weeks if not months of researching. and Googling even if you are already an experienced Trader Maybe you don't need an AI bot to explain to you simple terms like V-wap or market cap, but you can still use it as an assistant to Gathering Trading knowledge I Also asked my friend China a computer science major CPA and a trading veteran for over 20 years China is no stranger to using AI in his trading and he's seeing how AI has affected his own industry in accounting. This is how he would use AI to assist in his Trading Circling back to some of the AI stocks, we talked about: What's your opinion on AI Trading Do you think you know in a couple years? do you mean AI Trading like trading AI stocks Or how AI will impact trading? How AI will impact trading? What's your opinion? Well, it's definitely going to impact it somehow. Will it be a an AI robot trading against us or like a futuristic Terminator probably not.

I Feel like the short-term AI will be like an assistant so you know instead of me looking up shelves and stuff, I can just verbally say hey, this company's here, what kind of shops do they have and it can produce information for me on the Fly that I can that I can act on really quickly I feel that's the first route is assistance to help human Traders Yeah help human Traders Like you know we sit down and Google something but now Ai could be like hey, I'm looking at this thing and maybe it's trained that every time I look at a company, it's going to produce a report that it knows of six metrics. It's gonna go to six with different news sources and give me everything it knows in a compiled format. So I could be like yes, no. Okay, okay, ask it more information.

So as you can see, it doesn't matter whether or 20 years. there's always something new to learn in this ever-changing market and you could stay ahead of the learning curve and make better decisions by leveraging. AI Traders If you're curious to see how I use Chat Gbt to do some of my information gathering for trading, let me know by commenting AI down below. The second way you can use AI to help with your trading is to use it to plan your trades.
On top of that, people are going Oh, I can use this Dakota Trading's a winning trading system. No, you can't It doesn't work that well. You can put it in I saw you took it, took a shot at it. Yeah, you have to know coding.

You have to know how to correct. That's not as easy as people think. Not yet. Anyway, not yet.

it will get there I'm sure, but at the moment it's not. so. um, you have to know what information to put in. Yeah, so as long as you know when to buy, when to sell, when to buy, when to scale out, when to short, when to scale out, then you can put that information in I Think in time, it's going to be phenomenal.

Yeah, so you think it's a tool that Traders can use to help build their systems I Think that it's a tool that people can use to learn faster. Okay, not so much for trading. I've tried to get it to write different types of code for different types of platforms and there's mistakes. So if you're okay if you're a coach, interesting, if you're a programmer I think it's phenomenal.

If you're not a programmer, once again, you should probably look into some of these uh, platform that that can do the programming for you. And if you're a developer and you know what works and if you know trading and you know trading, then great. If not, you better learn, you better learn a strategy. You better get a coach.

If not garbage in garbage out, you know it's true garbage in the Chachi PT Garbage out. Yeah, that's hilarious. Like what Dean just mentioned AI can do certain tasks for Traders but that's only if it's fed the right information. It's like a super smart assistant that can do a lot of different tasks.

However, he or she will still need some specific instructions from the supervisors. for example, let's say you need some help with pre-market trade planning AI Language models like Chachi BT can do that, but you need to tell it what to research on otherwise the AI tool will spit out a bunch of crap such as all the recent news, the company's market size, employee number, year of origin Etc and just a bunch of mumbo jumbo. But if you tell us specifically to look for information such as the stocks float, market cap, to dates, headlines, and for certain stocks SEC filings and cash burden rates, it can deliver exactly what you need without some specific and Technical requests from the trader. Artificial intelligence at this point will not be able to provide the right information for you to come up with a trading plan and for planning your strategies.

Otherwise, like what Dean said, it's garbage in garbage out. But guess what? Let's say you already have a set trading process and you want AI to automate it. You can definitely train an AI model to follow your process from researching news to drawing up daily key levels. Owingo AI is a useful tool that can speed up your trading, your learning process and do some of your pre-market trade planning for you.
But remember, it still requires your guide islands and prompts the dangers of artificial intelligence and how it can hurt Traders Alright, so now I gave you some strong reasons for AI but I wouldn't be keeping it real with you guys if I didn't talk about the ways AI can hurt your trading performance and why you shouldn't rely too heavily on it just yet. AI is not for proof for one. While AI is very powerful, it's not without some errors. The algorithms developed by AI are only as good as the data you train it on.

AI can and does make mistakes, sometimes pretty expensive ones. For example, in my 100 000 AI Trading Strategy video, it took me half a day to improve on the mistakes the AI bot created in the scripts. As you can see when areas like this happen, we as humans still need to roll up our sleeves and correct those algorithm mistakes and make these strategies work. AI cannot adapt to Market environments.

The next way AI can potentially hurt your trading performance is that it's simply not as good as human. Traders When it comes to reacting to certain Market shifts, we all know that trading the market is a wild ride, especially these days. markets are unpredictable. They are influenced by human sentiments Global events and unpredictable twists.

Artificial intelligence is great at finding patterns as directed so far, but I can also trip up when things don't go according to the script. Any AI trading strategies you implement will require human monitoring and to be updated with a market environment. An AI model that worked perfectly in 2020 might be stumbling in 2023. Take the current interest rate environment as an example.

No. AI saw that coming. So humans like you and I unless you are bought watching, this still need to be there, guiding our AI tools and Bots and updating them on the market environment and adjusting your strategies. along the way.

You need to teach your Bot how to operate in a brand new environment, when to stop out, and how to be aggressive or conservative when it comes to entries and profit taking. How will artificial intelligence impact retail? Trading I'm sure most of you are aware of the areas where AI can outperform us human retail. Traders They can process tons of data way faster than a human ever could. They can monitor the markets 24 7 and watch their positions.

And since they aren't human, their emotions will never get in the way of executing the strategies. So will AI take over retail trading. Will it make the retail? Traders Obsolete And are you and I out of a job? Don't worry. Traders The short answer is no, not right now.
The long and more complex answer is maybe probably because I think a lot of people are like, at least in the trading industry and I'm sure there's a lot of other Industries are a little bit worried about AI thinking that oh, the the once AI becomes more popular or technology developed, it's gonna eventually replace all retail trading. So what do you think about that? Fear or worry? No I think that there's um, I I Don't think so Well, Mutual fund managers and a lot of hedge fund managers. A lot of hedge funds are just mutual funds with a lot of fees attached to them in performance fees. Yes, um, a lot of those guys are and people are getting very average returns.

So if they take their same strategy and put it in use AI to write some code and do that, they're still going to get the same output right. So you need good input to get good output. If you have excellent input, you can get excellent output. I Don't think they're going to get rid of a lot of things I think with a lot of these Robo Traders and that sort of thing you take a look at, there's you don't see a lot of Articles saying hey, these people put their money into these Robo Traders and the returns are phenomenal.

You don't hear that, it's just, it's just not happening. What's happening is there are some excellent Traders and there's a lot of good Traders and a lot of them being getting a lot of exposure on the internet. Now it's amazing I mean learn from them. Um, but I really? I Don't think just yet I think in time probably.

But right now I haven't seen it because the in put correct yeah the AI is not all they're trying our successfully discovering new strategies for you. Yes, discovering new research for you. You have to tell it what to do. Yeah and you know I've taken a look and I've tested with it and and done Just make me a winning strategy and it comes back with a lot of apologies.

Garbage. Yeah, garbage. Yeah, it's so yeah. Um, I'm not a believer in that yet, but have I have I used it for an assistance in a lot of things? Absolutely Yeah, absolutely.

But you so you don't see it replacing retail trading completely? Well, No. I feel part of real retail trading is the the journey or the or acquiring the skill set right? I Feel like it might it might really take over in a lot of you know, in a Wholesales market like I'm sure there's already New York Mathematical Quant Traders using AI to some degree. but I feel like retail Traders want to be retail? That's the whole point, right? if you wanna I mean there's already bots in place for people that want to trade using Bots but I feel I'm sure that might exist. but I still feel AI won't be able to.

It might be able to handle like EMA bounces or view out bounces, but it won't be able to handle nuances when news hits right away, right? So I feel like short term? They'll be able to produce existing information to you fast, right? and you'll still have to act on it like if you are more of a technical traders using all the indicators. you said yeah, it can help you trade. We have this at this moment in the room that's probably a year ago, but forget what's happening. but spy hit like a 200 day EMA on the yearly and then just starts selling off and people were like I don't know what's happening.
this makes no sense I'm like it's just quants. it's just it. Once in a blue moon it's a Target against computerized systems and they start selling and it dropped like I don't know 10 points really fast and so that's what I feel that's a field extent of what quants can do right now is that they can hyper trade in a small Zone Yeah and then when that major Target gets hit they you know they're looking for it. They're going to sell into it or buy it up.

but I feel for us AI is going to help us being like a consistent right so you won't need Daniel anymore. he'll just be like hey I will be producing all this all the suggestions for you sorry Daniel um yeah it's yeah, that's what I think I think short term will be like. it'll be an assistant and a helper in your daily drive right? Okay, yeah, for us retail, Traders trading is a journey of learning, risk taking and growing. The AI cannot replicate.

Plus when the unpredictable news breaks, the nuances are often Beyond Ai's current abilities. So I don't think you need to necessarily see AI as a replacement, but rather a helpful sidekick or a helpful tool that can accelerate your trading process. And for my AI Traders remember the Mantra that Dean just mentioned garbage in garbage out. The effectiveness of AI trading will depend on the quality of the data that's fed currently.

AI isn't replacing retail Traders and it still weighs off from creating brand new, profitable strategies independently. it still needs us human Traders as the captains of the ship. So in the big picture, AI isn't poised to take over just yet, but it will increasingly shape the trading industry. Our challenge is to harness it as a tool while staying in control.

Remember Traders we are in the driver's seat now should you invest your own money into AI trading. So now now knowing everything we know about AI The Good the Bad and the Ugly I want to know: Would you trust your hard-earned money with AI trading and maybe specifically with Chat's Gbt. Do you think you will trust AI with your money? a chat GPT For example, would you trust it with your money to trade? uh I probably would with a small float I don't think I'd go all in with with AI right away I would definitely test it, you know I have some YOLO in me I I'm okay with throwing some money at an experiment I've done, you know I've made I've made worth decisions with my money on a Sunday than I uh than I have during the stock market. So that implies NFL Betting football? Um, but I See yeah so but um yeah.
generally I would I would I would test things out? Yeah, smaller, smaller float. see how it does? Um, see how it does during like Panic times right? because I feel like where AI is going to fail short term until it can Master it is when there is a massive news Panic flush. You know when everything's progressing in a range or some sort of mathematical formula. it can do great, but there's always we have emotion, right? So that's what drives Market is some.

There's lots of fear or greed whichever way. and um Howard will behave Then right? it's a good try to shorten to a parabolic. Is it going to sell out into a flush? Um, is it just going to hold everything and and then have an error right? So I definitely would like to test that interesting take right? Honestly, I'm with China on this one I trust a small portion of my money with Chat Gbt or some similar AI trading tools I mean I've lost more on stocks I traded in the past myself. so why not let AI take the shot for a chance? In fact, a little teaser here I'm currently working on a video right now where we explore the very idea of AI Trading So make sure to stay tuned for that video.

If you're excited to see it, make sure to let me know by commenting AI down below I'll do my best to publish it ASAP How to AI prove your skills for the future of trading? Moving on to the next point: I Want to touch upon how we as Traders can prepare ourselves for a future where Ai and trading will become even more intertwined again just to reassure you. Retail trading as we know it isn't going anywhere. While AI can enhance our trading abilities, it doesn't replace the need for human. Traders Artificial intelligence is a tool that Traders can use to augment their skills and knowledge.

It can provide valuable insights to help us without decision making, but it's ultimately up to the traders to make the final call. with that in mind. No matter if AI is making your trades for you in the next 25 years or so, you still need to know the basics of trading and that would be risk management, understanding price action, mastering your emotions Trader Psychology, trade planning, and everything else I Talk about on this channel the better of a Trader You are today, the better off you'll be in the future where AI plays a big role in trading. Perhaps the question isn't really about whether AI will replace Traders but rather how Traders can best adapt and leverage AI to their advantage in trading in the ever-changing markets.

If you want to watch or listen to the full interview with China and Ding, you should check them out down below if you're interested in seeing how I set up my AI trading with Chat Gbt, then you should check out this video over here.

By Stock Chat

where the coffee is hot and so is the chat

29 thoughts on “Will chatgpt trading bots replace human traders?”
  1. Avataaar/Circle Created with python_avatars Brad Schofield says:

    Thanks!

  2. Avataaar/Circle Created with python_avatars Samuel Jones says:

    Ai

  3. Avataaar/Circle Created with python_avatars Krystle Rees says:

    I am new to learning day trading and I have to say using ChatGPT to help define the different stock identifiers is sooooo much nicer than Googling everything. Thank you thank you for the suggestionπŸ™ŒπŸ»!

  4. Avataaar/Circle Created with python_avatars Starwood Anime says:

    Yes, AI is going to replace you.

    Or most likely it's going to be used by rich people.

  5. Avataaar/Circle Created with python_avatars Doctor Doom says:

    for Asian people it is interesting that AI backwards is IA (pronounced "i-ahh")

  6. Avataaar/Circle Created with python_avatars Best of PVP says:

    People wonder why the market became so "predicatble/easy" … guess why πŸ˜€ The good thing is that you can always be unconventional and play against them by doing something different to their system like the "ICT silverstar" or what ever its called.

  7. Avataaar/Circle Created with python_avatars Pavan Rajegowda says:

    If you are really save my life can you please save my life I'm begging you I don't even know I will live or die ?? lose everything in my life because of trading few days back and lots of loans I taken no one save from this I need 12000$ in Indian money 14 lakhs I'm ready to do anything if your clear my loans because it's my friends family life also suffering because of me l'm begging you lot. I will be work with you what every you told please help me I will be your servant life long please help me I really don't want to die
    ЛАЛ
    daddadad
    please help me out of this

  8. Avataaar/Circle Created with python_avatars The Schulz Family says:

    AI

  9. Avataaar/Circle Created with python_avatars John Sormani says:

    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

  10. Avataaar/Circle Created with python_avatars shallow water sailor explorer says:

    It already has at some firms.

  11. Avataaar/Circle Created with python_avatars Follower says:

    "AI" and thank you for your informational videos

  12. Avataaar/Circle Created with python_avatars Kumpi Panda says:

    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?

  13. Avataaar/Circle Created with python_avatars Saturnsfave says:

    AI

  14. Avataaar/Circle Created with python_avatars Zaraptta Zaraptta says:

    Why are you ALWAYS using black people in negative ways in your videos, also alluding test they need to be made fun off.
    Black people can make many Chinese jokes if they choose to.
    Maybe you should have married a Chinese man, and may be should have still been married.
    I have observed about a least 6 Black people you are using to make jokes about.
    I urge you to stop this blatant racism on your channel immediately.

  15. Avataaar/Circle Created with python_avatars Jean A says:

    AI

  16. Avataaar/Circle Created with python_avatars Sunil Naipaul says:

    How can I learn how to trade with AI can you please help me

  17. Avataaar/Circle Created with python_avatars Brian Merry says:

    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…

  18. Avataaar/Circle Created with python_avatars Gary says:

    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 πŸ™‚

  19. Avataaar/Circle Created with python_avatars REDART says:

    AI

  20. Avataaar/Circle Created with python_avatars Luc Verheecke says:

    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.

  21. Avataaar/Circle Created with python_avatars Mateo Kladarić says:

    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 …

  22. Avataaar/Circle Created with python_avatars NIO says:

    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 πŸ₯ƒ

  23. Avataaar/Circle Created with python_avatars ε„ͺζ•£ηš„ε‚»ε‹’ says:

    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!!

  24. Avataaar/Circle Created with python_avatars ε„ͺζ•£ηš„ε‚»ε‹’ says:

    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…

  25. Avataaar/Circle Created with python_avatars christsciple says:

    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.

  26. Avataaar/Circle Created with python_avatars Skyflower says:

    Please read πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™πŸ™
    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

  27. Avataaar/Circle Created with python_avatars RR Rod says:

    He’s exactly right far as β€œwhat is vwap” and if I had chatgpt when I first started trading it would’ve helped.

  28. Avataaar/Circle Created with python_avatars April L says:

    Ai please

  29. Avataaar/Circle Created with python_avatars Humbled Trader says:

    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?πŸ‘‡πŸΌ

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