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Crypto Trading, Featured, Technology

ChatGPT in Trading: An AI Tool to Takeover the Crypto Industry?

By now, you have already read and viewed a hundred videos on ChatGPT and how it takes a few seconds to write articles, blogs, and even songs. The AI tool has already taken the internet by storm, and soon it will deliver a mature version, which might even delete the concept of Google search. But how and why? Don’t we already get the answers for what we search on Google? Then how is ChatGPT different from google, and why is it a hype? 

A few weeks ago, OpenAI launched its language model chatbot that interacts in a weirdly conversational and convincing way. The chat model provides thoughtful, lengthy, and thorough responses in a matter of seconds. Several people around the world have explored the tool and successfully written essays, songs, letters, emails, blogs, theses, and even coding languages. Funny, right, how an AI tool can do things in seconds that the human brain might take days. Here is an article on how the tool can be used in trading and revolutionize the crypto industry. 

Also Read: A Raising Alarm Against ‘Godfather’ a New Malware Targeting Banking and Crypto Applications

ChatGPT Can Make Effective Crypto Trading Strategy For You

ChatGPT can be a great crypto assistant and even make an effective and profitable trading strategy. Several crypto enthusiasts added youtube videos that showcase the tool can revolutionize your TradingView workflow. The NLP technology AI tool is based on three set language modules and has the capability to provide effective answers with the data already present in it. 

  • Using ChatGPT to Generate PineScript Code For Trading

The use of ChatGPT to generate Pine script code can be a great tool to easily and quickly prototype and test ideas on trading views. ChatGPT is also helpful for beginners in Pine script, for the ones who want to learn how to code custom indicators and strategies. Here are some examples of how you can use GPT to generate Pine script code. firstly it can create a simple moving average.

Not only will chat GPT explain what it’s doing, but it will also keep us the actual code that one can copy and paste into trading view. The only thing that you need to change once you start to copy and paste it on the pine script. You will get the simple moving average right below the graph.

We can also use chat GPT to generate more complex ideas, for example, letting you know when there is a significant increase in volume.

If you ask ChatGPT “generate pine script code that turns the background color green when the volume is 50% or greater above the volume moving average with a period of 14 days”, it will instantly show when the background color turn screen on the chart.

ChatGPT Generated PineScript Code

To spot significant moments in the market, it is important to check when the market volume turns high. With this help, you can analyze the significant moments of the market. Not only that, but you can also create fully automated trading strategies with ChatGPT.

Also Read: Indonesia To Introduce a National Crypto Exchange In 2023

  • Automate Your Trading Strategy With ChatGPT

Automated trading strategies or a type of program that can be used to execute trades automatically based on predetermined rules. These strategies can be back-tested on historical data to evaluate their performance and can even be set up to execute real-time trade based on market conditions.

By using chatGPT, you can easily and quickly develop automated trading strategies that can be used on the TradingView platforms. Here are some of the most common components of an automatic trading strategy that you will need to create with ChatGPT. 

Entry and Exit conditions are a critical component of automated trading strategies. this vitamin when the strategy should enter or exit a trade. The conditions can vary on a number of factors, including technical indicators, price patterns, or other market conditions.

Position sizing is the process of determining the size of the trade. These are the number of shares, contracts, or coins to purchase. These are based on several factors in automated trading strategies. Position sizing can be used to manage risk, optimize returns and ensure that the strategy is well-suited to the size and risk tolerance of the account. 

  • Educates Trading and Coding Beginners

Another great feature of ChatGPT is that it helps to simplify codes and helps you understand every instruction in simple paragraphs. If you are new to codes and having trouble understanding any particular part of the code, copy and paste it into ChatGPT and ask it to explain it line by line or section by section to help you get a proper understanding of the coding. You can educate yourself on several other topics related to crypto trading. 

ChatGPT is Great, But Definitely Not the Best

ChatGPT is blowing the internet with its speed, exceptional error-free content, and unique ideas. Other than trading bots, and coding languages, the AI tool also shares beautiful and unique interior design ideas. The user also used the ideas and implemented them with mid-journey images, which turned out to be exceptional. The same user was also asked to write a horror movie character plot and used the results in the mid-journey to create images of the characters. The results were mind-blowing. 

Another user took an SAT test with ChatGPT, which was amazing. The crypto Twitter posted several other people using ChatGPT to write crypto songs, essays, emails, and whatnot. However, one post that made ChatGPT scary was an emotional post by a mother, who asked chatGPT to write a letter to their son explaining that ‘Santa is not real’. ChatGPT, among several other AI tools, cannot be explained as a tool anymore, as it is already a functional bot that is used in several ways. 

Can ChatGPT Kill Google?

You will be amazed at what the tool can become in the coming months. OpenAI has more powerful tools than ChatGPT, which, however, are not yet available to the public. While ChatGPT is free today, the company will monetize it at some point with eye-watering compute costs. While there are other internet companies than Google, Microsoft has finally come up with something that is making people question the requirement of Google. 

The smart tool shows how it’s better than Google, here it goes.

ChatGPT Vs Google

The best part about the tool is that it is offline. This means if you have a version of it on your phone, you can actually use it without any internet connection.

Are You Scared? Well, We All Are!

Yes! It is true that the entire industry is getting ready to have a personal AI tool as their assistance in the coming years. When Facebook was introduced, it managed to register a million users in one year. However, ChatGPT did the same in just three days. This is mainly because the number of people accessing the internet today is huge. And that has become an added advantage to AI tools and similar products to expand faster than what we could only imagine. 

We all are excited to see what ChatGPT has to offer, yet we are also a little scared. As AI is already here like a wise man once said, “AI IS FAR MORE DANGEROUS THAN NUKES.

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