How to use AI for Trading? ( Best Way)
Umar Punjabi • 5 days ago
What This Video Is About
This video guide explains how to utilize ChatGPT as a personal trading mentor to improve trading performance and identify losing and winning patterns. It provides a step-by-step approach to setting up ChatGPT for trading mentorship, including creating a prompt and uploading trading data.
Major Ideas Discussed
- Setting up ChatGPT with a detailed prompt to train the AI model as a personal trading mentor with 10 years of experience
- Using ChatGPT for weekly reviews, including exporting trading data and uploading it to the AI model for feedback
- Reviewing analysis, which includes net realized PnL, largest winning and losing positions, and identification of mistakes and areas for improvement
- Limitations of ChatGPT, including inability to judge execution or analyze charts, and requiring manual input of trading data
- Alternative solution: TradeFXBook, a platform offering backtesting, journaling, AI-powered reports, and community support
What to Watch Next
The speaker suggests monitoring the development of AI-powered trading tools, such as ChatGPT and TradeFXBook, and their potential to improve trading performance and provide comprehensive analysis and feedback.