ChatGPT is the topic of the day on the internet! Let's see how artificial intelligence (AI) can be used in the field of online trading (Part 1).
Reading Time: 5 minutes Financial activity: Trading Knowledge level: Beginner
Summary
What is
ChatGPT?
Use ChatGPT as a teacher
An alternative to ChatGPT
Conclusions
What is ChatGPT?
ChatGPT is a
chatbot developed by OpenAI and launched in November 2022. OpenAI is an AI
research and deployment company.
This platform
is still under development.
You can freely
access ChatGPT using your Microsoft or Google account.
This is the
home page of the chatbot:
Home page of
ChatGPT (screenshot by Author).
The simplest
way to start your conversation with this AI is to make a question (look at the
examples above).
Use ChatGPT as a teacher
The first and most useful use of ChatGPT in the field of trading is that of a teacher. We can use AI to explain specific technical analysis topics to us.
Here are some examples.
Screenshot by
Author.
Important information to know:
- the quality of the answer depends on the quality of the question. The more detailed the question is asked, the more precise the AI's answer will be.
- ChatGPT is not connected to the internet and works using a database updated until 2021.
- CahtGPT remembers the answers it has given us, so we can refer to them for further clarification.
- The chats are memorized (see the list at the top left of the chat window) and can be continued at different times or even canceled.
An alternative to ChatGPT
ChatGPT is
very popular and very often it’s busy:
Screenshot by Author.
Then you can try to apply to use Microsoft Bing with its AI Chat (this project is also in its initial stage).
Screenshot by Author.
The artificial intelligence with which this chat is equipped is the same as ChatGPT but, in this case, we are connected to the internet for research.
In the example below you can see that I asked the same first question I asked ChatGPT and got an answer based on internet searches.
The last line shows the links from which the intelligent search engine has drawn the information it used to build the answer.
It also offers us other possible phrases with which to continue the chat ("I'm interested in forex." Etc.).
Screenshot by Author.
Important information to know:
Microsoft has limited the number of chats users can have with this new Bing Search. There are a maximum of five chats per day for a total of fifty responses.
Conclusions
Artificial intelligence (AI) can be used in the field of online trading in many ways and there are many different projects (at their initial stage, at the moment).
I think that every tool that can be useful in trading must be known and my desire is to provide this kind of information. Therefore in the second part, we will talk about how to use ChatGPT as a helper in programming automatic trading systems.
A sincere wish of good work to all!
Written by F. GRAMOLA (*).
(*) Member of S.I.A.T., the Italian Society of Technical Analysis (member society of I.F.T.A. – International Federation of Technical Analysts).
Warning
We merely cite our personal opinions for educational purposes only.
All trademarks are the property of their respective owners.
Investing and trading are risky. Don't invest or trade money that you cannot afford to lose.
Initial Photo by Om Siva Prakash on Unsplash.
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