There’s a word that every trader knows: “Edge.” You need an edge to trade successfully. And edge can come in many forms. Maybe you understand something the market doesn’t; maybe your analysis is sharper than the conventional wisdom; or maybe you’re so good at reading the price charts -- recognizing the patterns -- that you can sniff out the precise moments to buy and sell.
This is not a trivial concern. Whether we like it or not, by far and away the most widespread use of cryptocurrency -- still -- is simply the buying and selling of cryptocurrency, often in the form of short-term scalping., investment data analytics firm Chain of Demand, which works with blue chip institutions like Bloomberg, has built a tool that leverages ChatGPT to analyze bitcoin price fluctuations.
As for the AI trading bots? Inks considers these to be the successors to algorithmic trading bots, which have long been catnip for rookie traders seeking easy wins. “Everybody and their grandmother swears that their bot has a 90% win-rate strategy,” says Inks. “They don’t.”Then again, even if the AI bots of today are not a silver bullet, it’s easy to imagine a world where they will be impossible to beat. I happen to have some first-hand experience here.
“AI helps you spot these more complex patterns that are present in nature,” says Zdunczyk. “It gives you more accuracy.” Or perhaps the AI will eventually laugh at our use of the Head and Shoulder patterns, and instead identify its own system for finding an edge. That’s what happened in chess, where AI eventually developed winning strategies that had never been used by humans.
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