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Can ChatGPT really help you make money in the forex market?

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Advanced Forex Blog

January 25, 2023 | 4:15 pm | Advanced Forex Blog

January 25, 2023 | 4:15 pm
Advanced Forex Blog

Watch Saul’s review of AI platform ChatGPT

See how it can help traders improve their trading, specifically in profit trading.

In this video, we will overview what ChatGPT is capable of and not doing in terms of helping us become more profitable.

Saul notes that chat GPT, a popular AI platform, has data up to 2021 and may not be as useful for providing current information. Saul mentions the carry trade strategy, which is not practical for prop trading due to negative interest rates. He also discusses a trend following strategy for Forex trading, which involves identifying currency pair trends and entering trades in the same direction.

However, Saul notes that the Forex market tends to be a ranging market, rather than trending and mentions the use of technical analysis tools such as moving averages, trend lines, and momentum indicators to identify trends and set stop loss and take profit levels.

Overall, he suggests that while AI platforms can be helpful, traders need to be aware of their limitations and ask specific questions to get the most out of them.

 

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