Can We Use ChatGPT To Perform Cryptocurrency Trading?

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Right now, ChatGPT is the talk of the tech world! Undoubtedly, AI is getting more and more powerful these days. OpenAI’s ChatGPT is a perfect example of it. 


ChatGPT is an AI tool launched in November 2022 to explain and feature massive functionalities of core technologies like AI and ML. With that, it can do things like error detection, essay writing, and even writing poetry. But the exciting part is that researchers are thinking about using ChatGPT for crypto trading. 


Let us see how this work!


Chat GPT


How To Use ChatGPT for Crypto Trading? 

Everyone is praising ChatGPT for its proper analysis and automation features which is the basic necessity of crypto trading. Moreover, this tool has the potential to reshape the crypto market. 


ChatGPT can assist investors and traders in making more clever and tactical trading decisions. For this, it uses real-time market data and insights to analyze possible successful trades. So, if you want to invest in a new cryptocurrency, you can gather information like the coin’s market cap, investor sentiment, price history, etc., using ChatGPT. These details will help you in taking a better decision instead of putting your money in the wrong place. At last, you will get tailored crypto trading suggestions based on your own portfolio and risk profile. 

A Popular Tweet: 

Recently, a crypto trader used ChatGPT to create a basic trading bot by using Pine Script. He then tweeted the ChatGPT’s response on Twitter, which spread like wildfire. 


Can you believe that ChatGPT can actually write code for a trading bot?– Sounds incredible, isn’t it?


In the other case, someone has built a smart contract using it. Does that mean we don’t need smart contract development services anymore?– Of Course not. 


The ChatGPT’s output is still not perfect. 


Is ChatGPT A Reliable Source Of Advice For Crypto Trading?

The answer is not completely sure. ChatGPT can solve simple problems and questions in a balanced way. It always cites the facts mentioned below. 


  • Do Your Own Research (DYOR)

  • Know the market risks and invest accordingly

  • Keep an eye out for risks and potential problems 

  • Always get word from an expert


That’s it!


Chat GPT is a good tool for learning more about different coins and is suitable for performing DYOR. To sum up, ChatGPT is not “UPTO-THE-MARK” for crypto trading, as of now. However, it still is beneficial for collecting data that support you in taking profitable trading decisions. 


Thus, why give the work to an AI tool in a place where you have to employ Automated trading bot development services? 

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