Chat GPT: Your New Trading Assistant

Leveraging AI for Better Trading Strategies

Last week I hosted a workshop as part of Pepperstone’s AI month.

We have 4 more scheduled (more info here.)

But the more I experiment with Chat GPT the more I realise there are some basic foundations we need for best results.

Here’s what I’ve discovered…

Decide on your objective – What’s your goal? Some information? A specific reply?

If you can decide on your goal before you start typing away, it will save you time and help you get the most from the tool.

Be Specific

If you’re too broad it will take its best guess at the answer you want.

Eg: Ask for a CFD trading strategy and it will take a wild stab.

It then goes on to talk about how to capitalise on false breakouts.

Much better.

Ok, the final one is to:

Ask more questions.

You need to keep asking specific questions until you get the answer you were looking for.

So, perhaps I’m happy with the strategy it’s suggested but I need more detail.

I might then do this…

It then goes on to outline specific details about the strategy with an example trade:

That is SO much better – exact and precise rules you can work from.

Now, do you want to trade every strategy that Chat GPT suggests?

Absolutely not, it’s known for making silly mistakes.

But it’s a great starting point, and if you’re trying to workshop out some new strategy ideas, Chat GPT is a very handy assistant!