Chat GPT = Stock Market Millions (How To Use Chat GPT To Make Money)

to another video on the finance value guy and in today's video we'll be discussing chat gbt and how it actually can be used to trade stocks now for those of you who don't understand this software is only limited by these types of questions that you ask it and understand and it does have a very vast of knowledge and honestly it's been fed billions and trillions of pieces of data so it knows quite a lot now one thing is to understand okay is that there are certain things that you cannot do with this software regardless of what you enter to it but I'll be showing you guys exactly um because I do trade stocks okay from time to time I do make some trades every now and again um I do have a decent amount of knowledge on on stocks and I would say the chat gbt has genuinely been useful so I'm gonna show you guys the three ways okay that you can actually use this to analyze slash trade stocks in every way is going to be different but it is actually very very useful so um I actually was asking this a bunch of different questions because uh right now if you don't know in the markets we're actually in a very um you know a specific Financial time I would say because we are in kind of this recessionary period so I asked it this question okay now this is probably the least interesting way but it's worth noting so it says so I said can you trade stocks for me and he says I'm sorry I'm just a project program okay so of course as you guys can see can you show these talks for me this question is just far too basic this is it's it's too simple you can't ask it just can use trade stops when you need more data you need more information so I then ask it and I said how can I use market analysis to identify a stock market Bottom now the average retail Trader which just means the average person you know who just you know buys and shares but doesn't really pay attention wouldn't really know these terms but essentially what I've said here is how can I use market analysis to identify when stocks are going to be at their lowest point essentially I've essentially asked it how can I buy stocks how can I know when to buy I've just you know worded it in a better way now of course you guys can see right here it then gives me one two three four different points that I can use when trading a stock so it says look for a change in Trend look for technical indicators consider fundamental factors and monitor Market sentiment now there's many different ways that you could have changed you could say how do you identify a change in Trend what kind of indicators do I use what fundamental factors so I just decided to um go with the last one so I said how would I identify Market sentiment so I said you know hey you know expand on number four so it says essentially monitor news and media follow social media look at sentiment indicators of course you know there are different things you know it says put to call ratio which is something that you can use um and it literally explains it all and of course you guys can see consider investor behavior um explain you know if you see a lot of selling activity or lack of buying interest it may be a sign that sentiment is bearish now I've got to be honest okay sometimes chat gbt really does get stuff wrong but this is actually very very very solid advice so I was saying okay so how to identify if a stock is oversold or not now of course you guys can see it even gives you even more detail so this is where things start to get interesting because this is exactly where I was looking at a stock that I personally was looking at in my personal group so I was saying okay a stock I'm looking at is nearing a 10-year support trend line would this Mark a possible entry opportunity and this response was by far the most interesting because it says a stock approaching a long-term support line could potentially be a good entry opportunity see the problem is well not the problem well the thing is is that chapter gbt doesn't usually tell you what could potentially be a good entry opportunity it never usually does this now the thing I like about chat gbt's update is that these chats are completely saved which means that you know know every single time sometimes they do say different things so maybe in an update it might not say this because you have to understand that in the early days of chat DBT literally when I was two to three days old I'm going to be making a video on it but there were ways that you could ask it certain questions and it would just give you all the information it had because um essentially what they've done the creators of this have done is they've limited certain pieces of information for example um how to do anything illegal they've limited that from the software so it says look for the confirmation of the trend line which I did I said consider the overall trend uh which I did um you know I also said the helpful company which I did and then of course risk tolerance so um this was actually really interesting because it says like I said it said could potentially be a good entry opportunity so that was good because if you know how chat gbt works you'll know that it's very hard to get blood out of a stone that's basically what it is so I said if a stock still has major deals major announcements still lined up but due to recession the market sentiment has become bearish overall thus the stock has declined could this then Mark a potential bearing opportunity so I wanted to ask it some different questions and different way to see if chat gbt kind of eases up a bit and of course once again it says yes this could represent a buying opportunity so I wouldn't say that this essentially says go ahead and buy it because the thing is that chat gbt tries not to make definitive statements which is something that um you know I do believe like it's a lawsuit thing where they don't want to you know ask chat GPT something and it says 100 do it and then I've asked it some basic questions and then I also asked it how's the 2022 Market similar to 2008 market and one thing about this if you're trying to use this for stock analysis Bitcoin analysis understand that it cannot access dates I don't know why but um as you can see it says my time is limited up to the period until September 2021 which doesn't make sense because even though I asked certain questions didn't make sense but like I said I asked how the 2007 8 market crash is similar to the covet crash and it gives you every single metric which is really really good for someone who doesn't understand this because it's definitely very interesting so I was saying that could we see a market correction and of course it tells us now the second way that you can actually do this okay um is by asking it some other questions okay because there are many you cannot get so ask it so this is the second way okay now there's many different ways um and we're going into the second one right now so as you guys can see right here okay this was a very interesting question okay so I said okay this interesting question so I said can you write a 10-step video outline on how chat gbt can be used to trade stocks so I said install the chat GPT bot there's options such as open AI gpt3 or hugging face Transformer connect the gbt Bots your brokerage account set up the bot parameters such of it you know feed the historical data now if you watch my previous video feeding it historical data is the key important part because that's how it analyzes what will happen next it's always based on these past results it doesn't just do stuff randomly and this is simulate with fake money monitor the market um make the decision place the trades by sending it commands and then just monitor your portfolio now it definitely was pretty vague um and of course like I said they have always have this this legal disclaimer and um this definitely isn't the best way but what we do have okay is something really interesting if you watched my previous video you know that you can actually use GPT to create code now the thing is code is you know universal code can be used in different platforms on different softwares and one thing that you know um okay so if you know what trading view is trading view is the um pretty much number one platform that you use to trade if you are someone who analyzes stocks this is what people use to share charts and share data when you trade stocks when you trade crypto this is the golden standard so um something that you can use is of course I talked about this in my previous video is the client editor okay and essentially what that is is that a place where you can essentially backtest strategies based on certain parameters that you can code in now if you go into the parameter um you guys can see right here I'm pretty sure this is a previous Pine script that I decided to use for Bitcoin so essentially what you can do is you can say and ask chat GPT to actually create this bot for you so um if you hadn't watched this video you should but um essentially what you can do is you can ask it this question you can say can you design a pine script can you design me a trading book based in pinescript and the reason we say Pine script is because that is what we want to use based in transcript that see it says sure I can help you with that here's a pine script trading bot that helps find cheap entries by looking for oversold conditions in the market the idea is to enter a long position when the market becomes oversold and then exit the position when the market becomes overbought so those of you who don't trade stocks often essentially it just says uh enter the long position when the market becomes pretty much like the valued is exactly what it's saying so literally oversold um and then of course it essentially says you know exit the market when the market becomes overbought now of course you have to understand that this is very simple code and the only problem right now that we have with chat GPT is that it's still very very early and there's going to be updates now of course it says this code uses the RSI to determine the oversold lovable conditions the RSI is the momentum indicator that measures the speed of change price movements value of 20 is oversold and 80 is overbought now for those of you who don't trade stocks those who complete beginners watching this this isn't game breaking information okay like if you place this into the thing okay um you know using the RSI is not a recommended strategy and of course this is something that is very basic now remember okay Jack gbt is based on the question that you are so I said cheap cheap entries and it just wants to use that based on the RSI and that's something that is very simple now of course there's many different ways that you can ask this like I said um I've used uh pinescript on many different ones there's all kinds of things that you can do okay when it comes to this stuff now for this one okay I tried to make this one pretty simple because with scripto I think it's pretty easy because the way how the momentum changes but with stocks I think it's going to be a bit different now the only problem with chat gbt is that times you do get error messages and sometimes the code doesn't work now I do think that over time this is going to be something that will change because of course chat gbt is going to be getting data so for example if I say this okay of course they're going to say I apologize for the error of the code they're going going to Simply add that now of course all you need to do is add version two and then use that for your code now you have to understand that with code you do have to go through this process quite a few times if you want to find a code that actually works but understand that you can definitely ask chat gbt a bunch of different questions about stocks and if you ask them questions in the right way like we did earlier on in the video you can definitely find out if you are buying a stock that is undersold or oversold so if you literally just ask it okay recently it's been a new news this happened that happened that happened would this Mark a good entry opportunity chat gbt actually does give an opinion and I think personally I will take advantage of this right now because I think in the future that is going to change 100 because I don't think the creators of this want people to use it for this purpose I just think that right now I wouldn't say it's an exploit but I would say it's something that you can use it to do but it's definitely not an intended feature so of course you can use this code and the code does need a bunch of iterations and I do know that uh over time it definitely will actually get um better so um yeah it's definitely something that you can do and definitely something that you can add to your charts and definitely something that you can use so I would say let me know what your thoughts and opinions are on chat gbt to trade stocks or to analyze stocks and the reason I've said analyze talks here as well is because crypto is more about trading because if the price goes up and down and that's how people make money but with stocks it's more about value investing and holding over a longer period of time which is why you look at things like Market sentiment news the history of the company and that's why you ask it different kinds of questions than it would be to crypto trading so um yeah and I was saying uh this is one as well I was saying should I wait to the end of a falling wedge before placing a trade it's so good because this actually tells you what are falling wedges and it says consider all relevant factors and then it says um you know it's considered a bullish pattern because price is likely to uptrend upwards in the future so it's actually really good as well because what it also says here is that while it may be tempting to wait until the end of the falling where to place trade there's no guarantee that the price will follow the expected Trend so basically it basically said uh you don't need to wait to the end you should just enter when you can so yeah it depends on how you kind of um you know take this information but I definitely think that this is going to get more developed and more and more better over time so with that being said don't forget to leave a like on the video and I'll see you in the next one

Channel: TheFinanceValueGuy

Views: 35,245

Keywords: financevalue, financevalutv, economics, cryptocurrency news, cryptocurrency investing, crypto 2021, crypto news today, best crypto, crypto market, bitcoin news, bitcoin, crypto news, cryptocurrency, cryptocurrency news today, altcoin, cryptocurrency trading, dogecoin, dogecoin prediction, crypto

Id: PPjWfZm5jZk

Length: 11min 29sec (689 seconds)

Published: Mon Jan 02 2023