ChatGPT Trading: How to Make Money With AI (Prop Firm Traders Share Their Secrets)

[@smbcapital]

Learn the top 3 trade setups we are using on the desk here: bit.ly/3W62dvD Garrett on Twitter: twitter.com/GarrettDrinon

[@agedvagabond]

I've been breaking my strategies up into methods and getting chatGpt to convert the math for each method into code, it's like having my own personal mathematician and programmer to assist my code. The first thing I made was a triangular arbitrage strategy, something I could never have made at my level on my own. Another big benefit is when learning to code for a specific platform, I started using quantconnect so now I can get GPT to create code specific examples of what I am trying to do and it massively reduces the learning curve. Amazing technology.

[@garrettdrinon]

yes, i use it for code all the time. have to wrestle with it sometimes to get it to stick to simple methods, but yes, i find it extremely helpful in that department

[@agedvagabond]

@garrettdrinon yes it puts out a lot of garbage. GPT 4 is a lot better though, worth paying for.

[@ClaytonKimbrew]

Incredibly kind of you guys to share this little tutorial. Very much appreciated.

[@bradleygibson9686]

On one of the first YT videos I heard Garrett mention python. I completed my python lessons last month from Cornell University on- line. This will supplement. Another great lesson from SMB. Wish I could get back the time wasted on other channels. ONE GOOD TRADE! followed by ANOTHER GOOD TRADE!

[@Gabriel-yh3jl]

Which platform is he using to backtest?

[@tylerweitz3644]

Of all your recent searches that displayed, I think "Mixed Drink Ideas" is my favorite. 😆😆

[@garrettdrinon]

haha i noticed that too!

[@Leytonstone09]

fyi if you tell chat GPT there are 2 parts to the earnings report or more, that you want summarised for instance, it will understand and wait for all 2 or 3 before replying. But maybe the limit has been increased... Thanks again guys as always great work for the community

[@JeffreyManthe]

What software do you use for your back testing strategies?

[@garrettdrinon]

this is our proprietary system on the desk

[@singledoutpictures6742]

Love the back testing software used. May I ask what it is called?

[@sats.n.gwei.trades]

Garrett, your energy is so infectious!

[@garrettdrinon]

thank you!

[@BrentonGill]

Great vid. Thanks for starting the conversation! I liked the concept that whilst you initially need to spread your net wide when starting your analysis and then tune it from there for specifics. I need to have some concept of what would be reasonable and unreasonable results and keep chatgpt on track. Be aware of your own internal biases so you dont just get an answer that agrees with your predetermined expectations rather than the reality of long term data. Be across changes in responses e.g. decimal tp percentage as the analysis process progresses ... Also liked the idea of using it to summarize through the huge amount of news to get to the basics quicker. Thanks

[@garrettdrinon]

glad you got something out of it. finding new ways to leverage gpt in our trading is an ongoing process for sure

[@BrentonGill]

@@garrettdrinon Thanks! I have had an interest in the area for a while. Way back I am talking the 90's, I have been in IT for 40 years, the company I was working with, DEC, did some early AI solutions as part of qualifying the AI system they called expert systems or solutions at the time. Qualifying the Conscious Competence, Unconscious Competence rules, processes and beliefs an expert would use to achieve their goals and quantifying them into an AI system/solution. At the time we didnt have the data, psychology or the processing power ... that and it was based on specific industry based solutions ... anyway ... respect to all

[@mbellafiore19]

Yes Garrett and Sebi are starting this conversation for our desk and for the trading community. Our traders are sharing specific ways with each other on how GPT has been helpful and how they have been using it. In fact, some have even suggested Bard has potential. We will keep learning how to use AI even more effectively to supplement our trading.

[@mixdownghost]

great video! i used chatgpt to help me create a script that runs a small program in a command prompt. it asks me for ticker symbol, entry price and account size and immediately gives me suggestions for where to put stop loss and exit points depending on 1:2, 1:3 and 1:4 R values. after the trade is finished, it logs the trade in my excel sheet where i have formulas that show me pnl and other useful data. chatgpt is great and the only limiting factor is you!

[@garrettdrinon]

that’s really great. i mostly use it to help with coding as well… i find i need to wrestle with it often to give me the correct info or to provide sufficiently simple enough methods but it’s a big help.

[@mixdownghost]

​@@garrettdrinon ive found myself arguing with it at times as if its a real person, so i understand what you mean by "wrestle with it"!😅 chatgpt is pretty dumb when it comes to math equations/formulas.

[@davidb1312]

Which backtester are you using?

[@ryanmsalisbury5499]

Great info! Appreciate ya’ll sharing. 🎉

[@monzavada]

In my experience, ChatGPT gives very general responses that are easily available on KZbin and internet. I tried in many ways but it just does not give any concrete strategy or knowledge. Even with Pine Script or Python programming, it keeps repeating many mistakes and at one point it becomes useless.

[@Sinekyre14]

AI is fake. It's just statistics. Consciousness and creativity can not be created in a computer. A simulation of the brain does not create mind, for the same reason that a simulation of a bladder doesn't pee on your monitor. A simulation in a computer is not the thing it is imitating.

[@tobiashernandez1515]

Salute 🥂to the Hindenburg Dip.

[@Adam-ud9ui]

What software do you guys use for Level 2, Time, and Sales? Using think or swim but it does not display that data as easily viewable as what I see in your videos.

[@garrettdrinon]

it’s most likely our proprietary platform on the desk

[@peter-robinson]

take care with ChatGPT, depending what you ask, it can be wrong, because it’s training data was up to 2019, so it doesn’t know about new regulations etc - it is still living in the past

[@garrettdrinon]

yes, definitely been noticing this - there’s a lot that it can’t do, and it’s often wrong, even when supplying code. thanks!

[@peter-robinson]

@@garrettdrinon it’s really interesting what you have done with it.

[@xrriiix1980]

This is great content. Thx 😊

[@mariodimitroff5343]

Personally, when I have asked ChatGPT to analyze some biotech results are positive or negative and to try to predict the price action, I have been getting terrible results.

[@surenkhalsa]

You know…the funny thing is all the recommendations made by ChatGPT are part of technical rules, that majority derides… However, this tool has use cases for sure….thnx

[@kurtweinberger7874]

I do not know when this was recorded. ChatGPT Version 3.5 is the only version that does not go beyond the end of 2021. All of the information that ChatGPT operates with is internet based. The internet does have some an dto others more conderable errors. There are ChatGPT versions 4 and 5 out as of May 14 2023. Better oscillator education might help. The stochactic oscillator for instance is an artificially bounded indicator with numbers 1 to 100. In reality the math formula it operates from goes beyond that. And as you know your instrument can stay in the so called Overbought and Oversold regions for days, even weeks. Perhaps it is best to say an instrument is Overbought or Oversold is if both K and D lines are exiting these zones at a sharp impulsive angle. Yes these lines can hover around the perimeter of these bounded lines, even right under them and still make a trade profitable. If you exit a trade the instance the K and D lines enter the so called zones you are guilty of funneling a lot of money into and down the drain.

[@3EBstudio]

Trial n error, but it's good on there experience and terms ...

[@creativeadvance]

For the uninitiated, using data to develop strategies like this is extremely problematic due to curve fitting the data. It’s useful, but you def need to use some out-of-sample data to test before you risk your money. Good luck! Great video! Thanks for sharing

[@garrettdrinon]

if you watch the video we address that, thanks!

[@creativeadvance]

@@garrettdrinon yep, but worth emphasizing. So tempting to trust backtests like this. Thanks again for sharing

[@garrettdrinon]

no doubt, completely agree. and glad you enjoyed!

[@3EBstudio]

Any data on cpi or ppi post report

[@jamesdean9373]

Chat GPT that is free to public is not continuously learning. It is only as “smart” as it’s training prior to release. I too thought it had the ongoing machine learning capability, however that is not correct. Hell… you can ask chat GPT if you don’t believe me 😊

[@elmamo2000]

You look better without the mustacho, Garrett.

[@ken34258]

interesting.

[@videos6505]

ChatGPT Newbies - lol

[@UVdaGreat]

First! second...Great Info

[@Kloutkulture]

Eh thanks but no thanks. I already got my edge and my only focus is refining that. Don’t like to ADD stuff to my recipe.

[@mmarano869]

seems useless to me..

[@DBraun-uj8ir]

Isn't that what IBM told Bill Gates?

[@Sinekyre14]

It is useless, and AI is overhyped nonsense.

[@siranton14]

Meh

[@mudballs]

Im testing bing ai just now. I need better math so lets see how this one does.

[@johnmcashill9919]

It is based on chat gpt so I doubt that it would be any better