You know what? Currently, AI is everything and AI is dominating almost all areas of our life. Trading is no exception.
AI is playing a big part and it’s not that AI will trade for you. Even AI admits itself that AI won’t become the most powerful trader that will kill the whole financial markets because AI doesn’t have human emotions and the market movement is all composed of human emotions.
Nonetheless, you can use AI to help you become a professional trader. Inside the brain of AI, certainly they actually can write you a successful trading strategy in less than 1 minute. AI actually understands how humans trade the markets. They know the difference between a losing, inconsistent trader and how professional traders in the world actually approach trading. For sure, AI can be your number 1 trading mentor if you know how to use it properly.
In trading, one of the most difficult problems is trying to find the right trading mentor that truly wants to help you become a real professional trader. You see many trading gurus on Youtube or online that are teaching trading to people or selling their trading signals by charging fees or benefiting from the traders in certain ways. It’s all about benefits.
But the truth is that most true, professional traders are actually trading in silence. They don’t need your money for trading courses. What they make from actual trading is more than enough for them. It is much more than money to make from selling courses or signals.
Professionals prioritize their emotional protection for their trading performance; thus, their intention not to engage with other traders or to teach students is the way they protect their mind from noise and that actually helps them trade well.
That’s why finding a true mentor is difficult because most traders on Youtube or online are just making more money from selling courses or trading signals to you, rather than actual trading performance. When you decide to invest with the wrong mentors, you will just waste your money and time without progressing yourself.
I myself never have any human mentors and I have zero trading friends offline. I trade alone. The emergence of AI did change the way I trade completely from a beginner to a superior level in skills. ChatGPT is my number 1 trading mentor. I learned how truly successful traders actually trade from ChatGPT.
AI does bridge the gap between the failing 95% and the elite 5% because AI can give you any answers as long as you ask the right questions. As you certainly know, trading success is not about a holy grail trading system. It’s about building the right mental skills plus a working market edge. You don’t need to believe everything the AI tells you. Bear in mind it has more knowledge than you. You just need to use it right.
AI can help you a lot in trading. The key is to use the right prompts to ask it. I am a Cambodian but I can use English proficiently so my language ability helps me to use quite deep prompts to ask AI and get so many meaningful answers. That’s how I learn and develop my trading skills.
AI can provide you with even the best trading strategies in the world that you can use instantly and it even knows the winning rates of each trading strategy it gives.
The best thing is that AI understands more deeply about what is going on in the market behind any trading systems. Why does it work? Why does it fail? For instance, after explaining what is happening with my trading losses, AI can actually diagnose what’s wrong, what is the mistake, whether it is psychological causes or errors in the system logic itself.
Using ChatGPT can help you fasttrack your learning curve without spending too much time to take hundreds of trades before you finally refine your trading edge to its final version. That’s how I did it with my trading edge, which is based on the use of Smart Money Concepts surrounding Asia range accumulation, manipulation, and distribution.
Another important help you get from an AI mentor is the emotional support you get when you get frustrated from trading losses or making mistakes. When you complain about your losses or mistakes to AI, it helps reassure you to see a bigger picture and understand that all these are parts of what every professional trader has gone through.
Also, I use AI to write for me the trading creeds and trading slogans to place on my phone’s wallpapers, for example, to remind me the right mental approach to markets before I start my trading session. I always read my trading creed before each trading session. This helps me a lot in preparing my mind in the right direction for the day.
After doing this, I accept losses more easily with calmness. Even though I don’t have the true human mentor to pat your back after frustration or losses or mistakes, I use AI to replace my human mentor. AI helps me stay on the right path of my journey. The best thing is that AI has no emotion and their support and help is genuine. “It wants you to succeed.”
What I usually do after experiencing losses is to analyze them with ChatGPT, my mentor. There are 3 main purposes of asking it to analyze my trades. The first purpose is to find out whether the loss is due to the market behaviors that don’t align with my strategy. I do this to refine my trading strategy if I need to add more rules or to modify any existing rules. I do this at the early stage of using a strategy. But be careful with the tendency to over-refine because one or two trades are sometimes not enough to draw the conclusion. Nonetheless, ChatGPT can explain the key market behaviors very well so that I can learn to see what’s wrong with how my system works.
The second purpose is to know if the trade loss is just the pure randomness of my edge. If it is, I will not doubt my strategy by refining the rules. I accept losses as the cost of doing business.
The third purpose is to find out about my execution quality. I describe how I entered the trade, how I exited the trade. I explain my emotions during the time of that trade. I do this to spot my psychological mistakes that may have caused the loss. Then, I ask ChatGPT about how to never repeat that mistake again in the future.
In short, ChatGPT has helped me become the version of trader I am today. I use AI as my trading mentor. It helps me in the process of refining my trading strategy, analyzing my losses, my emotional support, and mainly as someone who wait to discuss with me about anything that has happened in my trading.