What You MUST Know Before Using AI in Forex

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#588: What You MUST Know Before Using AI in Forex

In this video:

00:25 – Can you trade using only AI?

01:22 – You are brave to trust AI to trade your money.

02:02 – Are you too lazy to trade?

03:20 – The knowledge and ability to trade for yourself.

04:34 – Knowing how to trade first.

05:09 – Get onto my 17 minute masterclass.

05:28 – Blueberry Markets as a Forex Broker.

05:40 – Have a chat with us.

05:57 – Like, share and subscribe to receive notification of more trading videos.

Can you trade using only AI? It's a question I've been asked this week. I want to give you my opinion on that, so let's get into that a more right now.

Hey, this is Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 588.

Can you trade using only AI?

I received an email just this week from somebody saying I'd like to trade using only AI, and I'd like to pass a prop firm using AI trading system through only using AI. Can I do that? How do I do it?

Well, you see, the obvious issue here is that is this person doing it because they want to save some time? Are they lazy? Do they not understand trading? Or maybe they do understand trading? You see, there's a lot of variables out there when it comes to AI because of course it's all around us and what we really like it or probably don't like it, depending on your point of view.

It's here to stay. But from a trading point of view, both from a personal point of view, mentally, a trading point of view is AI all it's cracked up to be, and can you use it purely as your only way of trading?

You are brave to trust AI to trade your money.

Well, first of all, I would say you've got to be pretty brave if you're going to be allowing your own personal capital. Let's say, to be traded purely by AI. You've got to be quite brave. Let's say you know something about trading. Okay. So you're going to create an AI system. How did you go about it? What are the rules and the obvious upsides of expert advisors or trading bots or AI whatever you want to call it is it takes emotion out of trading. That's the obvious upside. You know, it works 24 hours a day. I get all that. You know, it's there's a lot of, obvious upsides to it.

Are you too lazy to trade?  

But the problem is, is if you are doing it simply because you can't be bothered or you're lazy or you think you're too busy to trade, well, do you have enough knowledge about trading to know what it is that you're creating?

How do you know what rules to create? How do you know when it's working or when it's not working? Sure, you can go, well, it's making me money or it's not okay, so let's say it's making you some money. What happens when it stops making you money? Is that the bot that suddenly or AI that suddenly changing? Or is that the conditions in the market?

How do you know about testing this back? Testing it live for testing. If you don't put time and effort into it, you see people I believe think that AI is going to be this magic shortcut to being lazy, not putting time, effort, or knowledge into it. I can see that the upside to AI is going to work for someone who is prepared to work hard, who does understand trading, who does know what they're looking for, and it's just using it as an aid to maybe place the trades for them and manage trades for them, or they're looking for new ideas.

Those type of people will probably do okay from AI. The person out there that just, thinks that can magically make them a multi-millionaire next week because they really can't be bothered to learn how to trade. I don't think you're going to do well, and I don't think it's going to end well,