Watch daily commentary and make informed trading decisions
Watch daily commentary and make informed trading decisions
AI, in the relatively short time it’s been available to the public, has become a mainstay in trading circles. Many tools implement AI features to improve their predictive capability, parse information, and present it in a comprehensive manner.
There are so many of these tools, and their features range so broadly, in fact, that some traders can get overwhelmed by the sheer variety of choices. Others, conversely, try to use everything that’s available and fail to create a solid strategy, as these tools strain them and clash against each other, creating fatigue.
But that doesn’t mean it’s impossible to implement AI into your trading routine. Here’s how proven traders use AI tools to boost their consistency and efficiency.
AI is not a replacement for traders, it’s a tool to boost their efficiency, productivity, and predictive power.
While technical and fundamental analysis aren’t diametrical opposites, traders often end up preferring one over the other. This preference also dictates which AI tools will be most useful. Here’s a refresher on technical and fundamental analyses:
Price-action based, without much care for context or background. Traders often prefer quicker tactics like scalping and day trading variants. Relies on patterns and indicators.
Context-based, without much care for at-the-moment happenings. Traders often prefer long-term oriented tactics, like swing and position trading. Relies on news and economic analysis.
There’s not a single AI tool that can do everything, so choosing the right tools to create a set is vital for achieving efficiency.
Process macroeconomic data to create rundowns. Useful for fundamental traders to cut down on research time.
Provide specific suggestions for quick trading routes. Useful for technical traders who don't want to miss opportunities.
Detect chart patterns. Useful for technical traders who aren't familiar with enough patterns yet or want confirmation.
Assess news and social media tone. Useful for understanding trader sentiment.
All trading involves risk. It is possible to lose all your capital.
The last step of smart AI integration is knowing when to use which tool. It’s smart to have a pre-, during, and post-trading plan. Below is an example plan that you can customise to fit your needs.
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