AI does not fail! It’s just the beginning.
AI can be extremely beneficial for traders as it analyzes information at incredible speeds and is not affected by human emotions when trading.
Many believe AI is the trading of the future and perhaps humans will be rendered useless due to the superior abilities of AI. For now, we should view AI as a valuable tool to cooperate with in order to maximize our chances of profit in the market.
AI does have its limitations.
However, it has more instrumental benefits which makes it a necessary tool for a profitable trader.
Conclusion: There are many tools that a profitable trader needs to possess like analysis, execution and experience. AI is great at analyzing the market and presenting its results in forms of signals or alerts. Using AI does not immediately make you a profitable trader, but it definitely increases your odds of success significantly.
I like to use these two AI tools
– AI tool for FX\Futures – trade ideas and macro-news coverage
Bettertrader is an AI program that takes scheduled news and studies how it affected the market when it happened in the past. For example, you are able to see how a below-expected unemployment rate release affects the S&P 500. This program provides you with trade ideas that are based on statistics and suggests actions for you.
Source: (Bettertrader backtester.Get real-time, actionable insights)
– AI tool for stocks
You are able to select from sectors to find trading ideas for you. Holly the AI engine is claimed to teach you how to be a better investor. Its simulated portfolios have beat the S&P 500 index.