Since ChatGPT was released to the public in November 2022, it has rippled through the markets. It is predictable that ChatGPT will give a massive impact on many aspects of society. We wonder how ChatGPT and AI technology will affect the forex market significantly.
About ChatGPT
ChatGPT is a popular AI platform developed by OpenAI and launched in November 2022. The program uses a large language model based on GPT-3.5 architecture and is trained through reinforcement learning. ChatGPT still interacts with text, but in addition to interacting with the natural human conversation, it can also be used for relatively complex language work, including automatic text generation, automatic question and answer, automatic summary, and many other tasks.
AI Trading Bots in Forex Broker
Understanding trading forex may be a difficult and complicated thing for many investors, especially for newbies or inexperienced traders. AI Trading Bots can help traders trade forex automatically, which is convenient and efficient. Many forex brokers are putting effort into AI trading bots.
Can Be ChatGPT Used in Forex Trading
ChatGPT has not been around for a long time and is not yet fully developed. John Hennessy, the current chairman of Google’s parent company Alphabet, said at a summit hosted by Celesta Capital this week that the current popular AI chatbot models are still in their early stages and some way from being truly useful to the public. The application of AI technology in the forex field does have its positive significance, but once the program errors, investors may cause irreparable losses.
Although ChatGPT is very sophisticated, it cannot be able to provide personalized financial advice, which means those who intend to use ChatGPT to enhance their trading result may not get what they want.
As the forex market is filled with uncertainty, ChatGPT may offer unreliable or biased information.
Conclusion
Like other AI platforms, ChatGPT cannot be fully relied on as a personal trading assistant, but it can bring a convenient trading process to investors. While ChatGPT may be helpful, traders need to be aware of its limitations and make use of them wisely.