OpenAI’s text generator, ChatGPT, has been in the market for almost three years, and the possibility of using this language model in different areas has sparked public interest in the potential and current uses of artificial technologies. The interest has spurred demand for copy trading, a tool for copying trades, helping users follow experienced traders in the process of buying and selling cryptocurrencies at a profit.
What is Copy Trading?
Copy trading is a relatively new trend in the market, where users replicate the successful trades of professionals. This tool is ideally suited for those who cannot follow the news regularly and might miss out on a favorable market. Bitget, the largest crypto copy trading platform, provides users with the opportunity to choose a successful trader and replicate their trades. Since its launch, more than 80,000 elite traders have shared their strategies, and more than 380,000 followers have copied them.
The Role of AI in Trading
The popularity of AI and ChatGPT has become the catalyst that spurred demand for copy trading. However, the idea of using ChatGPT for trading is to leverage AI to make trading strategies to help beginners who can hardly make a strategy on their own. When will exchanges be able to offer traders the use of AI? Currently, users are using copy trading features to follow the strategies of their professional counterparts. In the future, AI solutions like ChatGPT may also provide tangible crypto trading strategies for others to copy.
However, it is too early to predict this since the technology needs to be developed and tested. Although the first experiments with AI will take place this year, the initiative is not actually coming from exchanges but rather from users themselves who look for opportunities to use AI-based tools to increase their income. Such approaches may entail a very high degree of risk, something developers cannot accept in the process of creating a safe and reliable product that will not backfire with irreparable reputational and financial damages.
The Risks of Using AI in Trading
The language model currently in use is based on information that is likely to be true for the past but may be questionable today and even more likely so tomorrow. Using AI language models to trade may involve the collection and processing of personal information, which raises concerns about privacy and data security. Moreover, the available AI at its current stage of development is extremely limited in its ability to work with the future and predict events.
The bigger problem is that some people think that ChatGPT knows more than they do, and it is more adept and efficient. This may lead to outright blind faith in the technology, a dangerous turn of events that is unacceptable in trading. It is necessary to maintain a certain level of skepticism and try to make balanced and independent decisions based on a combination of information, experience, and intuition.
The Role of Governments in Regulating AI
The development of AI technology has the potential to lead to significant advancements in various fields, from healthcare to transportation. However, as new technology occurs, it is reasonable for governments to be more cautious and protect residents. People need to weigh the potential risks and benefits of using AI language models like ChatGPT and make informed decisions about their use. It's important to consider factors like ethical considerations, accountability, and transparency when developing and deploying AI systems.
AI technology cannot be stopped, and progress is an unstoppable phenomenon. Once demand for innovation arises, there will be traction in its gradual development. ChatGPT and other AI language models will become more advanced and useful in trading and other areas, but it is important to use them with caution and understanding of the risks they entail.
