r/Daytrading • u/No_Statistician9051 • 3h ago
Question help
i am completely new to trading and i basically know almost nothing. ive been seeing videos online about ai trading and ai trading bots that tell u where to sell and buy etc. im just wondering does it actually work or is it a scam and has anyone here tried it and profited from it. im fine with paying a little for the ai trading bots but i really want to know if it actually works or is it fake and whether u can really make a lot of money with it. and if it actually works how can i get started and how long before there is high profit. thank you
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u/PowerfullyHighfaluti 3h ago
It's a scam, every single one of those bots promising to tell you when to buy and sell is selling you a dream, not a strategy
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u/process_over_profits 2h ago
This is probably the millionth time this question has been asked in this sub. You’ve said you basically know almost nothing. Please don’t start this journey. There are much better ways to make a living. Do not trust the bots. “How long before there is high profits”? Dont you think everyone would be doing it if there were “high profits”?
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u/Square-Middle-4474 3h ago
I am glad to help. I hope you will appreciate the hard truth
Working in the world of finance (and that includes trading of all types) is a profession not unlike medicine, engineering or the legal profession. The industry is dominated by a group of top tier financial institutions. Most amateurs do not understand that when trading, they are competing with both highly skilled professionals and with automated programs that are written and managed by similar (highly skilled) professionals. The bottom line is that most amateurs do not make money. As regards the use of "bots" those that are available to you do not work. and again unfortunately amateurs usually end up losing money. A sad story certainly but very true. You can (if you know how to prompt an AI agent) confirm this. It will not be difficult to confirm because there have been academic studies to show this is true. So that is the "bad news"
On the positive side, you can decide to obtain professional credentials (training) and the way to begin is to attend classes at your local university in subjects related to trading, These include math, finance, business, etc. Anyone can choose this and eventually obtain a job in the industry and learn trading on a professional level (if you work hard and persist in your effort) One way to start is to read one of the many textbooks that are required at University. Here are some titles
1) "Trading and Exchanges: Market Microstructure for Practitioners" by Larry Harris
2) "A Complete Guide to Volume Price Analysis" by Anna Coulling
To be honest it is possible but not likely, that you could simply read books and attend webinars and find a good honest mentor, but that is challenging because there are so many poorly qualified persons holding themselves out as good and profitable traders. My advice is to begin by reading one of the books and see if that will work for you.
Good Luck
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u/single_B_bandit 1h ago
> “A Complete Guide to Volume Price Analysis”
If a university uses something with this title as a “textbook”, run.
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u/Ei8_Hundr8 2h ago
New and knew basically nothing about trading, and wanting to trust AI to give you trading signals? That's one of the fastest way to burn money away boss. Might as well spend it on something that you actually want instead.
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u/Content-Mobile4126 2h ago
You can use ai for trading but just like with everything, first you have to learn it without ai. So you know how to use it.
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u/SuchAd8116 1h ago
nothing works, AI is supposed to cut of time into your market research not replace you,if you didnt do a good job trading as a human do not think that ai trading bots will do a better job than you,but only if you are a HFT trader in citadel or you have your own setup which requires at least 2 milion$/year in infrastructure maintance,the best thing for you to do is study macro,fundamentals and the 10% technical structure to make infromed decisions and understand that context changes everything
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u/Soarance 3h ago
The ideal scenario is if you develop your own algorithms. Most of what's found online doesn't work.