I asked ChatGPT to predict the price of Cardano's native token, ADA. But the AI bot cautions that crypto prices are too speculative.
Besides DeFi and cryptocurrencies, another major development that has grabbed public attention is ChatGPT.
The chatbot does not have access to live data, such as current market prices of various assets, nor is it aware of developments on the global stage after September 2021. Yet, it was possible to get its prediction on ADA andTaking ChatGPT’s help in devising a basic intra-day strategy Hence, we will modify the entry rules and enter when the price has retested either of the moving averages as resistance or support and when the RSI fell below neutral 50.
Moreover, they would cost trading fees and eat into the scalper’s profit, which is another factor that highlights how dangerous scalping can be.The bot refuses to venture into the business of predicting crypto prices in future years, even as a fun pursuit. To test the capabilities of the bot, I used a jailbreak method aUsing this, we asked ChatGPT what it thought the price of Cardano would be by the end of 2023. The bot said crypto prices are too speculative.
Stop-loss orders are orders placed at levels of invalidation of a trade idea. They are automatically executed and are set up in such a way that the trader exits their losing position if the price reaches a predetermined level. This level can be determined by technical analysis. Hence, risking only 1%, or 3% per trade would be far more likely to succeed in the long run. The profits might not be quick, but they will be present. The emotional side of trading will also likely lose its intensity since each trade won’t make or break you.Let’s assume we have an account worth $1000. We are determined to lose no more than 1% per trade, which means each losing trade will only cost $10 or 1% of the total size.
Therefore, the requirement would be to risk 1% or 3% or something in between for each trade setup. Calculating this can be time-consuming. I asked ChatGPT to come up with some code to help calculate the position size. It obliged and produced the code. The input prompts would have to be account size, leverage used, risk threshold, and stop loss distance.Let’s assume the account size is $1000, the risk threshold is 5%, and the stop-loss percentage distance of trade is 6%. The leverage used is 10x.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
I asked ChatGPT about Polkadot’s price as 2024 draws nearChatGPT predicts that DOT’s price could hit $100 or even $150 in 2024. But its metrics point towards a further bearish movement.
Read more »
I quizzed ChatGPT about Worldcoin as it shows price correctionI asked ChatGPT about Worldcoin's liquidity, price and volume as Sam Altman's baby finally shows a price correction.
Read more »
What ChatGPT says about Filecoin’s price at the end of 2023The on-chart metrics of Filecoin point towards a bullish price movement in the short run. ChatGPT also predicts a strong rally for the coin.
Read more »
I asked ChatGPT how Solana will fare in Q4, the bot expects a wild rideI asked ChatGPT about the performance of Solana in the current quarter as its price shows a modest recovery.
Read more »
61 Hilarious Times People Interacted With ChatGPT And Just Had To Share The Results OnlineSo to reassure you that AI isn't going to steal our jobs next week, we decided to share with you the funniest and stupidest interactions with ChatGPT that were uploaded to the subreddit of the same name.
Read more »
ChatGPT thinks Shiba Inu can rise over 13% in one weekChatGPT predicts Shiba Inu will increase to around $0.00000850 or experience a slight dip to $0.00000700 in a week.
Read more »