I asked ChatGPT Cardano's [ADA] price and here is the trading advice it gave me
of ways. However, even the 3.5 bot can be used to our advantage. What can the bot contribute to a trader whose focus is technical analysis?
In ten hours, this strategy generated signals which theoretically could have yielded +8.98R. However, these results are cherry-picked. In the chart above there were many other entries that the system suggested are shown, especially in those hours when the prices were trading sideways. Multiple trade entries here would have exited at break even or at a slight loss, with trading fees beginning to pile up too.
To survive, the amount of capital risked per trade must be able to withstand a losing streak, which will be based on the win rate. Even if the trades you take are amazing with 3:1 or 4:1 risk-to-reward, it doesn’t do a lot of good in protecting your capital when the market seemingly has your number. If a trader looks for 3R trades and has a sound reason to place that trade, and they are successful with more than 25% of their trades, then they will be a profitable trader.Pesky algebra aside, how does a trader track their win rate? The most common solution is a trading journal. This is a ledger where a trader can jot down each trade they place and the insights they learn from it.
I asked Mikaela Pisani, ML Lead and Senior Data Scientist at Rootstrap. She is an expert in big data development and artificial intelligence and her response was,
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