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To get ahead in the trading game, it is obvious to use AI tools, even though many chatbots and trading platforms already offer their own AI tools.
However, for initial analysis and making decisions, it is your final call, so using AI tools on your behalf is always helpful.
When speaking of AI, ChatGPT is famous for giving the best-personalized results and has many features.
Training the custom GPTs specifically for trading helps you. To train, you’ll need a perfect prompt that ultimately leads to accurate results.
Here are some prompts to help you do that.
Before jumping on the exact prompts, know that you can generate the prompts using the prompt generator tools.
You can search on Google for a ChatGPT prompt generator, and you’ll get a list of tools that give you the basic idea of prompt generating for trading purposes.
Prompt for Market Analysis
The first thing about trading is doing the proper analysis before participating in any trading activities.
Analyzing the market, especially the crypto market, is difficult because trends are changing the many projects that come through.
The market analysis becomes easier Using ChatGPT.
Just ask to give the crypto market brief for a week, month, or any given time frame. It comes with the analysis and the chart for the top 5 coins (for me, it is given 5 coins). You can also go into more depth, asking for the specific coin and the time frame.
You can go further in asking about the specific crypto information, which you can get from other websites like Coinmarketcap, but with ChatGPT, you can ask for more in-depth details.
You can continue the conversation with what you’re interested in. Here, I wanted to know more about PEPE token rice.
Prompt for Technical Analysis
You can ask for a specific technical indicator for the coin, and ChatGPT provides it.
For example, here I asked for Bitcoins moving average convergence divergence (MACD) indicator.
It gives a brief introduction about MACD, asks for current analysis, and pulls it from the Trading view.
Similarly, I asked for the RSI (Relative Strength Index), which is given based on the current price of Bitcoin.
Result is provided from multiple sources.
Even though it is not the best way to do technical analysis, you’ll get a quick overview of the particular coin on the go.
Prompt For Risk-Management
Risk management is crucial in trading, setting up the stop loss, and managing risk to reward ratio.
You can ask ChatGPT for risk management strategies.
For example, I asked ChatGPT to recommend some risk management strategies for Ethereum trading, and given my risk to reward ratio as 1:4.
You can even add the position size or refine a specific strategy.
Prompt For Price Prediction
In a volatile crypto market price prediction of any crypto asset is not accurate, but you can use the price prediction data to make your next trade move.
ChatGPT will help you with it. You can ask a chatbot to give a price prediction of a certain coin for a certain period.
Here I have asked about the BNB price prediction for the next month.
The data provided by ChatGPT is from various sources. In the end, it will give you a warning that the actual price prediction may not be accurate to do your own research.
Prompt For Sentimental Analysis
Using the ChatGPT, you can know how the market sentiments are to make the next move.
Just ask to give a detailed sentimental analysis of the particular token or coin.
It gives you a brief introduction to a particular set of points, such as volatility, volume, and market impulses to make a firm decision.
You can view the data sources it pulled information from, and in conclusion, it gives a brief about the investor.
More particularly, you can give a specific introduction, like the coin details and the time period to pull the data.
Conclusion
These prompts showcase just a fraction of what ChatGPT can do to support your crypto trading endeavors. From market analysis to sentiment evaluation, ChatGPT can be your AI-powered assistant for quick insights and strategic planning.
Start with these prompts, and as you gain experience, you can explore advanced functionalities, including training custom GPTs tailored to your unique trading needs.
Best ChatGPT Prompts for Crypto Trading Mastery was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.