The potential of AI chat bots for real-life applications is astonishing. They not only understand what you’re asking but they can provide excellent detailed expert answers in many areas of expertise. For example, the following image has just been generated based on the text of this post!
There are many comparisons of Chatbots out there. I won’t do the job of comparing them but rather explain to you how they can be used when investing.
Plenty of Youtubers tell you about investing with these chatbots doing simplified videos about how you input a set of prices of bitcoin in the last months or weeks and it predicts the next possible outcome for the next month or week.
While this is possible, predicting stocks or cryptocurrency trends is extremely complex and even the best investors in Wall Street have difficulties doing so as shown in several research articles.
However, Chatbots, especially when connected to the internet such as Bing + GPT4 can still be used when investing for knowing about the trends. This blog is a lot about investing (buying assets at good moments in time, waiting for returns from the asset itself or from increase in value over time) rather than trading (taking advantage of short time differences in price changes).
Of course, trading is more “sexy” because you imagine the guys from Wall Street predicting everything and becoming millionaires (such as the wolf of wall street movie).
However, investing and being patient and cold-blooded with your decisions is in my opinion more realistic and can have a lower risk of high returns over time.
That is why, when investing it is important to know how the world around you works and what are the trends, and that’s where chatbots may be very useful. You can use them to better understand a technology that is becoming trendy. One of the rules of investors is to actually understand the assets in which they invest. For example, a person working in the metallurgic industry can very well understand what is happening in the world for some materials such as silicon because of the high use of this material for IT technologies and use this opportunity to sell assets because of the current high demand.
With the chatbots, you can learn about these topics by asking questions, since these AI large language models are trained with millions of books and have the expertise of a person working in the field for a couple of years. Then, the most important part is to be able to formulate the proper prompts. For example, to become financially independent you should ask something like "teach me the most important aspects towards financial independence":
This allows you to not only be able to invest on what you know but on a whole new number of fields.
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