#546: I’m Not a Fan of Trading AI or Bots

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I’m Not a Fan of Trading AI or Bots

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Podcast:

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#546: I’m Not a Fan of Trading AI or Bots

In this video:
00:27 – Everyone is talking about AI and Bots.
01:10 – All Bots seem to fail.
01:30 – Knowing I can read a chart with high probability.
02:49 – Limitations of using trading bots.
03:19 – You don’t need to spend all day trading.
04:48 – Our 15th Birthday sale.
05:28 – Trade through Blueberry Markets.

I’m not a fan of trading AI or trading bots. Let me tell you why. Let’s get into that and more right now.

Hey, the forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 546.

Everyone is talking about AI and Bots.

Now something maybe a tiny bit controversial. Everybody’s talking about, you know, AI and how it can help in life and in trading and trading bots and expert advisors and all these type of things. And look, it’s been there for years and years.

When I started trading, there was tradestation. You could create programs that would automatically trade for you. And then Metatrader came along and people had expert advisors, which would magically for $97 going to solve all your trading problems and trade for you. If you look back on Forex Factory, on different forums, etc., you’re always finding people out there who are creating these these robots that are going to do all these wonderful things.

All Bots seem to fail.

Have you ever noticed that they all fail? Like, I’ve never ever in my 20 years of trading seen one that works consistently well. Sure, they’ll all have good times, but almost sure they’re going to have bad times as well. So the reliability of them, first of all, is not great.

Knowing I can read a chart with high probability.

But to me there’s more important things than that. As a trader, as a manual trader. There is nothing better than that knowledge, that satisfaction of knowing that I can look at a chart today, next week, next year, in ten years time, and with high probability and high certainty, predict what’s likely to happen. Now, if I get the trade wrong, I get it wrong and I lose a small known set amount of my account.

But if I get the trade right, it’s going to make two, three, four, five times my risk. And having that knowledge and that ability to look at different markets because who knows what’s going to be out there in the future. If we were talking, say, like five or ten years ago, certainly ten years ago, we wouldn’t have been able to trade cryptos, we wouldn’t have been able to trade indices and commodities and metals on forex platforms.

So things evolve, things change. And I’m certainly not against that when I’m saying I’m not into A.I. or bots. But what I am saying, if you have that knowledge up here, that mental knowledge, ability, satisfaction to make those decisions, that is so much better than just relying on someone’s $97 a month bot.

Limitations of using trading bots.

The other thing is, is if you buy this bot and it does really well, what happens if you no longer have access to it or what happens if it no longer works? And how do you know that? Because without that knowledge and that skill of understanding how that bot works, you have no way of monitoring it on improving it, on changing it, on anything to do with it. And so to me, that manual skill is still absolutely crucial.

You don’t need to spend all day trading.

And if you’re out there, like sitting there thinking, well, that’s all well and good, Andrew but I’m too busy and I don’t want to spend hours and hours and hours on a chart and on a computer, nor do I. I trade 30 minutes a day and I try 15 minutes in my morning, 15 minutes at nighttime. To me, trading is about doing this, getting outside, enjoying the outside, being very focused and very skilled when it’s happening, when it’s trading time and relaxing, enjoying things, working hard, whatever it is outside family, sports, music, whatever it is that you want to do when you’re not trading and the balance of the two is huge.

So both mentally, physically, everything and and that’s what to me. Artificial, you know bots and robots and AI that cannot give you that that mental stimulation enjoyment satisfaction that being a manual trader does. So that’s my thoughts on it. Like I said, I’ve been doing this 20 years. I’m certainly not against progress, certainly not against using technology. I love technology. I love progress. But there’s so much more to being a good trader than just simply waking up in the morning and go, what’s this bot done? Because that’s not going to give you what you really need long term. Certainly not going to give me the confidence to go. I’m going to invest a large amount of money into this of my own capital.

Our 15th Birthday sale.

Now, some great news for you. Between the 14th and the 17th of May, we will be celebrating 15 years at the Forex Trading Coach, which is something we’re immensely proud of. And I don’t think there’s hardly any other company around that’s still in existence today. That was around 15 years ago when we started, so we’re immensely proud of that and the amount of people that we’ve helped and helped change the lives of so many people all around the world. If you’d like to find out how you can get involved, I’m going to put a link here so you can click on the link and register your interest for the sale between the 14th and 17th of May.

Trade through Blueberry Markets.

And if you’re out there looking for a good broker, I can highly recommend blueberry markets. They offer the Metatrader 4 / Metatrader 5 platform. They also start the day at the correct 5 p.m. New York, which is Eastern Standard Time. That’s when the daily charts change over on the forex markets. Unfortunately, some brokers still don’t do that, so make sure your broker does do that and Blueberry certainly do support link to them as well.

This is Andrew Mitchem here at the Forex Trading Coach. Have yourself a great day or evening or whenever you’re watching this and if you’re listening on the podcast, I hope you’ve enjoyed it and you’ve just missed out some beautiful scenery behind me here. So I see this time next week. Bye for now!

Episode Title: #546: I’m Not a Fan of Trading AI or Bots

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