Five Tips for Using AI To Invest For You
Does Artificial Intelligence Make Investing Easier?
Do We Really Need AI To Invest For Us?
Artificial intelligence is changing our world, and we know it's inevitably going to become a part of our lives more and more.
Does that mean our finances will be a part of this ever-changing world of machine learning, data science, and the technology companies that run them?
Will these frustrations become a part of our investing portfolios when we give hold of our money to investing artificial intelligence programs, or are we going to be stinkin' rich by the time we hit 65?
You have guessed it: Nobody can tell you that. It all depends on you and what investing artificial intelligence system you pick. (Of course other market factors have an effect on the outcomes of your investments.)
So, Steve, what are some of these tips you were going to mention?
Well, I'm glad you asked that.
Here are five tips I have for anyone looking to boost their portfolio gains with artificial intelligence:
1: Research What Artificial Intelligence Investing Bot You Choose
Needless to say it, pick your bot, pick your fate.
You won't find an all-encompassing artificial intelligence system that has 100% profit all of the time, but you certainly can have higher percentage wins than others.
There are plenty of investing bots you can choose from, and all of them will set you back some capital.
I can't pick one for you, you have to go with what feels right and what sounds the best for you.
Whether you're a conservative trader or a risk-taker, pick the style that suits you best.
2: Don't Listen to The Hype
You may see social media influencers and Youtube videos highlighting their gains from artificial intelligence investing bots, take it with a grain of salt.
There are always going to be some people that hit it big at just the right time, and the same holds true for these ai bots.
When you start to follow the hype train, you are going to ride it. Until, you realize you don't want to be on the train anymore.
Follow the journey until you can't take it anymore, or as the Steve Miller Band puts it "Take the money and run."
Always make the decision for yourself about whether these ai investing bots are for you and your financial goals.
3: Ease Into Your AI Financial Goals
The biggest issue most people take with investing goals or trading goals is: You can't time the market perfectly.
The same goes with ai bots, they aren't going to strike it rich every single time a trade takes place.
In fact, you may take more losses than wins if you trade money on the stock market.
Especially these days with the market being as unpredictable as it is, you may find yourself biting off more than you can chew.
Slowly ease into giving these ai trading systems your hard-earned capital.
Start small, say $50 or if you're a bit riskier, do $200. Whatever floats your boat.
Just don't be that guy (or girl) and shoot yourself in the foot when you load the gun with too much ammo.
4: Consider The Pros and Cons of AI Investing
Look, you may go online and hear about algorithmic trading that market makers do.
Yes, you can try and fight Goliath by trying to be Goliath, but just know that these market makers have years of experience.
Not to mention hundreds of people working on their proprietary systems to automatically trade for them.
Unless you have a lot of capital to go around and just feel like trying something new, weigh the pros and cons of this.
Trying something new is always adventurous and exciting. Losing hundreds of dollars feels shameful.
Especially when you were the one who wasn't making the trade and doing your due diligence.
The best thing that can happen is you make a bunch of money in a short amount of time. Fantastic.
Worst thing: You lose all that money, and now she wants a divorce. She's taking the kids with her.
Don't be that person.
5: Work Smarter, Not Harder
Alright, I get it. You want to find something that will do it all for you.
You don't want to deal with the nitty gritty of reading fundamentals and do technical analysis of every single stock.
I get that, I've been there.
If you feel the convenience of time is worth the potential loss with these ai trading systems, give it a shot.
If you feel that you can make more money with these ai bots than you can, give it a shot.
Just remember that most of these ai trading companies charge a fee for their ai trading service.
When you get what you want out of them, exit the game and call it good.
Otherwise, you may be wasting your money and risking more than you can chew off.
Play smart, work hard.
Just don't get fresh with your bot, they'll create a living hell that just won't stop.