Trading, a field known for its complex and dynamic nature, has been significantly revolutionized by AI technology.
Traders now have the opportunity to leverage AI trading platforms to streamline their trading processes, make more informed decisions, and ultimately, optimize their profits.
What is AI trading?
AI trading is a trading strategy that relies on the use of AI-powered bots and features to execute trades in financial markets.
AI trading systems use complex algorithms to analyze market data and identify trading opportunities. These systems can be programmed to make trades automatically, without human intervention.
Does it work?
Yes. In fact, someone reportedly leveraged an AI bot to make $38,000 in just 5 days.
Best AI bots for trading
Here's a rundown of the top AI bots for trading in 2023 that are making waves in the financial industry:
1) Trade Ideas
Trade Ideas is a cloud-based stock trading platform that empowers traders with artificial intelligence.
This platform uses proprietary algorithms to scan the market, generate profitable trading ideas, and execute trades automatically.
Trade Ideas is the go-to platform for traders who are keen on finding the best trade opportunities in the market and executing them seamlessly with their brokers.
Why Trade Ideas?
- Real-time market scanning
- Customizable AI alerts
- AI-powered trade signals
- Data visualization
- Advanced charting tools
- Simulated trading tools
Trade Ideas has an AI trading assistant, Holly AI, that can help create and manage investment portfolios for you based on the parameters that you set.
To access Holly AI, you’ll need their Premium pricing plan. ($228/month)
With Brokerage Plus, you can connect Trade Ideas with your broker platform so that it can automatically execute trades based on Holly AI signals.
2) MetaTrader 5 (MT5)
MetaTrader 5, commonly referred to as MT5, is a premier trading platform that supports AI-backed robots for automated investing.
This platform is a trader's dream, connecting to dozens of online brokers and providing a plethora of advanced charting tools, technical indicators, and data insights.
With MT5, you're not just trading; you're stepping into a realm where technology meets finance.
Here’s a breakdown of what MT5 offers:
Connect with brokers: MT5 acts as a bridge connecting you to dozens of online brokers.
Advanced tools: Get your hands on advanced charting tools, technical indicators, and insightful data.
AI-backed robots: The standout feature? AI-backed trading robots. These robots can automate the buying and selling of assets for you.
How does MT5 work?
To use AI robots for trading on the platform, you need to visit the MQL5 marketplace. Here you will find great automated robots by third-party developers, with reviews from other traders.
Here are some popular robots on the platform:
- Quantum Emperor — trading GBPUSD pair
- Deeptrader AI — Predicting market movements
- Darwin Evolution MT5
Most of these robots cost $399 -$9, 999, one time payment to acquire.
Once you find a robot that interests you, click through to learn how it leverages AI, and how it can enhance your trading experience, and then upload it to the MT5 application.
If technical analysis is your forte, TrendSpider is the platform to explore. It’s an all-in-one trading platform that can make you a more productive trader.
Renowned for its superior charting options, TrendSpider provides automated trendlines and heatmaps that simplify technical analysis.
With a pricing model that caters to various budgets ($22.11/mo. – $64.99/mo), TrendSpider is an invaluable tool for traders keen on fast and accurate market analysis.
- Strategy tester tool
- Smart watch lists
- Advanced charting and analysis tools
- Automated bot alerts
- Automated trading bots
These tools can help you react to market changes faster, and make you a more effective trader.
Tickeron is a cloud-based AI trading platform that offers a variety of tools for both stock and crypto traders.
The platform's AI-powered trading bots can be used to identify trading opportunities, automate trades, and manage risk.
Tickeron also offers a variety of other features, such as AI trend predictions, second-generation virtual accounts, an AI pattern search engine, AI stock screening, etc.
Another one of the best AI bots for trading is Algoriz; an AI tool that simplifies the process of creating, testing, and automating trading algorithms.
It's a platform where users can formulate trading strategies in plain English, eliminating the complex coding necessity.
Algoriz caters to both equity stock and crypto coins trading, providing a user-friendly interface that connects to various data vendors.
- Support for various coins such as Bitcoin, XRP, Ethereum, etc.
- Connects to your broker account for automated trading
- Automated alerts for set signal triggers
StockHero is a cloud-based platform boasting a trading bot with an impressive ~ 90% win rate.
It offers preset bots available for deployment within minutes, enabling users to trade stocks intelligently.
Stock Hero provides real-time market insights and comprehensive data analysis to keep users updated on financial news and market trends.
Notable advanced features:
- Indicator Settings
- TradeView integration
- Strategy Designer
- Superfast backtesting tools
- Automatic trade ideas execution
- Day traders
To get started, you simply need to choose a bot preset from the marketplace, deploy it, and start trading. Your bot will then analyze real-time markets so that it can open or close positions.
For AI automated trades, this platform currently supports these brokers:
- TD Ameritrade
- Stake AU, and UK
Gunbot is a desktop-based (Windows, Linux, macOS, Raspberry Pi) AI trading bot that is designed for crypto traders. The bot offers a variety of features for automating trades, managing risk, and backtesting strategies.
Gunbot is also highly customizable, allowing traders to create their own trading strategies.
Being a privacy-focus bot, Gunbot runs fully on your PC, no cloud-reliance.
- Fully tuned trading strategies
- Unlimited bot instances for power users
- AI-generated custom trade strategies with Gunbot AI
Coinrule is a user-friendly platform designed for both technical and non-technical traders.
It allows users to create automated trading strategies for cryptocurrencies without the need for coding.
With over 150 trading templates and an “If-this-then-that” logic, Coinrule offers 24/7 automated trading, real-time alerts, and market updates.
It also supports over 10 popular exchanges, ensuring a secure trading environment with military-grade encryption.
Coinrule works with your favorite exchanges: Kucoin, Binance, Kraken, Coinbase, etc.
Other AI trading platforms
- Capitalise AI
How do I start AI trading?
Educate yourself: Learn about AI, machine learning, and their applications in trading.
Choose a trading platform: Select an AI trading platform that aligns with your trading goals.
Start small: Begin with a small investment to understand the workings and effectiveness of AI trading.
Backtest: Use backtesting features to evaluate the performance of AI trading strategies using historical data.
Continuous learning: Stay updated with the latest developments in AI and trading to continuously improve your strategies.
AI trading FAQs
Which AI is best for trading?
The “best” AI for trading largely depends on individual needs and trading goals. However, some notable platforms include MetaTrader 5, TrendSpider, Trade Ideas, Tickeron, and Algoriz, among others.
These platforms offer various features like automated trading, real-time market analysis, and backtesting which are crucial for modern traders.
Does AI trading really work?
Yes, AI trading does work. It leverages algorithms and machine learning models to analyze vast amounts of market data, identify patterns, and execute trades based on pre-defined criteria.
It can significantly reduce the time and effort required for market analysis, and execute trades at a speed and accuracy level that is impossible for human traders.
However, like all trading strategies, AI trading carries a risk, and there's no guarantee of profits.
Can you make money with AI trading?
Indeed, many traders and investment firms use AI trading to optimize their trading strategies and enhance trade profitability.
However, the extent to which you can make money with AI trading depends on various factors including the effectiveness of the AI algorithms, the platform you choose, market conditions, and your understanding of the trading domain.
Does AI work in forex?
Absolutely. AI is widely used in Forex trading to analyze currency market data, predict price movements, and execute trades.
Platforms like MetaTrader 5 and Tickeron provide AI-backed tools and robots that can significantly enhance the efficiency and profitability of Forex trading.
AI can handle the high volatility and 24/7 trading hours of the Forex market, making it a valuable tool for Forex traders.
Adopting AI bots for trading is a progressive step towards modernizing trading strategies and staying competitive in the fast-paced trading realm.
As these bots continue to evolve, they promise to unlock new potential in trading, making it an exciting time to delve into the world of this industry.
The journey may have its share of challenges, but the rewards could be immensely gratifying for those ready to adapt.