Trading bot on ChatGPT brought the trader more than $70,000

Artificial intelligence (AI) is transforming various industries, including crypto trading. A striking example of this is the story of an investor known on Twitter under the nickname Rekt Fencer.

The trader said he earned $71,500 using an AI-powered trading bot.

How Rekt Fencer created a trading bot

Rekt Fencer developed his trading bot with ChatGPT using the popular Bollinger Band technical indicator. His strategy is to buy when the price rises above the Bollinger band and sell when it falls below. This tactic takes advantage of market volatility, allowing traders to predict potential price movements based on statistical data.

Trading bot Rekt Fencer. Source: X (Twitter)

The trader described a process that others could replicate, highlighting the power of AI to automate trading.

First, he configured the Bollinger Bands settings on the TradingView platform. He then shared the code to create the bot, which included several updates to make it more adaptable to changing market conditions. Integrating the bot with ChatGPT was extremely important for developing the trading algorithm.

Subsequent steps included duplicating the indicator's source code, renaming it, and making necessary updates. Finally, the trading logic was embedded in the system script.

“In pinescript v5 we create a market entry strategy by entering a long position when the price closes above the Bollinger Band, and a short position when the price closes below the lower Bollinger Band. Close the long trade when the short condition is met, and close the short trade when the long condition is met,” shared Rekt Fencer is a prompt for ChatGPT.

The trader also recommended using ChatGPT to effectively diagnose and correct errors after inserting entry and exit logic into TradingView.

While AI-powered bots offer promising opportunities for profit, they require a deep understanding of both the technology itself and how the cryptocurrency market works. Of course, the potential of such tools is growing as artificial intelligence develops. However, successful trading still depends on careful strategy planning and strict risk management.


Source: Cryptocurrency

You may also like