How This Crypto Trader Earned $71,500 With ChatGPT Bot

In today's dynamic market environment, artificial intelligence (AI) is transforming various sectors, including crypto trading. Rekt Fencer, an anonymous investor on X (formerly Twitter), claims to have made a whopping $71,500 using his AI-powered trading bot.

This case illustrates the role of AI in automating complex business operations.

How Rekt Fencer Created Crypto Trading Bot

Rect Fencer has developed a chatgpt powered trading bot using the Bollinger Band indicator. Some traders use this indicator for its effectiveness in analyzing market trends.

His strategy was to buy when the price rises above the bowling band and sell when it falls below. This method uses market volatility, which allows traders to predict potential price movements based on statistical data.

Read more: 13 Best AI Crypto Trading Bots to Maximize Your Profits

Rect Fencer outlines the process for others to replicate, emphasizing the potential of AI to automate marketing.

Initially, Fencer adjusted the Bollinger Band settings on TradingView, a popular analysis platform among traders. He then guided users through coding the bot, incorporating several improvements to adapt to market conditions. Integrating the bot with chatgpt was crucial to refine the marketing algorithm.

Subsequent steps include duplicating the pointer's source code, renaming it, and performing any necessary modifications. Finally, transaction logic is written into the system.

“The parameters of this strategy are in PineScript v5. Enter long when the price closes above the Bollinger band, and short when the price closes below the lower Bollinger band. Close the long when the short condition is fulfilled, and close the short when the long condition is fulfilled,” Rekt Fencer shared a chatgpt request.

Fencer posted the source code below the prompt to instruct ChatGPT to write the logic that automates trade entries and exits.

Fencer also stressed the importance of addressing coding errors, a typical challenge of programming. After posting the entry and exit logic on TradingView, he also recommended using ChatGPT to effectively diagnose and fix errors.

He also warned about the possible dangers associated with trade. Fencer recommends starting with a small amount to assess the effectiveness of the strategy before increasing the benefits.

This careful approach emphasizes the importance of risk management, especially for automated systems that can be automated.

Users must link their crypto exchange account to TradingView to fully automate the trading process. This integration allows the bot to execute trades based on the configured strategy.

Read more: Best Crypto Bots to Automate Trading

Although AI-driven trading bots like Fencer offer promising profit opportunities, they require a deep understanding of technology and market principles. As AI technology evolves, its ability to enhance trading strategies continues to grow, equipping traders with sophisticated tools to enhance their market performance.

However, successful trading still depends on careful strategic planning and strong risk management.