I built a AI Trading Assistant - here's what happened
Education
Introduction
Good afternoon and welcome back to our options education webinar series. My name is Tony Zang, the Chief Strategist at Options Play. Today is a special day as we have launched our very own AI trading assistant named “Ask Options Play.” This innovative tool is designed to help traders analyze and evaluate their ideas, positions, and charts, ultimately enabling them to become more disciplined traders in every aspect of trading.
The Objective of This Webinar Series
Every Thursday, we aim to educate you on how to trade sustainably, confidently, and grow your trading account over the long run. This education encompasses option strategies, technical analysis, fundamental analysis, trading psychology, and various tools that support your trading journey. Today's session marks a monumental step in this direction with the introduction of our AI assistant.
Purpose and Disclaimer
Before diving in, it's important to mention that today's discussion is for education and demonstration purposes only and not a recommendation to buy or sell specific securities. Our primary focus is to show you how an AI trading assistant can enhance your trading practices and help you become a consistent trader.
Understanding Ask Options Play
Ask Options Play is a custom-built chat-based AI assistant that simplifies the trading process for you. Unlike traditional chatbots, this tool has been tailored specifically for traders, incorporating proven trading rules and techniques to aid your decision-making process.
Key Features/Focus Areas
At its core, Ask Options Play focuses on three main areas to assist you:
Idea Generation: The tool aids in evaluating trade ideas against a checklist of seven predefined criteria. This scoring system helps you assess whether a particular trade aligns with your trading plan, taking into account essential factors like market trends, volatility, and risks.
Position Monitoring: Once you've entered a trade, knowing when to cut losses or take profits is critical. The assistant offers real-time analysis of your current positions and prompts you based on best practices for each trading strategy. This helps in minimizing emotional trading decisions.
Chart Review: Technical analysis can often become blurry when traders let bias seep into their decision-making processes. The AI promotes an objective viewpoint by analyzing price action, momentum, and key support and resistance levels, allowing you to maintain your discipline with trade decisions.
Why This is Important
The core intention is to eliminate confirmation bias, which often hinders traders from making rational decisions. The AI provides an external, objective verification of your decisions, pushing you to adhere to your trading plan structured around disciplined practices and rules.
Accessing Ask Options Play
You can access the assistant for free either through Options Play or the ChatGPT platform. By uploading screenshots of your trades or charts, the assistant can provide immediate feedback without any manual data entry. Currently, the tool is integrated into ChatGPT, but future versions aim to embed it directly into the Options Play platform.
Conclusion
This innovative AI trading assistant is not just another gadget; it's a companion designed to help you trade smarter. Utilizing this tool will empower you to build discipline and consistency in your trading approach. We are excited to see how Ask Options Play can transform your trading experience, enabling you to make more informed and objective decisions.
We encourage you to interact with the assistant regularly to build better trading habits. I look forward to seeing how it works for you as you navigate your trading journey!
Keywords
AI Trading Assistant, Ask Options Play, Idea Generation, Position Monitoring, Chart Review, Trading Discipline, Confirmation Bias, Technical Analysis, Objective Analysis, Trading Plan, Options Trading.
FAQ
What is Ask Options Play?
Ask Options Play is an AI trading assistant designed to help traders analyze their trading ideas, positions, and charts, promoting disciplined trading practices.
How can I access Ask Options Play?
You can access Ask Options Play for free through the ChatGPT platform or by signing up for a trial with Options Play.
What are the main features of Ask Options Play?
The assistant focuses on three main areas: idea generation, position monitoring, and chart review, each designed to provide objective analysis.
Does Ask Options Play require any additional fees?
No, the AI trading assistant is completely free to use for anyone with a ChatGPT account.
Can I use it for stocks that aren't options?
Yes, you can use it for stock analysis. However, the options-specific features will not apply if you're focusing solely on stock trading.