ChatGPT AI Trading Bot Helped Me Make $2,500 in One Day

Summary

In this video, Emmy, a Web 3 developer, shares her journey of creating an automated crypto trading bot. After initial setbacks with smart contracts, she turned to AI and Chat GPT to simplify her strategies for generating passive income. The bot utilizes techniques like sandwich transactions and arbitrage on decentralized platforms such as Uniswap. Emmy provides a step-by-step guide on deploying the bot using Remix and MetaMask, emphasizing security and efficiency. After 24 hours, the bot successfully earns a significant profit, showcasing the potential of automated trading in the crypto space.

Takeaways

• 😀 ChatGPT technology has significantly simplified the process of creating a crypto trading bot for passive income generation.
• 🛡️ Always exercise caution in the crypto space to avoid scammers. Never send funds to unfamiliar wallets or interact with unknown exchanges.
• 🔍 The bot utilizes a strategy called 'sandwich transactions,' which monitors mempools to identify profitable trading opportunities before they are confirmed on-chain.
• 💡 The bot executes two transactions: a 'front run' before the target trade and a 'back run' after it, taking advantage of price shifts caused by large trades.
• ⛽ The bot incentivizes miners or validators by setting higher gas fees, ensuring its transactions are prioritized over others for maximum profitability.
• 📈 No coding experience is needed to use the bot, as ChatGPT simplifies the technical process, making it easy for users to engage in automated crypto trading.
• 🔗 To get started, you need MetaMask or another supported wallet, and you'll interact with the bot’s code via Remix Ethereum IDE to deploy the smart contract.
• 💰 The bot requires a minimum deposit of 0.5 Ethereum to operate effectively, with larger deposits allowing for more transactions and potentially higher profits.
• 📝 The Solidity compiler in Remix allows you to deploy the smart contract, but setting gas to 'aggressive' ensures faster deployment for high-priority operations like front running.
• ⏳ After deployment, the bot can be monitored and controlled through Remix, allowing users to check trading balance, start/stop trading, and withdraw profits directly to their wallet.

Q & A

What is the primary goal of the bot described in the video?

The primary goal of the bot is to generate passive income through automated crypto trading by utilizing strategies like arbitrage and sandwich transactions.

What strategy does the bot rely on to generate profit?

The bot relies on the sandwich transaction strategy, which involves frontrunning and backrunning large trades detected in the mempool to capture price differences.

How does the bot use gas fees to ensure transaction priority?

The bot sets a higher gas fee to incentivize miners or validators to prioritize its transactions over others, ensuring its trades are processed before the target transaction.

Is coding experience required to use the bot?

No, coding experience is not required. The bot is designed to be user-friendly, with the technical aspects handled through ChatGPT, making it hassle-free for users.

What wallets can be used with the bot?

The bot can be used with wallets such as MetaMask, Coinbase Wallet, Trust Wallet, or any other Ethereum-compatible wallet.

How much Ethereum is required for the bot to operate effectively?

The bot requires a minimum deposit of 0.5 Ethereum to operate effectively. The more Ethereum deposited, the more transactions the bot can process, potentially increasing profits.

What steps are involved in deploying the bot’s smart contract?

To deploy the bot, you need to install MetaMask, use Remix Ethereum IDE to create a new file, paste the bot’s source code, compile it, and deploy it to the Ethereum network using an injected provider (like MetaMask).

How do you verify that the smart contract has been deployed successfully?

After deploying the smart contract in Remix, you can verify its success by checking the transaction hash on EtherScan. If the transaction status shows as 'success', the deployment was successful.

What should you do if Remix fails to estimate the gas fee after contract deployment?

If Remix fails to estimate the gas fee, you can reconnect to the deployed contract by refreshing the page, compiling the code again, and then pasting the contract address into the Remix interface to reattach it.

How much profit did the bot generate after 24 hours of automated trading?

After 24 hours, the bot generated nearly 1.2 Ethereum in profit passively, showcasing the potential of automated trading with the bot.