How I'm Making Passive Income with ChatGPT AI

TechLead

25 Apr 202313:09

Summary

TLDRThe video showcases a content creator in Japan sharing insights on how to generate passive income through crypto trading bots using ChatGPT. The creator explains two trading algorithms: one based on the 25-50 day simple moving averages for Bitcoin and another using an Ethereum squeeze momentum indicator. They provide a detailed walkthrough of setting up the bots on the Pionex platform, automating trades, and generating income without technical expertise. The video also highlights the potential of trading algorithms and invites viewers to explore the platform for bonuses and passive income opportunities.

Takeaways

🌍 The speaker is in Japan and emphasizes the value of achieving location freedom.
💰 The video is about generating passive income using automated crypto trading bots.
🤖 The speaker uses ChatGPT to help write and implement trading algorithms.
📈 The primary trading strategy is based on the 25 and 50-day Simple Moving Averages (SMA) crossover.
📊 The Bitcoin trading bot earned $62 in one day and once made $250 using this strategy.
🛠️ The speaker is using the Pionex platform for crypto trading bots and mentions they are sponsored by Pionex.
🧠 The Ethereum trading bot is still in testing and uses a different algorithm, currently up by $3.
⚙️ ChatGPT helps generate and modify trading algorithms, which can be backtested on the TradingView platform.
🔄 The speaker is also exploring the Squeeze Momentum Indicator for Ethereum trades and believes it could be highly profitable.
💡 The speaker encourages viewers to try trading with bots and explore strategies from Pionex's GPT marketplace, but warns of associated risks.

Q & A

What is the primary focus of the video?
-The video focuses on using ChatGPT to generate passive income through crypto trading algorithms, with examples of two trading bots set up by the creator on the Pionex platform.
What kind of trading algorithm does the creator use for Bitcoin?
-The creator uses a momentum trading algorithm based on the crossover of the 25-day and 50-day simple moving averages (SMA). When the 25 SMA crosses above the 50 SMA, it generates a buy signal, and when it crosses below, it generates a sell signal.
How does the creator use ChatGPT in their trading strategy?
-The creator uses ChatGPT to help write and modify crypto trading algorithms. They ask ChatGPT for specific trading strategies, like the SMA crossover, and then copy and test the generated code on the TradingView platform.
What is the performance of the Bitcoin trading bot?
-The Bitcoin trading bot made $62 in one day, and in another instance, it earned $250 by shorting during a bearish market. The bot trades automatically based on the SMA crossover signals.
What other trading bot is the creator testing?
-The creator is also testing an Ethereum trading bot that uses a different algorithm. The bot recently opened a position, and while it has only made $3 so far, the creator is hopeful about its performance.
What platform does the creator use to run these trading bots?
-The creator runs these trading bots on the Pionex platform, which also sponsors the video. Pionex offers various automated trading bots that users can customize and use to trade cryptocurrency.
What is the 'Squeeze Momentum Indicator' used in the Ethereum trading bot?
-The Squeeze Momentum Indicator is a popular technical indicator that identifies price bands and detects moments of rapid price movement or 'squeeze' zones. The creator uses this indicator to predict market squeezes and make profitable trades.
Can users copy the trading algorithms used in the video?
-Yes, the creator shares the source code of the trading algorithms, which users can copy, modify, and use for their own crypto trading. Users can also access pre-made strategies from the GPT Marketplace on Pionex.
What is the backtested performance of the Bitcoin trading algorithm?
-The backtest of the Bitcoin trading algorithm showed a 23% return on investment over a given period, which is encouraging for the creator. When backtested for a month, the algorithm achieved a 16% return, with the potential for annualized gains up to 200% APY.
What advice does the creator give regarding the use of trading bots?
-The creator advises viewers to start small and do their own research before using trading bots, as there is inherent risk in trading. They emphasize the importance of not trading based on emotion and letting the bots handle market decisions automatically.