ChatGPT Trading Strategy 88% Win Rate 5 min Scalping Strategy

Introduction

This tutorial will guide you through using AI and ChatGPT to create a trading strategy on TradingView without any coding. The strategy focuses on a scalping approach with an impressive 88% win rate, making it a valuable technique for both novice and experienced traders.

Step 1: Setting Up Your TradingView Account

• Create an Account: If you do not have a TradingView account, visit TradingView and sign up for a free account.
• Choose a Plan: Consider upgrading to a paid plan for additional features, which can enhance your trading experience.

Step 2: Accessing Trading Strategies

• Visit the Strategy Link: Access the specific trading strategy used in the video, "The Bigger Extender," via this TradingView link.
• Add the Strategy: Click on "Add to Favorite Indicators" to easily locate it later on your TradingView account.

Step 3: Configuring Your Trading Indicators

• Search for Indicators: In TradingView, go to the Indicators section and search for the "Bigger Extender" to apply it to your chart.
• Customize Settings: Adjust the settings according to your trading preferences, such as timeframe and risk parameters.

Step 4: Using AI and ChatGPT for Strategy Optimization

• Utilize ChatGPT: Use ChatGPT to generate variations of your trading strategy by asking it to suggest different parameters or conditions.
• Query Examples: Examples of queries you might ask include:
  • "What are some effective stop-loss strategies for scalping?"
  • "How can I optimize my entry and exit points?"

Step 5: Backtesting the Strategy

• Run Backtests: Use TradingView’s built-in backtesting feature to evaluate the performance of your configured strategy over historical data.
• Analyze Results: Review the results to determine the win rate, average profit, and loss metrics. Look for patterns and make adjustments if necessary.

Step 6: Setting Up Alerts

• Create Alerts: Set up alerts in TradingView for key signals from your strategy. This ensures you are notified when conditions for buying or selling are met.
• Customize Alert Conditions: Tailor alerts based on your risk tolerance and trading goals to avoid missing critical trading opportunities.

Step 7: Connecting to Your Exchange

• Use Trigger.trade: For seamless trading, connect your TradingView account to your preferred exchange like ByBit through Trigger.trade.
• Follow Connection Instructions: Ensure you follow the step-by-step instructions provided on the platform for a secure connection.

Conclusion

By following this tutorial, you can effectively utilize AI and TradingView to enhance your trading strategies without any coding knowledge. Remember to backtest your strategies regularly and adjust your indicators and settings as you gain more experience in scalping. For further learning and resources, consider subscribing to relevant channels and joining trading communities. Happy trading!