May 18, 2025 • 6 mins
What You MUST Know Before Using AI in Forex Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass #588: What You MUST Know Before Using AI in Forex In this video: 00:25 – Can you trade using only AI? 01:22 – You are brave to trust AI to trade your money. 02:02 – Are you too lazy to trade? 03:20 – The knowledge and ability to trade for yourself. 04:34 – Knowing how to trade first. 05:09 – Get onto my 17 minute masterclass. 05:28 – Blueberry Markets as a Forex Broker. 05:40 – Have a chat with us. 05:57 – Like, share and subscribe to receive notification of more trading videos. Can you trade using only AI? It's a question I've been asked this week. I want to give you my opinion on that, so let's get into that a more right now. Hey, this is Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 588. Can you trade using only AI? I received an email just this week from somebody saying I'd like to trade using only AI, and I'd like to pass a prop firm using AI trading system through only using AI. Can I do that? How do I do it? Well, you see, the obvious issue here is that is this person doing it because they want to save some time? Are they lazy? Do they not understand trading? Or maybe they do understand trading? You see, there's a lot of variables out there when it comes to AI because of course it's all around us and what we really like it or probably don't like it, depending on your point of view. It's here to stay. But from a trading point of view, both from a personal point of view, mentally, a trading point of view is AI all it's cracked up to be, and can you use it purely as your only way of trading? You are brave to trust AI to trade your money. Well, first of all, I would say you've got to be pretty brave if you're going to be allowing your own personal capital. Let's say, to be traded purely by AI. You've got to be quite brave. Let's say you know something about trading. Okay. So you're going to create an AI system. How did you go about it? What are the rules and the obvious upsides of expert advisors or trading bots or AI whatever you want to call it is it takes emotion out of trading. That's the obvious upside. You know, it works 24 hours a day. I get all that. You know, it's there's a lot of, obvious upsides to it. Are you too lazy to trade? But the problem is, is if you are doing it simply because you can't be bothered or you're lazy or you think you're too busy to trade, well, do you have enough knowledge about trading to know what it is that you're creating? How do you know what rules to create? How do you know when it's working or when it's not working? Sure, you can go, well, it's making me money or it's not okay, so let's say it's making you some money. What happens when it stops making you money? Is that the bot that suddenly or AI that suddenly changing? Or is that the conditions in the market? How do you know about testing this back? Testing it live for testing. If you don't put time and effort into it, you see people I believe think that AI is going to be this magic shortcut to being lazy, not putting time, effort, or knowledge into it. I can see that the upside to AI is going to work for someone who is prepared to work hard, who does understand trading, who does know what they're looking for, and it's just using it as an aid to maybe place the trades for them and manage trades for them, or they're looking for new ideas. Those type of people will probably do okay from AI. The person out there that just, thinks that can magically make them a multi-millionaire next week because they really can't be bothered to learn how to trade. I don't think you're going to do well, and I don't think it's going to end well, or it's the right way for you to go.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Can you trade using only AI? It's a question I've
been asked this week. I want to give you my
opinion on that, So let's get into that more right now.
Hey the traders is Andrew mitcham here, the owner of
(00:21):
the Forest Trading Coach with video and podcast number five
hundred and eighty eight. I received an email just this
week from somebody saying I'd like to trade using only
AI and I'd like to pass a prop firm using
a trading system through only using AI? Can I do that?
How do I do it? Well? You see the obvious
(00:43):
issue here is that is this person doing it because
they want to save some time? Are they lazy? Do
they not understand trading? Or maybe they do understand trading.
You see, there's a lot of variables out there when
it comes to AI, because of course, it's all around
some whether we really like it or probably don't like it,
depending on your point of view. It's here to stay.
(01:06):
But from a trading point of view, both from a
personal point of view mentally a trading point of view,
is AI all that's cracked up to be? And can
you use it purely as your only way of trading? Well,
first of all, I would say you've got to be
pretty brave. If you're going to be allowing your own
(01:29):
personal capital, let's say, to be traded purely by AI,
you've got to be quite brave. Let's say you know
something about trading. Okay, so you're going to create an
AI system. How do you go about it? What are
the rules and the obvious upsides of expert advisors or
trading bots or AI, whatever you want to call it,
(01:50):
is it takes emotion out of trading. That's the obvious upside.
You know, it works twenty four hours a day. I
get all that. You know, there's a lot of obvious
upsides to it. But the problem is is if you
are doing it simply because you can't be bothered, or
you're lazy, or you think you're too busy to trade, Well,
do you have enough knowledge about trading to know what
(02:11):
it is that you're creating? How do you know what
rules to create? How do you know when it's working
or when it's not working. Sure, you can go, well,
it's making me money or it's not. Okay, So let's
say it's making you some money. What happens when it
stops making you money? Is that the bot that's suddenly
or AI that's suddenly changing, or is that the conditions
in the market. How do you know about testing this,
(02:32):
back testing it, live, forward testing it. If you don't
put time and effort into it. You see, people I
believe think that AI is going to be this magic
shortcut to being lazy, not putting time, effort or knowledge
into it. I can see that the upside to AI
is going to work for someone who is prepared to
work hard, who does understand trading, who does know what
(02:54):
they're looking for, and it's just using it as an
aide to maybe place the trades for them on mana
trades for them all right, they're looking for new ideas.
Those type of people will probably do okay from AI.
The person out there that just thinks it can magically
make them a multi millionaire next week because they really
can't be bothered to learn how to trade. I don't
think you're going to do well, and I don't think
(03:15):
it's going to end well or it's the right way
for you to go. You see the other point that
as a manual trader, I think that so underestimated. It's
up here. It's that ability for you as a person
to have that knowledge that reward, that ability to see
(03:37):
something on a chart, to make a decision with your
brain and your common sense and your information, your knowledge
or eye, and to be profitable and to be right,
and the immense amount of satisfaction that you have knowing
that you can do this. You see, if you put
all your eggs in the AI basket and it suddenly
(03:58):
stops working, then what do you do? How do you
know it stopped working? Apartments losing a lot of money?
But how do you fix that if you don't understand trading?
So I think it's really important that you have to
understand trading, have a background knowledge information whether you then
decide to actually place the trades manually or place the
trades automatically or create your own bots AI. I would
(04:20):
strongly suggest that if you don't know how to trade
manually by yourself, then you should do that first, regardless
of where your end goal or destination might be. So
you have to know how to trade mentally. It's massive
to know that you can control your financial future by
having that decision that influence on what you do when
(04:42):
you do it, how much risk you're taking, what trades
you're taking, what markets you're trading, what time frames you're trading.
All those type of things massive when you can do
it properly. Believe me, it's just an amazing feeling. It's
a little bit like me learning to sing now, or
learning to play the guitar, or when I was learning
to fly, learning to you know, to practice karate, all
these things, they all are massively rewarding once you put
(05:06):
the effort in upfront. And so if you'd like to
find out how we trade and how we can help
you to trade and be successful as a trader. By
the way we trade, no more than thirty minutes chart
time a day, so you don't have to be sitting
there glue toy charts. Click on the link to watch
my short master classes on demand so you can watch
(05:26):
it when it works for you. If you're out there
looking for a top quality broker, I can highly recommend
Blueberry Markets. I'll put a link to Blueberry Markets there
as well, multiple markets, multiple time frame charts on their
empty five platform especially and if you like to book
a call to have a chat with one of us
to find out if we're a good fit and if
we can help you to become a good trader. I'll
(05:46):
put a link here so you can book up a
time to have a chat with us and to see
if we can help you becoming a profitable trader. So
that's it for this week. This is Andrew Mitcham here
at the Froust Trading Coach. Don't forget to like and
subscribe or share this around if you're watching, and I'll
see this time next week. By now,
Can you trade using only AI? It's a question I've
been asked this week. I want to give you my
opinion on that, So let's get into that more right now.
Hey the traders is Andrew mitcham here, the owner of
(00:21):
the Forest Trading Coach with video and podcast number five
hundred and eighty eight. I received an email just this
week from somebody saying I'd like to trade using only
AI and I'd like to pass a prop firm using
a trading system through only using AI? Can I do that?
How do I do it? Well? You see the obvious
(00:43):
issue here is that is this person doing it because
they want to save some time? Are they lazy? Do
they not understand trading? Or maybe they do understand trading.
You see, there's a lot of variables out there when
it comes to AI, because of course, it's all around
some whether we really like it or probably don't like it,
depending on your point of view. It's here to stay.
(01:06):
But from a trading point of view, both from a
personal point of view mentally a trading point of view,
is AI all that's cracked up to be? And can
you use it purely as your only way of trading? Well,
first of all, I would say you've got to be
pretty brave. If you're going to be allowing your own
(01:29):
personal capital, let's say, to be traded purely by AI,
you've got to be quite brave. Let's say you know
something about trading. Okay, so you're going to create an
AI system. How do you go about it? What are
the rules and the obvious upsides of expert advisors or
trading bots or AI, whatever you want to call it,
(01:50):
is it takes emotion out of trading. That's the obvious upside.
You know, it works twenty four hours a day. I
get all that. You know, there's a lot of obvious
upsides to it. But the problem is is if you
are doing it simply because you can't be bothered, or
you're lazy, or you think you're too busy to trade, Well,
do you have enough knowledge about trading to know what
(02:11):
it is that you're creating? How do you know what
rules to create? How do you know when it's working
or when it's not working. Sure, you can go, well,
it's making me money or it's not. Okay, So let's
say it's making you some money. What happens when it
stops making you money? Is that the bot that's suddenly
or AI that's suddenly changing, or is that the conditions
in the market. How do you know about testing this,
(02:32):
back testing it, live, forward testing it. If you don't
put time and effort into it. You see, people I
believe think that AI is going to be this magic
shortcut to being lazy, not putting time, effort or knowledge
into it. I can see that the upside to AI
is going to work for someone who is prepared to
work hard, who does understand trading, who does know what
(02:54):
they're looking for, and it's just using it as an
aide to maybe place the trades for them on mana
trades for them all right, they're looking for new ideas.
Those type of people will probably do okay from AI.
The person out there that just thinks it can magically
make them a multi millionaire next week because they really
can't be bothered to learn how to trade. I don't
think you're going to do well, and I don't think
(03:15):
it's going to end well or it's the right way
for you to go. You see the other point that
as a manual trader, I think that so underestimated. It's
up here. It's that ability for you as a person
to have that knowledge that reward, that ability to see
(03:37):
something on a chart, to make a decision with your
brain and your common sense and your information, your knowledge
or eye, and to be profitable and to be right,
and the immense amount of satisfaction that you have knowing
that you can do this. You see, if you put
all your eggs in the AI basket and it suddenly
(03:58):
stops working, then what do you do? How do you
know it stopped working? Apartments losing a lot of money?
But how do you fix that if you don't understand trading?
So I think it's really important that you have to
understand trading, have a background knowledge information whether you then
decide to actually place the trades manually or place the
trades automatically or create your own bots AI. I would
(04:20):
strongly suggest that if you don't know how to trade
manually by yourself, then you should do that first, regardless
of where your end goal or destination might be. So
you have to know how to trade mentally. It's massive
to know that you can control your financial future by
having that decision that influence on what you do when
(04:42):
you do it, how much risk you're taking, what trades
you're taking, what markets you're trading, what time frames you're trading.
All those type of things massive when you can do
it properly. Believe me, it's just an amazing feeling. It's
a little bit like me learning to sing now, or
learning to play the guitar, or when I was learning
to fly, learning to you know, to practice karate, all
these things, they all are massively rewarding once you put
(05:06):
the effort in upfront. And so if you'd like to
find out how we trade and how we can help
you to trade and be successful as a trader. By
the way we trade, no more than thirty minutes chart
time a day, so you don't have to be sitting
there glue toy charts. Click on the link to watch
my short master classes on demand so you can watch
(05:26):
it when it works for you. If you're out there
looking for a top quality broker, I can highly recommend
Blueberry Markets. I'll put a link to Blueberry Markets there
as well, multiple markets, multiple time frame charts on their
empty five platform especially and if you like to book
a call to have a chat with one of us
to find out if we're a good fit and if
we can help you to become a good trader. I'll
(05:46):
put a link here so you can book up a
time to have a chat with us and to see
if we can help you becoming a profitable trader. So
that's it for this week. This is Andrew Mitcham here
at the Froust Trading Coach. Don't forget to like and
subscribe or share this around if you're watching, and I'll
see this time next week. By now,
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