Summary of AI Assistants in Trading
By Koen Hoorelbeke, Investment and Options Strategist
Introduction
The article discusses the integration of AI assistants with Saxo's OpenAPI, enabling traders to interact with complex data without needing coding skills. This innovation allows users to ask straightforward questions and receive actionable insights, streamlining the trading process.
The Traditional Approach
Traditionally, traders accessed data through two methods: reading API documentation or developing custom software. Both methods required significant time and technical expertise, which many traders preferred to allocate to market analysis instead.
The New AI-Driven Approach
With the introduction of AI assistants, a third method has emerged. Traders can now pose questions in plain language, such as "Which of my positions moved more than usual yesterday?" The AI generates the necessary code to query the API, allowing traders to focus on decision-making rather than technical details. This process can transform an idea into a functional tool in just a few hours.
Practical Applications
AI assistants can provide various useful applications, including:
- A morning overview of portfolio performance, highlighting positions that require attention.
- Custom screening tools based on individual criteria rather than generic presets.
For example, an options trader might use a tool that compares the implied volatility of options against their recent momentum, helping to identify potential trading strategies.
Cautions and Considerations
Despite the advantages, users must remain cautious. AI can make errors, and the API requires precise requests. It is advisable to verify the AI-generated tools against the platform's data before relying on them. A recommended starting point is to use these tools in a read-only capacity, gathering insights without executing trades until confidence is established.
Upcoming Webinar
A webinar titled "Using AI and OpenAPI to elevate your Saxo platform experience" is scheduled for November 4 at 13:00 CET. The session will demonstrate building a tool using plain-language instructions, showcasing the entire process, including potential pitfalls.