The Power of Perception
Cominski - Hi, introduce yourself for those who don’t know you.
Cameron - Hello, my name is Cameron Wheeler and I am a 32 year old author, entrepreneur, and 7 year Navy Veteran. I currently make my living in the AI trading development community, creating and deploying artificial intelligence trading algorithms to be used in the foreign exchange trading market. I started my trading journey when I was stationed in New Orleans in 2015 and began learning the causes behind what makes the market fluctuate and how to capitalize on the market fluctuations.
Cominski - What is AI Trading?
Cameron - Have you ever wished you could have a super-smart computer assistant to help you with your trading decisions? Well, that's exactly what AI trading is! It's a type of trading that uses sophisticated algorithms and machine learning techniques to make data-driven decisions about buying and selling financial assets. It's amazing how these algorithms can analyze huge amounts of data from different sources and identify patterns that humans might miss. And the best part? They can make trades automatically and with incredible speed and precision, which can give traders a significant edge in the market. But, of course, there are also risks associated with AI trading, and it's important for traders and investors to be aware of these risks and use appropriate risk management strategies. As with any technology, there are limitations and potential pitfalls, and it's important to understand these before diving in.
Cominski - What are some unique things you know about AI Trading? Cameron - First of all, AI trading has the ability to process an enormous amount of data in real-time, which allows it to identify patterns and trends that human traders might miss. This can be incredibly valuable for traders who want to make informed decisions based on a broad range of information. Secondly, AI trading is faster and more efficient than human trading. With the ability to process large amounts of data and execute trades automatically, AI trading can be incredibly efficient, which can lead to reduced trading costs and increased profits. However, as with any type of trading, AI trading carries risks. One of the most significant risks is the potential for incorrect predictions or exposure to unforeseen market events. Therefore, it's important for traders to understand the limitations and risks of AI trading and to use appropriate risk management strategies. Lastly, AI trading is constantly evolving. With advancements in machine learning and big data, new techniques and strategies are being developed all the time. This means that traders and investors need to stay up-to-date with the latest developments in AI trading to remain competitive in the market.
Cominski - How can you leverage AI Trading?
Cameron - Trading bots can identify trading opportunities that may be missed by human traders, and remove emotion from the equation by deploying a systematic trading strategy. It can help to automate trading decisions to save time and reduce the potential for human error. It allows you to improve risk management by using real-time data and insights provided by AI algorithms. Finally you may increase efficiency and gain a competitive edge by using AI Trading tools and algorithms.
Cominski - What is the Risk vs. Reward of AI Trading?
Cameron - When it comes to AI Trading, there are both risks and rewards to consider. On the risk side, there's the possibility of overreliance on AI algorithms, volatility in the market, and limited interpretability of some algorithms. On the reward side, there's increased efficiency, improved risk management, and enhanced trading strategies. As with any type of trading, it's important to approach AI Trading with caution and careful consideration. Traders and investors should be aware of the potential risks and take steps to mitigate them, while also leveraging the potential rewards. Ultimately, the success of AI Trading will depend on a variety of factors, including the quality of the data and algorithms used, market conditions, and the skill and expertise of the traders and investors themselves.
Cominski - Do AI Bots make money?
Cameron - AI bots can make money, but it's important to note that their performance can vary depending on a variety of factors. While AI algorithms can analyze vast amounts of data and identify patterns that may be missed by human traders, they are not infallible and can make incorrect predictions. Additionally, the quality of the data and algorithms used can have a significant impact on performance. If the data is incomplete or inaccurate, or if the algorithms are poorly designed, this can lead to poor trading decisions and reduced profits, or even losses. Ultimately, the success of AI bots will depend on a variety of factors, including the skill and expertise of the traders and developers who design and implement the algorithms, the quality of the data used, and market conditions. While there is no guarantee of success, AI bots have the potential to be a powerful tool for traders and investors who are able to use them effectively.
Cominski - How much can you really make with AI Trading?
Cameron - The potential profits from AI Trading can vary widely and depend on a number of factors. Some traders and investors have reported significant profits from using AI algorithms, while others have experienced losses. The amount of money you can make with AI Trading will depend on a variety of factors, including the quality of the data and algorithms used, market conditions, and the skill and expertise of the traders and investors themselves. For example, my friend Stan can see an average return of 20-30% monthly on a $30k account, and my friend Tyler can see an average return of 4-14% spread over multiple $100k+ accounts. It all comes down to how the AI was coded and its use factor.
Cominski - What are some differences between AI Trading vs. Human Trading?
Cameron - Speed and efficiency: AI algorithms can analyze vast amounts of data and make trading decisions much faster than humans. This can lead to increased efficiency and faster execution of trades. Lack of emotion: AI algorithms are not influenced by emotions such as fear or greed, which can cloud human judgement and lead to poor trading decisions. Consistency: AI algorithms can maintain consistent trading strategies over time, whereas human traders may be subject to bias or inconsistency in their decision-making. Interpretability: AI algorithms can be difficult to interpret, as they may use complex algorithms and models that are difficult for humans to understand. This can make it challenging to understand how decisions are being made and to adjust strategies accordingly. Creativity: Human traders may be able to apply creative thinking and intuition to identify new opportunities that may not be immediately apparent to an algorithm. Adaptability: Human traders may be better able to adapt to unexpected changes in market conditions or events, as they can use their judgement and experience to adjust their strategies accordingly.
Cominski - How did you get into AI Trading?
Cameron - I got into this space about 2 years ago when I joined a network marketing company that provided AI trading bots for a monthly fee. Since then I've used and developed several trading algorithms that can perform well on various currency pairs and commodities during certain times of the day and high impact news events. I currently spearhead a technology business, Achieve More FX, where I create and deploy trading algorithms for clients and myself to be used in the foreign exchange market.
Cominski - What’s the next step with AI Trading? Will this evolve?
Cameron - The future of AI Trading is bright and we are likely to see further advances and innovations in this area. This could include the use of AI for risk management and compliance, predictive analysis and forecasting, and the possibility of AI coding systems actually CREATING AI trading algorithms. While AI Trading has the potential to revolutionize the world of finance, it's important to approach this type of trading with caution and to carefully consider the potential risks and rewards. As with any type of trading or investing, it takes hard work and Grustle to be successful.
Cominski - What is imposter syndrome?
Cameron - Imposter syndrome is a psychological pattern where an individual doubts their own accomplishments and has a persistent fear of being exposed as a fraud or impostor. Despite evidence of their competence, people with imposter syndrome feel that they do not deserve their success and that they have somehow deceived others into believing that they are more capable or intelligent than they really are. This can lead to feelings of anxiety, self-doubt, and a lack of confidence in one's abilities. Imposter syndrome is a common experience, particularly among high achievers, but it can be overcome with awareness, support, and self-compassion.
Cominski - Where or when can you see imposter syndrome?
Cameron - Imposter syndrome can occur in various settings, including the workplace, academia, and personal relationships. It's often experienced by high-achievers who may feel like they don't deserve their success or that they have somehow deceived others into believing that they are more competent than they really are. Imposter syndrome can occur at any time in a person's life, but it's particularly common during times of transition or change, such as starting a new job, taking on a new role, moving to a new place, and even beginning a new relationship.
Cominski - How can you identify manipulators?
Cameron - Manipulators can be difficult to identify, and their tactics can leave us feeling confused, hurt, and vulnerable. It's common for those who have been manipulated to feel ashamed or embarrassed, as if they somehow should have known better or seen the signs earlier. But it's important to remember that manipulation is not your fault. It's a tactic used by those who seek to control others, and it's not a reflection of your worth or intelligence. Some signs that someone may be a manipulator include: They twist the truth or lie to create a false reality. They frequently use guilt, pity or threats of violence to get what they want. They try to isolate you from friends and family or other support systems. They constantly shift blame onto others and refuse to take responsibility for their actions. They make unrealistic promises or commitments that they cannot keep. They use passive-aggressive behavior to express their displeasure or manipulate you into doing something. They try to make you feel like you owe them something or that you are in debt to them. If you suspect that you are being manipulated, it's important to remember that you have the right to set boundaries and communicate your needs clearly. You are also not alone, and seeking support from trusted friends, family, or a therapist can help you navigate this difficult situation. Remember to be gentle with yourself and to prioritize your own well-being above all else.
Cominski - What can you do to deal with imposter syndrome?
Cameron - There are several strategies that can help you deal with imposter syndrome: Recognize and acknowledge your feelings. Acknowledge that imposter syndrome is a common experience and that it's okay to feel self-doubt or insecurity. Reframe your negative thoughts. Challenge negative self-talk and replace it with positive affirmations. Focus on your accomplishments and strengths rather than your perceived shortcomings. Seek support from others. Talk to friends, family, or a therapist about your feelings. Share your experiences and ask for their perspective and support. Set realistic goals. Break down large goals into smaller, achievable steps and celebrate your progress along the way. Practice self-care. Take care of your physical and emotional health by getting enough sleep, eating well, exercising, prayer or meditation and engaging in activities that bring you joy. Embrace failure as a learning opportunity. Remember that failure is a natural part of the learning process and an opportunity to grow and improve. By practicing these strategies, you can learn to overcome imposter syndrome and regain confidence in yourself and your abilities.
Cominski - What happens if you “master” how to deal with imposter syndrome?
Cameron - While it's unlikely that you'll ever completely "master" how to deal with imposter syndrome, as it's a common experience that can ebb and flow throughout life, there are several benefits to learning to manage and overcome it. First, you'll likely experience a greater sense of confidence and self-assurance. By recognizing and challenging negative thoughts and beliefs, you'll be able to better trust in your own abilities and talents. Second, you'll be better equipped to handle challenges and setbacks. Rather than becoming paralyzed by self-doubt or insecurity, you'll be able to approach obstacles with a sense of resilience and determination. Finally, you'll be able to form deeper, more meaningful connections with others. By being open and honest about your experiences with imposter syndrome, you'll be able to connect with others who have experienced similar feelings, and create a sense of community and support. Overall, learning to deal with imposter syndrome can be a transformative experience that allows you to live more authentically and confidently, and achieve your goals with greater ease and clarity.