In the present era, Artificial intelligence has emerged as a popular human invention. Be it a normal bank transaction or unlocking our phones using facial recognition, everything seems to be automated. But the question is “Is AI really paving the way for us?” Yes, Undoubtedly! Living with this ease would not have been possible without it. While making rapid technological advancements in all fields, artificial intelligence has not failed to touch forex trading.
Forex trading robots are there in the market, selling hopes for the individuals to help them build a fortune. Had it been the case that the person creating the forex robot would not have sold it in the first place or else everyone in this world would want to buy a forex robot. Further, we all are well aware of the fact that the forex is the largest market in the world with a daily volume of $6.6 trillion as per the survey done in 2019 by the Triennial Central Bank Survey of Forex and OTC derivatives market. In such a hugely volatile market, a robot promising to make money seems much like a scam. It might give you profits at some initial stages by promising a fixed rate of return on a daily basis and lure you into making more investments. But, at a later period of time, you might suffer a big loss and lose your already attained profits also.
We must understand that the intelligence quotient alone cannot overpower the emotional quotient. Although a forex robot might watch the market 24X7 and monitor a dozen indicators, it cannot work with human intuitions. By human intuition, we are not talking about gut feelings or human emotions. In trading, human intuition is a form of subconscious recognition of market patterns that a trader gets after he has spent thousands of hours in front of his charts. AI cannot replace that. It is almost impossible to create a robot that will make a profit in all the given scenarios.
Jean Baudrillard has rightly said that “The sad thing aboutartificial intelligence is that it lacks artifice and therefore intelligence”. Many institutions spend millions to create such robots, but, still, they do not neglect traders because eventually without emotional intelligence, artificial intelligence is incomplete.
Further, we must also not ignore the loss that AI has caused in terms of unemployment. Computers are increasingly invading the human domains at a very fast pace. As per the recent survey by The International Labour Organisation in 2022, the unemployment rate is 5.7% with an estimated 205 million unemployed people. Indeed, Machines replacing humans has its own pros and cons. But, then the question arises again, “ Will machines wholly let us out of brain jobs?”. Well! Claude Elwood Shannon once said that “ I visualize a time when we will be to robots what dogs are to humans”, and I guess that time is now.
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- Neha Kumari
