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In this edition:
Make Bank Trading with AI
Your AI Decision Coach
What Not to Do with AI
1000s of Leads for Free Using ChatGPT
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1. Make Bank Trading with AI
Algorithmic trading is nothing new. So I haven’t written about many trading platforms. However, this one (AI Signals) seems like it’s worth looking at.
The Guarantee: If you don’t make gains you get a full refund… Plus $50.
The Bad: It’s directed toward trading crypto. More specifically, crypto pairs.
The Good: By trading 1 crypto pair, the average monthly return is 11%. Trading 3 crypto pairs, the average is 33%. 9 pairs - 110%/mo. That’s crazy and, quite frankly, hard to believe. I’m more of a long term trader and more into stocks although I do own some crypto (Bitcoin and Solana). I know some people make huge money in crypto but these claims seem… excessive.
While it’s rated 4.7 on Trust Pilot, I would still tiptoe into this. You can cancel anytime so the monthly fee isn’t the issue. The issue is the potential losses.
I sent them a question as indicated on their website. They replied pretty promptly. I’m debating about whether to try it. If you have tried this service please let me know your thoughts (by reply email).
I think algorithmic trading will be the future of trading for all assets. Eventually, whoever has the best algorithms will have a huge advantage. And whoever has the most money will have the best algorithms. Fortunately, big traders are often not interested in trading assets (e.g., stocks) with low liquidity (e.g., low volume) so there is still an opportunity for the small guy.
What is great about this business, and most software products, is that because the incremental cost to provide this service to a new customer is near zero, it’s easy to give the user a full refund. This is unlike, for example, when selling a chair. To give a full refund you either have to eat the cost of the chair or pay to have the chair shipped back to you.
2. Your AI Decision Coach
As an entrepreneur, you face a host of problems. Now there’s an AI coach to help you through the decision process. LearnMentalModels uses mental models to help you solve your problem.
Some examples of problems that have been solved by entrepreneurs include…
Holding your team accountable without damaging relationships.
Dealing with a close friend who is now an unprofessional employee
Struggling to delegate tasks fearing the employee won’t meet your standards
The AI will brainstorm with you and then provide a 3-step action plan. $19/mo or $69/year.
Although it’s not clear how successful this will be, it’s is an interesting business. In essence, the platform connects the user to an LLM and provides the LLM with specific prompts about how to communicate with the user (e.g., information on the mental models, what questions to ask, and then instructing it to create a 3-step action plan).
This would be relatively easy to create from a technical standpoint (although it will take some time to get the prompts correct). The key is to select the correct niche where you can provide a great benefit to the user (and receive a decent monthly fee).
3. What Not to Do with AI
There are quite a few apps available that take notes for the user such as Otter and Fireflies. And they work pretty well. So what’s the problem?
Google is now rolling out its version powered by Gemini AI for its Google Meet feature. Those startups aren’t dead in the water but they now face some serious headwinds. And this was very predictable.
If you have a great deal of capital, you may be able to compete with the likes of Google, Microsoft, and Apple. However, by focusing on a niche you are less likely to have to compete with the big boys. Perhaps something like note taking for college students and include features specific for students. Perhaps a marketplace to allow students to sell their notes to other students who missed the class.
4. 1000s of Leads for Free Using ChatGPT
Here’s another video showing you how to generate leads for free using ChatGPT. It also includes automation of the process.
This is a pretty straightforward process. A related business idea would be to create a software platform with forms that does all of this for the users.
In the News…
AI Meme of the week…
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