A Framework for Deploying Python in Finance 3 Steps | Ep.064
Mar 4, 2024
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Exploring a 3-step framework for deploying Python in finance, focusing on libraries, applications, and workflows. Pro tips include using AI prompts for library suggestions and online platforms like Jupyter notebooks. Discussion on practical applications beyond algorithmic trading and the power of integrating Python with tools like Zapier.
Python may not be best if no library available for use case.
Matching applications to specific use cases and choosing appropriate platforms are crucial in deploying Python effectively.
Deep dives
Importance of Python in Finance
Python is highlighted as a valuable tool in the finance industry for various tasks, such as data analysis, financial forecasting, and finance automation. The speaker shares personal experiences of using Python for tasks like creating forecasts and automating data formatting. Python's versatility and integration with tools like Excel make it a popular choice, emphasizing its relevance beyond algorithmic trading in the finance sector.
Deploying Python in Three Steps
The process of deploying Python is simplified into three key steps: libraries, applications, and workflows. Libraries play a crucial role in importing pre-assembled code templates, acting as cheat codes in Python programming. Applications like Jupyter Notebook and Excel integration provide versatile platforms for data analysis and automation. Workflow considerations are essential to integrating Python effectively, highlighting the power of adding Python to day-to-day workflows for enhanced efficiency.
Practical Application and Learning Python
The episode provides practical guidance on applying Python in finance scenarios, emphasizing the importance of gaining hands-on experience. Examples include visualizing departmental spending with tools like Plotly, forecasting sales figures using libraries like profit, and automating financial tasks through tools like Pandas and visual studio code. The speaker encourages listeners to engage with AI platforms like ChatGPT or Co-pilot to practice coding and enhance understanding of Python's capabilities.
4. Google Colab Code
https://chat.openai.com/share/84f85da3-1068-4c70-b3b5-611ace9d5f15
------SHOW NOTES------
1. [L] Python Library
**Key takeaway** - If there’s not a library for your use case, Python may not be the best option. At least not without a developer.
**Pro Tip** - Use this prompt with an AI of your choice:
“List some Python libraries that can be used for [Use Case] (that don't relate to the finance industry or algorithmic trading) and describe what they do.”
1. [A] Application
**Key Takeaways** - It’s important to match your application to your specific use case. Online environments like Jupyter notebooks have a much lower barrier to entry that installing developer tools like Visual Studio Code.
**Pro Tip** - Use this prompt with an AI of your choice:
“I’m thinking of performing [use case] using a library like [library]. Is this the library you’d suggest? If so, which platform (e.g Google Colab or Visual Studio Code) would you use to deploy it?”
1. [W] Workflow
**Key Takeaway -** Python become infinitely more powerful when added to day to day workflows. Have a think about where it can slot into yours.
## Putting it into practise
The best way to get concepts to stick is to put them into practise.
Try this:
1. Login to an AI of your choice (ChatGPT Pro or [Copilot](https://copilot.microsoft.com/) preferred as they’re better with coding)
2. Enter this prompt:
“Using the Matplotlib library, generate some Python code that someone in corporate finance could use in Google Colab to get an immediate impression of the power of Python - Use dummy data within the code to avoid the need for data upload or data connection - Exclude anything to do with the finance industry or algorithmic trading.”
3. Copy the code
4. Create a new Notebook in Google Colab (login using [this link](https://colab.research.google.com/))
5. Copy the code and hit play (top left)
P.S - Don’t forget to head over to www.techforfinance.com and sign up to Framework Friday for 1 actionable tech framework you can use to stay ahead of the game.
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