mlsanityData to 14 Oct 2026

TradingAgents: Multi-Agents LLM Financial Trading Framework

arXiv 2412.20138 ↗First posted 28 Dec 2024q-fin.TR cs.AI cs.CEcited by 188

On the map: LLM agents and tool use → Financial trading and forecasting agents

Abstract (arXiv)

Significant progress has been made in automated problem-solving using societies of agents powered by large language models (LLMs). In finance, efforts have largely focused on single-agent systems handling specific tasks or multi-agent frameworks independently gathering data. However, the multi-agent systems' potential to replicate real-world trading firms' collaborative dynamics remains underexplored. TradingAgents proposes a novel stock trading framework inspired by trading firms, featuring LLM-powered agents in specialized roles such as fundamental analysts, sentiment analysts, technical analysts, and traders with varied risk profiles. The framework includes Bull and Bear researcher agents assessing market conditions, a risk management team monitoring exposure, and traders synthesizing insights from debates and historical data to make informed decisions. By simulating a dynamic, collaborative trading environment, this framework aims to improve trading performance. Detailed architecture and extensive experiments reveal its superiority over baseline models, with notable improvements in cumulative returns, Sharpe ratio, and maximum drawdown, highlighting the potential of multi-agent LLM frameworks in financial trading. TradingAgents is available at https://github.com/TauricResearch/TradingAgents.

Key facts. Cited by 188 papers in the map (data through 14 Oct 2026). Placed in Financial trading and forecasting agents, one of 16 directions in LLM agents and tool use. Builds on 26 of its 72 references that are in the map. First posted on arXiv 28 Dec 2024.

Builds on

26 of 72 references.

Closest ancestors · 4

Same direction, newest first

  1. 2024FinCon: A Synthesized LLM Multi-Agent System with Conceptual Verbal Reinforcement for Enhanced Financial Decision Making9 Jul
  2. 2024FinRobot: An Open-Source AI Agent Platform for Financial Applications using Large Language Models23 May
  3. 2024Designing Heterogeneous LLM Agents for Financial Sentiment Analysis11 Jan
  4. 2023FinMem: A Performance-Enhanced LLM Trading Agent with Layered Memory and Character Design23 Nov

Other references · 22

  1. 2017Proximal Policy Optimization Algorithmscited by 15,215
  2. 2023Generative Agents: Interactive Simulacra of Human Behaviorcited by 3,568
  3. 2023Improving Factuality and Reasoning in Language Models through Multiagent Debatecited by 1,784
  4. 2023Baichuan 2: Open Large-scale Language Modelscited by 670
  5. 2023Multi-Agent Collaboration: Harnessing the Power of Intelligent LLM Agentscited by 333
  6. 2023MedAgents: Large Language Models as Collaborators for Zero-shot Medical Reasoningcited by 316
  7. 2023Auto-GPT for Online Decision Making: Benchmarks and Additional Opinionscited by 255
  8. 2024Teaching Large Language Models to Reason with Reinforcement Learningcited by 160
  9. 2024A Multimodal Foundation Agent for Financial Trading: Tool-Augmented, Diversified, and Generalistcited by 137
  10. 2023Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Modelscited by 129
  11. 2023XuanYuan 2.0: A Large Chinese Financial Chat Model with Hundreds of Billions Parameterscited by 92
  12. 2023Towards Mitigating Hallucination in Large Language Models via Self-Reflectioncited by 81
10 more
  1. 2023Instruct-FinGPT: Financial Sentiment Analysis by Instruction Tuning of General-Purpose Large Language Modelscited by 58
  2. 2023Alpha-GPT: Human-AI Interactive Alpha Mining for Quantitative Investmentcited by 56
  3. 2024Learning to Generate Explainable Stock Predictions using Self-Reflective Large Language Modelscited by 36
  4. 2024LLMFactor: Extracting Profitable Factors through Prompts for Explainable Stock Movement Predictioncited by 33
  5. 2024QuantAgent: Seeking Holy Grail in Trading by Self-Improving Large Language Modelcited by 30
  6. 2024Can Large Language Models Beat Wall Street? Unveiling the Potential of AI in Stock Selectioncited by 29
  7. 2024On The Planning Abilities of OpenAI's o1 Models: Feasibility, Optimality, and Generalizabilitycited by 18
  8. 2023Integrating Stock Features and Global Information via Large Language Models for Enhanced Stock Return Predictioncited by 17
  9. 2023Unveiling the Potential of Sentiment: Can Large Language Models Predict Chinese Stock Price Movements?cited by 15
  10. 2024Sentiment trading with large language modelscited by 7

Built on by

Cited by year (2026 to 14 Oct)

Citing papers per year: 2025: 78; 2026: 110.

188 papers.

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By area:

  1. 2025A Survey of Self-Evolving Agents: What, When, How, and Where to Evolve on the Path to Artificial Super Intelligencecited by 170
  2. 2025MCP-Bench: Benchmarking Tool-Using LLM Agents with Complex Real-World Tasks via MCP Serverscited by 109
  3. 2025Agentic Large Language Models, a surveycited by 108
  4. 2025Open Challenges in Multi-Agent Security: Towards Secure Systems of Interacting AI Agentscited by 71
  5. 2025LLM-based Agents Suffer from Hallucinations: A Survey of Taxonomy, Methods, and Directionscited by 50
  6. 2025A Survey on the Optimization of Large Language Model-based Agentscited by 46
  7. 2026A Survey of Agent Memory in the Second Half: Towards Self-Evolving and Long-Horizon Agentscited by 44
  8. 2025R&D-Agent-Quant: A Multi-Agent Framework for Data-Centric Factors and Model Joint Optimizationcited by 43
  9. 2025METAL: A Multi-Agent Framework for Chart Generation with Test-Time Scalingcited by 34
  10. 2025Generative to Agentic AI: Survey, Conceptualization, and Challengescited by 33
  11. 2025Time Travel is Cheating: Going Live with DeepFund for Real-Time Fund Investment Benchmarkingcited by 21
  12. 2025A Survey of Reasoning and Agentic Systems in Time Series with Large Language Modelscited by 21
38 more
  1. 2025Can LLM-based Financial Investing Strategies Outperform the Market in Long Run?cited by 20
  2. 2025On the Robustness of Agentic Function Callingcited by 19
  3. 2025Towards Enforcing Company Policy Adherence in Agentic Workflowscited by 18
  4. 2025Your AI, Not Your View: The Bias of LLMs in Investment Analysiscited by 17
  5. 2025When Agents Trade: Live Multi-Market Trading Benchmark for LLM Agentscited by 16
  6. 2025TokenCake: A KV-Cache-centric Serving Framework for LLM-based Multi-Agent Applicationscited by 16
  7. 2026QuantaAlpha: An Evolutionary Framework for LLM-Driven Alpha Miningcited by 16
  8. 2025Trading-R1: Financial Trading with LLM Reasoning via Reinforcement Learningcited by 15
  9. 2025The Measurement Imbalance in Agentic AI Evaluation Undermines Industry Productivity Claimscited by 14
  10. 2025Profit Mirage: Revisiting Information Leakage in LLM-based Financial Agentscited by 14
  11. 2026Agentic Artificial Intelligence (AI): Architectures, Taxonomies, and Evaluation of Large Language Model Agentscited by 14
  12. 2025Standard Benchmarks Fail -- Auditing LLM Agents in Finance Must Prioritize Riskcited by 13
  13. 2025Inherent and emergent liability issues in LLM-based agentic systems: a principal-agent perspectivecited by 13
  14. 2025LiveTradeBench: Seeking Real-World Alpha with Large Language Modelscited by 13
  15. 2025Integrating Large Language Models for Automated Structural Analysiscited by 12
  16. 2026Efficient LLM Serving for Agentic Workflows: A Data Systems Perspectivecited by 11
  17. 2025A Survey of Scaling in Large Language Model Reasoningcited by 10
  18. 2025Agent Trading Arena: A Study on Numerical Understanding in LLM-Based Agentscited by 9
  19. 2025From Deep Learning to LLMs: A survey of AI in Quantitative Investmentcited by 9
  20. 2025MASS: Muli-agent simulation scaling for portfolio constructioncited by 9
  21. 2025FinSight: Towards Real-World Financial Deep Researchcited by 9
  22. 2025StockSim: A Dual-Mode Order-Level Simulator for Evaluating Multi-Agent LLMs in Financial Marketscited by 8
  23. 2025ContestTrade: A Multi-Agent Trading System Based on Internal Contest Mechanismcited by 8
  24. 2025TradingGroup: A Multi-Agent Trading System with Self-Reflection and Data-Synthesiscited by 8
  25. 2025When AI Agents Collude Online: Financial Fraud Risks by Collaborative LLM Agents on Social Platformscited by 8
  26. 2026Information-Theoretic Privacy Control for Sequential Multi-Agent LLM Systemscited by 8
  27. 2026Quantifying Trust: Financial Risk Management for Trustworthy AI Agentscited by 8
  28. 2026CoffeeBench: Benchmarking Long-Horizon LLM Agents in Heterogeneous Multi-Agent Economiescited by 8
  29. 2025Privacy-Enhancing Paradigms within Federated Multi-Agent Systemscited by 7
  30. 2025LLM-Enhanced Black-Litterman Portfolio Optimizationcited by 7
  31. 2025ATLAS: Adaptive Trading with LLM AgentS Through Dynamic Prompt Optimization and Multi-Agent Coordinationcited by 7
  32. 2025Alpha-R1: Alpha Screening with LLM Reasoning via Reinforcement Learningcited by 7
  33. 2026Toward Expert Investment Teams:A Multi-Agent LLM System with Fine-Grained Trading Taskscited by 7
  34. 2026FlowSteer: Prompt-Only Workflow Steering Exposes Planning-Time Vulnerabilities in Multi-Agent LLM Systemscited by 7
  35. 2026Agentic Trading: When LLM Agents Meet Financial Marketscited by 7
  36. 2025EmoDebt: Bayesian-Optimized Emotional Intelligence for Strategic Agent-to-Agent Debt Recoverycited by 6
  37. 2025Batch Query Processing and Optimization for Agentic Workflowscited by 6
  38. 2025Learning to Conceal Risk: Controllable Multi-turn Red Teaming for LLMs in the Financial Domaincited by 6

50 most cited of 188 All 188 (JSON)

Similar, not cited

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  1. 2024Large Language Model Agent in Financial Trading: A Survey
  2. 2024When AI Meets Finance (StockAgent): Large Language Model-based Stock Trading in Simulated Real-world Environments
  3. 2025HedgeAgents: A Balanced-aware Multi-agent Financial Trading System
  4. 2025AlphaAgents: Large Language Model based Multi-Agents for Equity Portfolio Constructions
  5. 2025QuantAgents: Towards Multi-agent Financial System via Simulated Trading
  6. 2024FinVision: A Multi-Agent Framework for Stock Market Prediction
  7. 2024TraderTalk: An LLM Behavioural ABM applied to Simulating Human Bilateral Trading Interactions
  8. 2025FinTeam: A Multi-Agent Collaborative Intelligence System for Comprehensive Financial Scenarios