Millions of retail investors and traders started their investing careers during the pandemic. One study from Charles Schwab stated that 15% of retail investors first began trading in 2020. The Meme stock craze in 2021 brought in even more investors, with polls indicating that over a quarter of American adults invested in so-called “meme stocks.”
With the influx of new traders, there has also been an increase in people using charting software to perform technical analysis. Technical analysis consists of using market data to analyze and forecast the direction of prices in the market.
Although technical analysis is essential to becoming successful in trading, it could be expensive and difficult to learn.
One high school student named Edward Jue saw the issues that new traders were having and decided to create a free charting solution on a social media platform called Discord.
The ambitious high school student began options trading at the beginning of the pandemic and found how important charts were for traders to develop their trading strategies. This led to him creating a free Discord application that can help traders generate custom charts and get notified immediately if the market meets their custom criteria. Currently, the application has over 16,000 unique users, and over 4000 people are on the waitlist.
The application is easy-to-use, and a beginner can start and create a chart in minutes. Traders can use it to make predictions about future sideway movements and upward and downward trends in the market, and this helps them understand when it would be the best time for them to buy or sell.
Traders can create their trading strategies, set alerts, and receive notifications when triggered. They can experiment with indicators like Bollinger bands and MACD lines and choose from various chart types like candlestick charts or line charts. The software also allows users to set up custom indicators and alerts based on those indicators. People that are not familiar with technical analysis find the application very useful for visualizing trends in the market.
The easy-to-use interface makes this tool popular among traders, and its popularity is increasing, with thousands of traders having used it since it was released.
Please visit https://edwardcharts.com to join the waitlist.
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