Are you looking for a tool that will not only allow you to analyze market trends and market events using real-time data but also functions as a trading platform? If so, then you’ve probably heard of Bookmap before!
This trading platform presents you with a deeper market insight throughout your trading sessions, allowing you to track market dynamics and make informed trading decisions throughout your day.
Of course, there are multiple platforms that claim to give you a “deeper insight,” but what does it actually mean? You’ll find out soon in this Bookmap Live Trading overview!
What is Bookmap?
Bookmap—or Bookmap live trading—functions both as a trading platform and a collection of powerful tools. The platform gives traders access to a wide range of information such as market action, market depth, market liquidity, and real-time order flow on a single desktop application.
The main appeal of Bookmap is that it allows you to act upon any hidden price patterns you find almost instantly using its “one-click trading” feature. With data that’s updated by the second, it’s not hard to see why active traders flock to this platform.
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Who Uses Bookmap?
The platform is designed primarily for day traders, although it can certainly be used by like-minded traders as well. The level of data it offers is quite comprehensive, making it a great option for more experienced traders.
That’s not to say that less experienced traders won’t be able to benefit from using the platform. They certainly will, but there will likely be a bit of a learning curve before they can utilize every feature to its full potential.
Fortunately, Bookmap doesn’t leave newer traders to fend for themselves. The company frequently offers Pro Trader Webinars, which covers basic topics (like platform use) and advanced topics (such as trading tactics) alike.
The benefits of using Bookmap live trading begin with its live data, which is accurate down to the second. This high level of accuracy allows traders to easily keep track of price levels and analyze market action.
The platform offers various trade analysis tools such as volume profile, volume bubbles, and volume dots. These visualization tools make it easy to identify trends—such as high levels of liquidity—that would often go unnoticed if they’d been looking purely at numbers alone.
Traders also have access to Bookmap’s depth of market feature, which enables them to see the full limit order book (giving direct insight into market liquidity!). Data can be sourced from various market data providers, although additional market data fees will apply.
While all of this data is certainly useful, you can get similar data on other platforms. Having the ability to make trades while analyzing the live data is the big selling point of Bookmap. Armed with data, trade analysis tools, and trading abilities side-by-side-by-side, you’ll definitely be able to take advantage of market changes as soon as they happen.
There are only two downsides to this platform, but they’re worth covering nonetheless.
First is the actual complexity of the platform itself. While being extremely capable isn’t necessarily an issue, it can make it hard for first-time users to navigate and understand all of the data provided. Volume tools (such as volume bars and volume dots) can have a bit of a learning curve before they’re instantly comprehensible.
The second is the cost. We’ll cover this more in-depth momentarily, but it’s important to remember that—in addition to paying for a license key and your monthly plan—you’ll also need to pay for any additional data feeds you want access to.
The platform used to be limited to desktop users only, but thanks to the release of Bookmap web, it can now be used on multiple operating systems (as long as they’re running a supported browser).
- Digital Free – This plan costs $0/month and grants access to real-time crypto data, delayed futures/stock data, some analytical tools, and various educational resources.
- Digital Plus – For $16/month, traders can gain access to instrument copy, record/replay, VWAP, POC, one-click trading (crypto), price levels, cross BBO, and the consolidated order book.
- Global – At $39/month, “Global” unlocks real-time futures & stocks data (data plan required), the liquidation indicator, and allows traders to view up to 10 symbols at the same time.
- Global Plus – Costing $79 per month (plus applicable data plan fees), this plan unlocks every feature of the platform.
Bookmap Live Trading: A Summary
Bookmap live trading is a powerful combination of trading tools and trading capabilities, combined into a single platform. It’s best suited for day traders who need the ability to analyze and instantly react to live market data; it’s extremely overpowered for casual or long-term investors.
Although the platform does have a few drawbacks, we think that the overall benefits outweigh these few minor issues. If you’re interested in seeing what the platform has to offer for yourself, click here to sign up for a free “Digital” account today!