There is more to day trading than just viewing charts, indicators, having an online broker and a stock screener. If you are a newcomer to stock market trading, one thing you will learn as you go by is that it is better first to find out how the market works. With a visualized trading software such as Bookmap, you can be assured of trading like a pro.
Below is an in-depth review of all you need to know about Bookmap.
What is Bookmap?
When Bookmap was developed back in 2014, no one thought it would grow to be a powerful trading platform. Over the years, it has been of great benefit to thousands of traders in providing real-time trading and market data. Thanks to some of its excellent features such as the heatmap, you can get a visual interpretation of the order’s book development.
Bookmap’s CEO Tsachi Galanos with the assistance of his skilled team have seen to it that it has risen to become a robust platform for the visualization of data. It indeed is true that great software comes from great developers. The team behind Bookmap understands that millisecond timeframes are no longer fast enough in the world of trading.
Generally, Bookmap is a tool used to visualize the current and historical order books. This is achieved through some of its great features which we will discuss below. However, since not all traders are equipped with the necessary market data, heatmaps are very essential in making trading decisions.
What Services Do They Offer?
• Bookmap Targets Audience
The platform does an exceptional job of identifying the target audience. In this instance, the primary clients include; individual traders, proprietary trading companies and even hedge funds. This software was ideally developed for traders by traders. As a result, it targets day-traders, scalp traders, swing traders, high-frequency trading and finally Algo-traders. Bookmap can be used in trading futures, cryptocurrencies, and US equities.
• Trading on Bookmap
As you may know, a graphical chart presentation of data is essential before making any trading decision. Bookmap provides you with actual and current information on what is happening in the market. If you are a short term trader, you can use this information to analyze patterns and graphical content when trading. The high-performance analytical tools provided by Bookmap improves your odds when it comes to competitive trading.
Heatmap is one of the key features that makes Bookmap popular among traders. It provides a deep insight into the current market dynamics. It vividly displays the dynamics and changes in the order book. The darker shades on the graph represent areas of less liquidity whereas the bright ones are an indicator of dormant papers. You get to view the evolvement of the order book via the heatmap.
• Volume Point Plots
Bookmap also shows the time, place and amount of volume traded. The software also allows you to filter by the volume traded. You can also use the large Lot Tracker to identify the largest limit orders in the order book.
• Repeat Mode
Are you looking to improve your trading strategy? You can take advantage of Bookmap’s repeat mode to record real-time trading and then go through them later on. You will get to view when your orders were placed, how they were executed and changed. You also get to see how your tradings could have concluded in profits or losses.
Bookmap’s Special Features
1. Real-time Monitoring – With Bookmap, you get access to more than ten connectivity platforms. As a result, you get to see how your trade is affected by other market participants.
2. Access to Historical Data – When you subscribe, you get access to historical data on available futures.
3. Auto Strategies – By use of well-executed algorithms, you will gain insight on proprietary trading strategies.
4. You can trade in cryptocurrencies such as Ethereum, Bitcoin, and Litecoin.
At Bookmap, you can subscribe on a monthly, yearly or lifetime basis. The monthly subscriptions range from 0 to $99. However, opting for the yearly plan is more economical since you will save up to 20%. You can choose the Digital, Global or Global+ package.
If you are not so sure about paying for the subscription, you can sign up for the free trial. This will allow you to test Bookmap free of charge only on the crypto markets. To access futures or the stock trading, you will have to sign up for the global package.
We can conclude that Bookmap is the perfect solution for day trading geeks. This is because it is one of the most advanced market data visualization and trading platforms. It can also be beneficial to those looking for ultra-short term trading. The prices for Bookmap packages are average. If you are a beginner and would really like to use Bookmap, it is best if you start with the Digital package which entails a free demo account.