Hello all, Curious if anyone is using Bookmap and find any value in it? I've never really used order flow in my trading and still remain skeptical of the idea of reading order flow in the type of markets I'm trading, i.e., stock index futures. But being skeptical doesn't mean I'm dismissive. Maybe it can help offer some further clues on market direction. I've been watching this stream a bit lately. It's a live feed on ES with a 5 second delay. Way too early for me to draw any conclusions, but definitely interesting and entertaining (!). Instruction for TwB stream (youtube.com) Thanks in advance.
I have not used it although I evaluated it. I did not feel it offered an edge to me as I see everything I need to see using a footprint chart and volume delta. I think this is due to the markets I trade (ZS, 6E and CL); I think Bookmap would be more useful in the equity index markets. I hope someone that uses can answer your question. I have concluded that many different methods can provide a trader with an edge except there is no "Generic" method that can be used by all traders. You have to use what helps YOU.
Hello Laissez Faire, I currently use bookmap to trade everyday and because of it I'm making Alot of money trading. I used bookmap and does not help me make money and I loss money with it. I don't recommend it. I never used bookmap before. I have a friend who used Bookmap and help him make alot of money trading. Bookmap is a scam. You get the picture? NOONE on the planet is ever going to tell you EXACTLY makes them money in trading. EVER EVER EVER. They will lie to you rather then show you or help you. We all are Lions in this trading game and our stomach is hungry everyday, I will never ever tell you where the Buffalo red meat is at. You have to hunt and eat yourself. Buy and test if bookmap work for you and get rich. If you get lied to, oh well, keep trying. In trading you have to take the fucking until you get the organism. You will get fucked. It is what it is.
The best videos on Bookmap that I have seen are the ones by Futures 71 Trader over the last 10 years... Here is link to some of his vids on the subject... Hope this is helpful... https://www.youtube.com/results?search_query=Futures+71+bookmap
Hi, I have been in the business since 1998, and I have yet to meet someone who uses it successfully. Maybe I need to get out more. "If it ain't broken, don't fix it". So I am not willing to experiment at this stage of the game. I have found TICK data useful for the instruments you trade.
Thank you. Curious. Why would you think Bookmap is more useful for equity index markets versus your markets? I would think it to be the other way around with the exception being maybe 6E. In short, my impression is that a lot of the flow in an instrument like ES is largely random. So, I'm questioning how much value can be inferred from reading such flow. But like I said, being skeptical doesn't mean I'm dismissive. Oh. And if you wouldn't mind. Could you share a view of your footprint chart and volume delta?
Maybe you just not getting out enough, yes? No, I'm uncertain myself. I only feel it's worth raising the question as it seems like such an unique piece of software and I think watching that stream is very entertaining. One thing I like (which may not be unique to Bookmap) is the sound effects which goes quiet during a slow market and picks up when orders starts hitting the market. Order flow have no doubt been a buzz word for the last few years and no doubt a huge money maker for vendors selling both courses and software. As for the TICK, I actually ditched it a while back. I used to track it, but realized that it didn't seem to work reliably enough to make any difference and as such I might as well simplify and remove clutter.
Very interesting. Every trader is different. To be frank, I have a methodology that works for me, so that's the reason I have not gotten into Bookmap. Not motivated enough , and just lazy too...
I can add one cent. When I looked at in the Optimus white labeled, Optimus Flow, I checked it out briefly. The thing they tout is the "end of auction" imbalance. I was skeptical since the "end" can be arbitrary, so hence the "imbalance" is arbitrary. What I found was the reliability was about 50% and required additional filters. So the conclusion was, "just another way" and keep on using what I have.
Based on my experience using a footprint chart and delta information it is a lot easier to identify points of interest in lower volume markets than the ES. I tried my method in the ES and to me, it seemed more difficult to identify when a passive seller or buyer is in control. It would be easier to visualize with the pie-shaped bubbles Bookmap has. Of course, if you have Ninja trader you can use their order flow indicators to see that. From my observations over the years resting liquidity is something to look at but the pro's aren't going to show their hand too often. They will iceberg in orders, and reload rather than just say "Hey I want to sell a bunch at this level". What do I use for a footprint? I use Orderflows software. Just an FYI; it only works on shorter timeframes. Here is a link to his website https://oft7.com/version7/dls/download.html There are video tutorials at the bottom of the page explaining each order flow tool and a good explanation of what you are seeing. I only use about 10 of the indicators. I am not trying to sell ANYONE on using this product. This is the only way that worked for me, others may not find it useful. Mike Valtos has a LOT of educational content on his Youtube page as well. https://www.youtube.com/@orderflows A lot of his content is in the ES because that is the most popular market for retail traders. He has stated numerous times that order flow works particularly well in commodity markets.