Brokers are not in the business of offering analytics. They are in the business of executing trades.
So there are zero retail brokers that provide real analytics.
I've been trading with Oanda for a long time, and they are great. But even they don't have advanced trading journal reports.
That means you're on your own if you want to get useful data on your Forex trading.
There are a few options out there to get third party analytics, but NakedMarkets is the best option that I've found for Oanda reporting. It automatically downloads the data, and you only pay a one-time fee for the software.
Here's how to set it up…
Open the Stats Center
After you download NakedMarkets, go to: Statistics > Stats Center.
Setup the Connection
When the Statistics Center opens, go to: Source > Import from Oanda API…
Then this window will pop up.
In order to get your reports, enter your personal access token.
If you want help getting the token click on the “How to obtain the token?” link, or follow the instructions below…
To get your personal access token, open a browser and login to your Oanda account.
In your account, go to Tools in the upper left corner of the page and click on Other > API.
Then follow the instructions on the page to get your token. Copy and paste the token into NakedMarkets and click on the Connect button.
Once you're connected, you'll see a list of your accounts in Oanda.
Select the account you want a report from, then select the date range you want the report for.
If you want a report on all trades, check the Full import checkbox.
Once your trades are finished importing, you'll see the stats in the stat center.
The first page will show you the performance of your account, some basic stats, and a breakdown of your performance by month/year.
The next page will give you more detailed stats on your performance.
On the other pages, you can get data on:
- Symbol analysis: See your performance by symbol and long/short trades.
- Timing analysis: See a breakdown of performance, based on time of day, and days of the week.
- Risk analysis: See your risk of ruin and a breakdown of your MAE/MFE.
- Trades list: See a list of all your trades.
The final page provides a Monte Carlo simulation tool. This allows you analyze your trades and figure out how risky your strategy is and what your worst drawdown could be.
The Benefits of Using NakedMarkets as an Oanda Trading Journal
There are a few services out there that provide Oanda report integration.
But these are the reasons why I prefer using NakedMarkets.
Your needs may be different, so do your own research and find what works for you.
No Monthly Fee
The other services have a monthly fee because they are web-based.
With NakedMarkets, you pay a one-time fee for the software and you're done.
You own your reports and they get saved on your computer.
As you can see from the tutorial above, it's easy to download your trading history to create a report.
You can get generate a report any time you want and the software has very useful tools and metrics.
Save your report for future reference.
Detailed, Yet Easy to Understand Reports
There are some trading journal apps that provide way too much data.
The thing I like about NakedMarkets is that the reports have enough detail, but not an overwhelming amount of data.
It's information that I actually use.
Monte Carlo Simulations
This is a big one.
Monte Carlo simulations basically mix up your trades randomly so that you can see the best and worst case scenarios for your trading performance.
Multiple simulations are run and the average of metrics like drawdown are calculated.
With this software, you can even randomly exclude trades to simulate you missing trades.
Running these simulations are key to seeing the worst case scenarios for your strategy.
You may not be interested in backtesting, but NakedMarkets is great for backtesting.
It's easy to compare your live trading results in Oanda, to your backtesting results, to see if anything out out of line.
To see my review of the software for backtesting, go here.
Data is Saved on Your Computer
If you don't want your trading data stored on someone else's server, then I don't blame you.
Since NakedMarkets runs on your computer, your data is saved locally and nobody else has access to it.
On top of that, if you ever decide to cancel a web-based subscription service, you could lose all of your data if that service doesn't have a download feature.
Just be sure to back up your computer when using NakedMarkets.
The Downsides of Using NakedMarkets
There is only one real downside of using NakedMarkets, and some may not see it as a downside.
Other Oanda reporting solutions are online and can be accessed from a browser.
So you can get your reports on any computer.
Since NakedMarkets is installed on a single computer, you can only get your reports on one computer.
It's designed this way because it's primarily a backtesting software and it's hard to create backtesting software that works well in a browser.
In addition, you should backup your files periodically when using NakedMarkets because they are not automatically backed up, like with a cloud service.
If you absolutely need a web based app, then NakedMarkets is not for you.
So if you trade with Oanda like I do, then this is something that you've probably been waiting for.
There are a few trading journal options out there that allow you to get detailed trading reports from Oanda.
But the others have a monthly fee and the costs can add up.
NakedMarkets allows you to download your data and you also get a great way to backtest your trading strategies. In fact, it's my favorite backtesting software.