Brokers should not within the enterprise of providing analytics. They’re within the enterprise of executing trades.
So there are zero retail brokers that present actual analytics.
I have been buying and selling with Oanda for a very long time, and they’re nice. However even they do not have superior buying and selling journal studies.
Meaning you are by yourself if you wish to get helpful knowledge in your Foreign currency trading.
There are a couple of choices on the market to get third celebration analytics, however NakedMarkets is the most suitable choice that I’ve discovered for Oanda reporting. It mechanically downloads the information, and also you solely pay a one-time price for the software program.
Here is the way to set it up…
Open the Stats Heart
After you obtain NakedMarkets, go to: Statistics > Stats Heart.
Setup the Connection
When the Statistics Heart opens, go to: Supply > Import from Oanda API…
Then this window will pop up.
With a purpose to get your studies, enter your private entry token.
If you would like assist getting the token click on on the “Methods to get hold of the token?” hyperlink, or observe the directions under…
To get your private entry token, open a browser and login to your Oanda account.
In your account, go to Instruments within the higher left nook of the web page and click on on Different > API.
Then observe the directions on the web page to get your token. Copy and paste the token into NakedMarkets and click on on the Join button.
When you’re linked, you will see a listing of your accounts in Oanda.
Choose the account you desire a report from, then choose the date vary you need the report for.
If you would like a report on all trades, verify the Full import checkbox.
As soon as your trades are completed importing, you will see the stats within the stat heart.
The primary web page will present you the efficiency of your account, some fundamental stats, and a breakdown of your efficiency by month/yr.
The subsequent web page will provide you with extra detailed stats in your efficiency.
On the opposite pages, you may get knowledge on:
- Image evaluation: See your efficiency by image and lengthy/quick trades.
- Timing evaluation: See a breakdown of efficiency, primarily based on time of day, and days of the week.
- Danger evaluation: See your threat of break and a breakdown of your MAE/MFE.
- Trades checklist: See a listing of all of your trades.
The ultimate web page offers a Monte Carlo simulation software. This permits you analyze your trades and work out how dangerous your technique is and what your worst drawdown might be.
The Advantages of Utilizing NakedMarkets as an Oanda Buying and selling Journal
There are a couple of providers on the market that present Oanda report integration.
However these are the the reason why I desire utilizing NakedMarkets.
Your wants could also be completely different, so do your individual analysis and discover what works for you.
No Month-to-month Charge
The opposite providers have a month-to-month price as a result of they’re web-based.
With NakedMarkets, you pay a one-time price for the software program and also you’re accomplished.
You personal your studies they usually get saved in your pc.
Straightforward Integration
As you’ll be able to see from the tutorial above, it is easy to obtain your buying and selling historical past to create a report.
You will get generate a report any time you need and the software program has very helpful instruments and metrics.
Save your report for future reference.
Detailed, But Straightforward to Perceive Studies
There are some buying and selling journal apps that present approach an excessive amount of knowledge.
The factor I like about NakedMarkets is that the studies have sufficient element, however not an amazing quantity of information.
It is info that I truly use.
Monte Carlo Simulations
It is a massive one.
Monte Carlo simulations mainly combine up your trades randomly to be able to see one of the best and worst case situations in your buying and selling efficiency.
A number of simulations are run and the typical of metrics like drawdown are calculated.
With this software program, you’ll be able to even randomly exclude trades to simulate you lacking trades.
Working these simulations are key to seeing the worst case situations in your technique.
Backtesting
You is probably not fascinated with backtesting, however NakedMarkets is nice for backtesting.
It is simple to check your reside buying and selling ends in Oanda, to your backtesting outcomes, to see if something out out of line.
To see my assessment of the software program for backtesting, go right here.
Information is Saved on Your Pc
If you do not need your buying and selling knowledge saved on another person’s server, then I do not blame you.
Since NakedMarkets runs in your pc, your knowledge is saved regionally and no one else has entry to it.
On high of that, for those who ever determine to cancel a web-based subscription service, you might lose your whole knowledge if that service would not have a obtain characteristic.
Simply be sure you again up your pc when utilizing NakedMarkets.
The Downsides of Utilizing NakedMarkets
There is just one actual draw back of utilizing NakedMarkets, and a few could not see it as a draw back.
Different Oanda reporting options are on-line and may be accessed from a browser.
So you may get your studies on any pc.
Since NakedMarkets is put in on a single pc, you’ll be able to solely get your studies on one pc.
It is designed this manner as a result of it is primarily a backtesting software program and it is onerous to create backtesting software program that works properly in a browser.
As well as, you must backup your information periodically when utilizing NakedMarkets as a result of they don’t seem to be mechanically backed up, like with a cloud service.
If you happen to completely want an internet primarily based app, then NakedMarkets is just not for you.
Conclusion
So for those who commerce with Oanda like I do, then that is one thing that you’ve got in all probability been ready for.
There are a couple of buying and selling journal choices on the market that mean you can get detailed buying and selling studies from Oanda.
However the others have a month-to-month price and the prices can add up.
NakedMarkets permits you to obtain your knowledge and also you additionally get an effective way to backtest your buying and selling methods. In reality, it is my favourite backtesting software program.
To offer NakedMarkets a attempt, go right here. They’ve a free trial, so you’ll be able to attempt it before you purchase.
