Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences years ago, pushing brokers toward MT5. But most retail forex traders haven't moved. The reason is not complicated: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts were built for MT4. Migrating to MT5 means rewriting that entire library, and few people would rather keep trading than recoding.
After testing MT4 and MT5 side by side, and the gap is marginal for most strategies. MT5 has a few extras like more timeframes and a built-in economic calendar, but the charting is very similar. If you're weighing up the two, MT4 is more than enough.
Getting MT4 configured properly the first time
Installation takes a few minutes. Where people waste time is getting everything configured correctly. On first launch, MT4 loads with four charts tiled across one window. Clear the lot and open just the instruments you care about.
Chart templates save time. Build your usual indicators on one chart, then right-click and save as template. After that you can load it onto other charts in two clicks. Sounds trivial, but over time it saves hours.
One setting worth changing: go to Tools > Options > Charts and enable "Show ask line." MT4 only shows the bid price by default, which can make your entries look off by the spread amount.
MT4 strategy tester: honest expectations
The strategy tester in MT4 gives you the ability to run Expert Advisors against historical data. Worth noting though: the reliability of those results comes down to your tick data. Built-in history data is interpolated, meaning gaps between real data points are estimated using algorithms. If you're testing something beyond a rough sanity check, you need third-party tick data.
Modelling quality is more important than the bottom-line PnL. Anything below 90% suggests the results shouldn't be taken seriously. I've seen people share screenshots with 25% modelling quality and ask why live trading looks different.
This is one area where MT4 genuinely outperforms most web-based platforms, but it's only as good as the data you give it.
Custom indicators on MT4: worth the effort?
MT4 ships with 30 standard technical indicators. Few people use more than five or six. That said, the platform's actual strength is in community-made indicators built with MQL4. The MQL5 marketplace alone has thousands available, covering everything from tweaked versions of standard tools to full trading dashboards.
The install process is painless: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. The catch is reliability. Publicly shared indicators range from excellent to broken. A few are solid tools. Many are abandoned projects and will crash your terminal.
Before installing anything, verify when it was last updated and if users report issues. Bad code doesn't only show wrong data — it can lag MT4.
The MT4 risk controls you're probably not using
There are a few native risk management features that the majority of users skip over. First worth mentioning is the maximum deviation setting in the order window. This controls how much slippage is acceptable on market orders. Without this configured and you'll get whatever price comes through.
Stop losses go without saying, but the know more trailing stop function are worth exploring. Right-click an open trade, select Trailing Stop, and define your preferred distance. Your stop loss moves with price moves in your favour. It won't suit every approach, but on trending pairs it removes the need to micromanage the trade.
You can configure all of this in under five minutes and the difference in discipline is noticeable over time.
EAs on MT4: what to realistically expect
EAs have obvious appeal: program your strategy and stop staring at charts. In practice, most EAs lose money over any meaningful time period. The ones advertised with perfect backtest curves are usually curve-fitted — they look great on the specific data they were tested on and stop working when conditions shift.
None of this means all EAs are a waste of time. Some traders develop their own EAs for well-defined entry rules: entering at a specific time, automating position size calculations, or taking profit at set levels. That kind of automation tend to work because they execute defined operations without needing judgment.
Before running any EA with real money, run them on a demo account for no less than a few months. Forward testing tells you more than historical results ever will.
MT4 beyond the desktop
MT4 is a Windows application at heart. Mac users face compromises. Previously was emulation, which mostly worked but had display glitches and occasional crashes. Some brokers now offer native Mac apps wrapped around Wine under the hood, which are better but still aren't true native apps.
The mobile apps, available for both Apple and Android devices, are genuinely useful for keeping an eye on open trades and managing trades on the move. Full analysis on a phone screen isn't realistic, but managing exits from your phone is genuinely handy.
Check whether your broker offers real Mac support or a compatibility layer — the difference in stability is noticeable.