Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences years ago, steering brokers toward MT5. But most retail forex traders stayed put. The reason is straightforward: MT4 has twenty years of muscle memory behind read the article it. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Moving to MT5 means porting that entire library, and the majority of users can't justify the effort.
I've tested both platforms side by side, and the differences are smaller than you'd expect. MT5 adds a few extras including more timeframes and a built-in economic calendar, but the core charting feels about the same. For most retail strategies, there's no compelling reason to switch.
Getting MT4 configured properly the first time
Installation takes a few minutes. What actually causes problems is configuration. By default, MT4 shows four charts squeezed onto the screen. Close all of them and open just the markets you care about.
Save yourself repeating the same setup by using templates. Build your usual indicators once, then right-click and save as template. Then you can load it onto other charts in two clicks. Small thing, but over weeks it makes a difference.
One setting worth changing: open Tools > Options > Charts and tick "Show ask line." By default MT4 displays the bid price by default, which makes entries appear wrong by the spread amount.
MT4 strategy tester: honest expectations
MT4 comes with a backtester that lets you run Expert Advisors against historical data. But here's the thing: the accuracy of those results comes down to your tick data. The default history data from MetaQuotes is interpolated, meaning gaps between real data points are estimated mathematically. If you're testing something that needs accuracy, you need third-party tick data.
Modelling quality tells you more than the profit figure. If it's under 90% means the results aren't trustworthy. I've seen people post backtest results with 25% modelling quality and ask why live trading looks different.
The strategy tester is one of MT4's stronger features, but only if you feed it decent data.
Building your own MT4 indicators
MT4 comes with 30 built-in technical indicators. The average trader uses maybe a handful. That said, where MT4 gets interesting comes from custom indicators built with MQL4. The MQL5 marketplace alone has thousands available, ranging from tweaked versions of standard tools to complex multi-timeframe dashboards.
Adding a custom indicator is simple: place the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and the indicator shows up in the Navigator panel. The risk is quality. Community indicators are hit-and-miss. A few are genuinely useful. Some haven't been updated since 2015 and may crash your terminal.
When adding third-party indicators, verify how recently it was maintained and whether people in the forums mention bugs. A poorly written indicator doesn't only show wrong data — it can lag MT4.
Risk management settings most MT4 traders ignore
MT4 has several built-in risk management options that a lot of people never configure. Probably the most practical one is the maximum deviation setting in the order window. This controls the amount of slippage is acceptable on market orders. Without this configured and you'll get whatever price the broker gives you.
Stop losses are obvious, but trailing stops is worth exploring. Right-click an open trade, select Trailing Stop, and define your preferred distance. Your stop loss moves with price moves into profit. Not perfect for every strategy, but on trending pairs it takes away the need to stare at the screen.
These settings take a minute to configure and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
EAs attract traders for obvious reasons: define your rules and let the machine execute. In practice, a huge percentage of them lose money over any meaningful time period. The ones marketed using flawless equity curves are usually curve-fitted — they worked on historical data and break down once market conditions change.
This isn't to say all EAs are worthless. Certain traders build their own EAs for one particular setup: entering at a specific time, calculating lot sizes, or closing trades at fixed levels. These smaller, focused scripts work because they execute defined operations without needing interpretation.
Before running any EA with real money, run them on a demo account for a minimum of a few months. Forward testing is more informative than backtesting alone.
Using MT4 outside Windows
MT4 is a Windows application at heart. If you're on macOS deal with compromises. The traditional approach was emulation, which did the job but came with rendering issues and occasional crashes. A few brokers now offer Mac-specific builds built on Wine under the hood, which work more smoothly but still aren't true native apps.
The mobile apps, available for both Apple and Android devices, work well for watching your account and making quick adjustments. Full analysis on a mobile device doesn't really work, but managing exits on the go is genuinely handy.
Look into whether your broker has real Mac support or a compatibility layer — the experience varies a lot between the two.