Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences some time ago, pushing brokers toward MT5. Yet most retail forex traders kept using MT4. The reason is simple: MT4 has twenty years of muscle memory behind it. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means rewriting that entire library, and few people would rather keep trading than recoding.
I've tested both platforms side by side, and the gap is smaller than you'd expect. MT5 has a few extras such as more timeframes and a built-in economic calendar, but chart functionality is nearly identical. Unless you need MT5-specific features, MT4 still holds its own.
MT4 setup: what the manual doesn't tell you
The install process is quick. What actually causes problems is the setup after install. On first launch, MT4 opens with four charts squeezed onto the screen. Close all of them and start fresh with the markets you actually trade.
Templates are worth setting up early. Build your go-to indicators once, then save it as a template. Then you can apply it view details to any new chart instantly. Minor detail, but over time it saves hours.
A quick tweak that helps: go to Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price on the chart, which makes buy entries seem misaligned until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
MT4's built-in strategy tester lets you run Expert Advisors against historical data. That said: the accuracy of those results comes down to your tick data. Built-in history data from MetaQuotes is not real tick data, meaning it fills in missing ticks using algorithms. For anything beyond a rough sanity check, you need real tick data from a provider like Dukascopy.
Modelling quality is more important than the headline profit number. If it's under 90% suggests the results shouldn't be taken seriously. People occasionally post backtest results with 25% modelling quality and ask why the EA fails in real conditions.
This is one area where MT4 genuinely outperforms most web-based platforms, but only if you feed it decent data.
MT4 indicators beyond the defaults
MT4 ships with 30 default technical indicators. The average trader uses maybe a handful. But where MT4 gets interesting comes from community-made indicators built with MQL4. You can find thousands available, spanning tweaked versions of standard tools to complex multi-timeframe dashboards.
The install process is painless: copy the .ex4 or .mq4 file into your MQL4/Indicators folder, refresh MT4, and you'll find it in the Navigator panel. One thing to watch is quality control. Free indicators range from excellent to broken. Some are well coded and maintained. Many haven't been updated since 2015 and may crash your terminal.
If you're downloading custom indicators, look at the last update date and whether other traders mention bugs. Bad code doesn't only show wrong data — it can slow down the whole terminal.
Risk management settings most MT4 traders ignore
There are a few native risk management features that a lot of people don't bother with. First worth mentioning is the maximum deviation setting in the order window. This defines the amount of slippage is acceptable on market orders. Without this configured and you'll get whatever price comes through.
Stop losses go without saying, but MT4's trailing stop feature are overlooked. Right-click an open trade, select Trailing Stop, and define a distance. Your stop loss adjusts automatically as the trade goes in your favour. Not perfect for every strategy, but on trending pairs it removes the need to sit and watch.
None of this is complicated to set up 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: set rules, let the code trade, walk away. In reality, the majority of Expert Advisors fail to deliver over any decent time period. The ones advertised with perfect backtest curves are usually curve-fitted — they worked on the specific data they were tested on and fall apart the moment market conditions change.
That doesn't mean all EAs are worthless. A few people build custom EAs to handle well-defined entry rules: opening trades at session opens, managing position sizing, or exiting positions at fixed levels. These smaller, focused scripts work because they execute defined operations where you don't need interpretation.
When looking at Expert Advisors, run them on a demo account for at least several weeks in different conditions. Running it forward in real time reveals more than backtesting alone.
MT4 on Mac and mobile: what actually works
The platform was designed for Windows. If you're on macOS has always been a workaround. Previously was running it through Wine, which was functional but introduced display glitches and occasional crashes. A few brokers now offer macOS versions using Wine under the hood, which is an improvement but still aren't true native apps.
The mobile apps, available for both Apple and Android devices, are genuinely useful for watching positions and managing trades on the move. Serious charting work on a 5-inch screen doesn't really work, but managing exits while away from your desk is genuinely handy.
Check whether your broker offers real Mac support or a compatibility layer — it makes a real difference day to day.