Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences some time more articles ago, nudging brokers toward MT5. Still, most retail forex traders haven't moved. The reason is simple: MT4 has twenty years of muscle memory behind it. Thousands of custom indicators, Expert Advisors, and community scripts were built for MT4. Moving 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 differences are marginal for most strategies. MT5 has a few extras such as more timeframes and a built-in economic calendar, but chart functionality feels about the same. For most retail strategies, there's no compelling reason to switch.
Getting MT4 configured properly the first time
The install process is quick. Where people waste time is configuration. On first launch, MT4 opens with four charts crammed into the screen. Clear the lot and start fresh with the pairs you care about.
Chart templates save time. Build your preferred indicators on one chart, then save it as a template. From there you can apply it to any new chart instantly. Sounds trivial, but over months it adds up.
Something most people miss: go to Tools > Options > Charts and tick "Show ask line." MT4 only shows the bid price on the chart, which makes your entries look off until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
MT4's built-in strategy tester gives you the ability to run Expert Advisors against historical data. But here's the thing: the reliability of those results comes down to your tick data. Built-in history data is interpolated, meaning it fills in missing ticks with made-up prices. If you're testing something more precise than a quick look, download proper historical data.
Modelling quality tells you more than the profit figure. Below 90% means the results aren't trustworthy. I've seen people share screenshots with 25% modelling quality and can't figure out why the EA fails in real conditions.
The strategy tester is one of MT4's stronger features, but the output is only useful with quality tick data.
Custom indicators on MT4: worth the effort?
MT4 ships with 30 standard technical indicators. The average trader uses maybe a handful. But where MT4 gets interesting lives in user-built indicators built with MQL4. The MQL5 marketplace alone has a massive library, spanning simple moving average variations to complex multi-timeframe dashboards.
Adding a custom indicator is simple: place the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and it appears in the Navigator panel. The risk is reliability. Community indicators range from excellent to broken. Some are well coded and maintained. Many haven't been updated since 2015 and will crash your terminal.
If you're downloading custom indicators, check how recently it was maintained and whether other traders mention bugs. A poorly written indicator doesn't only show wrong data — it can slow down the whole terminal.
Risk management settings most MT4 traders ignore
There are several built-in risk management features that the majority of users don't bother with. The most useful is maximum deviation in the trade execution window. It sets how much slippage you'll accept on market orders. If you don't set it and the broker can fill you at whatever price the broker gives you.
Stop losses are obvious, but trailing stops is overlooked. Right-click an open trade, select Trailing Stop, and set a distance. The stop adjusts automatically as price moves into profit. Doesn't work well in choppy markets, but if you're riding trends it removes the urge to sit and watch.
You can configure all of this in under five minutes and they take some of the guesswork out of trade management.
EAs on MT4: what to realistically expect
Expert Advisors on MT4 sounds appealing: program your strategy and stop staring at charts. The reality is, most EAs fail to deliver over any decent time period. EAs sold with perfect backtest curves are usually curve-fitted — they worked on historical data and fall apart when market conditions change.
This isn't to say all EAs are worthless. A few people build custom EAs for one particular setup: entering at a specific time, automating position size calculations, or taking profit at fixed levels. These smaller, focused scripts work because they execute repetitive actions without needing judgment.
When looking at Expert Advisors, run them on a demo account for at least a few months. Forward testing is more informative than any backtest.
MT4 beyond the desktop
MT4 was built for Windows. If you're on macOS deal with a workaround. Previously was running it through Wine, which mostly worked but had rendering issues and occasional crashes. A few brokers now offer native Mac apps wrapped around compatibility layers, which work more smoothly but remain wrappers at the end of the day.
MT4 mobile, available for both Apple and Android devices, are genuinely useful for monitoring your account and making quick adjustments. Full analysis on a 5-inch screen is pushing it, but adjusting a stop loss while away from your desk is genuinely handy.
Look into whether your broker has a proper macOS version or just Wine under the hood — the experience varies a lot between the two.