Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences some time ago, nudging brokers toward MT5. Still, most retail forex traders haven't moved. The reason is straightforward: MT4 has twenty years of muscle memory behind it. More than a decade's worth of custom indicators, Expert Advisors, and community scripts only work with MT4. Switching to MT5 means porting that entire library, and the majority of users would rather keep trading than recoding.
I spent time testing both platforms side by side, and the differences are marginal for most strategies. MT5 adds a few extras including more timeframes and a built-in economic calendar, but the charting is very similar. Unless you need MT5-specific features, MT4 is more than enough.
MT4 setup: what the manual doesn't tell you
Installation takes a few minutes. What actually causes problems is the setup after install. On first launch, MT4 shows four charts crammed into one window. Clear the lot and open just the markets you actually trade.
Chart templates save time. Build your preferred indicators on one chart, then right-click and save as template. After that you can load it onto other charts instantly. Sounds trivial, but over time it adds up.
A quick tweak that helps: go to Tools > Options > Charts and tick "Show ask line." MT4 only shows the bid price by default, which can make your entries look off until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
MT4 comes with a backtester that allows you to run Expert Advisors against historical data. Worth noting though: the quality of those results hinges on your tick data. Built-in history data is interpolated, meaning the tester fills gaps with made-up prices. For anything more precise than a quick look, you need third-party tick data.
The "modelling quality" percentage tells you more than the bottom-line PnL. Anything below 90% indicates the results aren't trustworthy. Traders sometimes share screenshots with 25% modelling quality and ask discover more why their live results don't match.
The strategy tester is one of MT4's stronger features, but it's only as good as the data you give it.
Custom indicators on MT4: worth the effort?
MT4 comes with 30 standard technical indicators. Few people use more than five or six. But where MT4 gets interesting is in community-made indicators written in MQL4. There are thousands available, spanning tweaked versions of standard tools to elaborate signal panels.
The install process is painless: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and it appears in the Navigator panel. One thing to watch is reliability. Community indicators vary wildly. Some are well coded and maintained. Others haven't been updated since 2015 and can freeze your terminal.
If you're downloading custom indicators, check when it was last updated and whether other traders report issues. A broken indicator won't just give wrong signals — it can freeze the whole terminal.
The MT4 risk controls you're probably not using
You'll find some risk management tools that the majority of users skip over. First worth mentioning is the maximum deviation setting in the order window. It sets the amount of slippage you're willing to tolerate on market orders. Without this configured and you'll get whatever price is available.
Everyone knows about stop losses, but the trailing stop function are worth exploring. Click on an open trade, select Trailing Stop, and set your preferred distance. The stop adjusts when the trade goes in your favour. Not perfect for every strategy, but for trend-following it takes away the temptation to micromanage the trade.
None of this is complicated to set up and the difference in discipline is noticeable over time.
Running Expert Advisors: practical expectations
EAs have obvious appeal: define your rules and let the machine execute. The reality is, most EAs underperform over any decent time period. EAs advertised with flawless equity curves tend to be over-optimised — they worked on historical data and break down when conditions shift.
None of this means all EAs are worthless. Some traders code custom EAs to handle one particular setup: time-based entries, automating position size calculations, or taking profit at predetermined levels. These utility-type EAs work because they execute repetitive actions without needing interpretation.
When looking at Expert Advisors, run them on a demo account for a minimum of two to three months. Forward testing reveals more than backtesting alone.
MT4 on Mac and mobile: what actually works
MT4 is a Windows application at heart. If you're on macOS has always been compromises. Previously was emulation, which was functional but introduced display glitches and occasional crashes. A few brokers now offer native Mac apps built on compatibility layers, which work more smoothly but still aren't true native apps.
The mobile apps, available for both Apple and Android devices, are surprisingly capable for watching positions and tweaking stops. Serious charting work on a 5-inch screen is pushing it, but managing exits from your phone is genuinely handy.
It's worth confirming if your broker provides real Mac support or a compatibility layer — the experience varies a lot between the two.