Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences a while back, pushing brokers toward MT5. But most retail forex traders haven't moved. 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. Moving to MT5 means porting that entire library, and most traders can't justify the effort.
I spent time testing MT4 and MT5 side by side, and the differences are less dramatic than the marketing suggests. MT5 adds a few extras like more timeframes and a built-in economic calendar, but the core charting feels very similar. For most retail strategies, there's no compelling reason to switch.
Getting MT4 configured properly the first time
Downloading and installing MT4 is the easy part. What actually causes problems is configuration. By default, MT4 loads with four charts crammed into the screen. Close all of them and open just the pairs you care about.
Templates are worth setting up early. Build your usual indicators on one chart, then save it as a template. After that you can load it onto other charts without redoing the work. Small thing, but over weeks it makes a difference.
Something most people miss: go to Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price on the chart, which can make entries appear wrong until you realise the ask price is hidden.
MT4 strategy tester: honest expectations
MT4 comes with a backtester that gives you the ability to run Expert Advisors against historical data. That said: the accuracy of those results depends entirely on your tick data. The default 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 proper historical data.
Modelling quality tells you more than the headline profit number. If it's under 90% suggests the results shouldn't be taken seriously. Traders sometimes share screenshots with 25% modelling quality and can't figure out 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.
MT4 indicators beyond the defaults
MT4 comes with 30 default technical indicators. Few people use more than five or six. But the platform's actual strength is in user-built indicators coded in MQL4. There are thousands available, ranging from tweaked versions of standard tools to full trading dashboards.
Adding a custom indicator is simple: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and it appears in the Navigator panel. The risk is quality control. Publicly shared indicators vary wildly. Some are well coded and maintained. Others are abandoned projects and may crash your terminal.
Before installing anything, look at how recently it was maintained and whether people in the forums report issues. A broken indicator doesn't only show wrong data — it can slow down your entire platform.
Risk management settings most MT4 traders ignore
There are several built-in risk management options that most traders never configure. The most useful is the maximum deviation setting in the trade execution window. read full report This controls how much slippage is acceptable on market orders. If you don't set it and you'll get whatever price comes through.
Stop losses are obvious, but trailing stops are underused. Right-click an open trade, select Trailing Stop, and define a distance. It adjusts automatically as price moves into profit. Not perfect for every strategy, but for trend-following it takes away the temptation to stare at the screen.
You can configure all of this in under five minutes and they remove a lot of the emotional decision-making.
Running Expert Advisors: practical expectations
Automated trading through Expert Advisors attract traders for obvious reasons: program your strategy and stop staring at charts. In practice, a huge percentage of them lose money over any extended time period. Those advertised with incredible historical results are usually over-optimised — they worked on past prices and fall apart when conditions shift.
None of this means all EAs are a waste of time. Some traders develop personal EAs for specific, narrow tasks: opening trades at session opens, automating position size calculations, or closing trades at predetermined levels. These smaller, focused scripts are more reliable because they execute mechanical tasks where you don't need discretion.
If you're evaluating EAs, test on demo first for a minimum of a few months. Live demo testing is more informative than historical results ever will.
MT4 on Mac and mobile: what actually works
The platform was designed for Windows. Mac users has always been a workaround. The old method was emulation, which mostly worked but came with display glitches and stability problems. A few brokers now offer native Mac apps built on Crossover or similar wrappers, which is an improvement but remain wrappers at the end of the day.
On mobile, on both iPhone and Android, work well for monitoring positions and tweaking stops. Doing proper analysis on a phone screen is pushing it, but closing a trade from your phone is genuinely handy.
Check whether your broker offers real Mac support or a compatibility layer — the experience varies a lot between the two.