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 not complicated: MT4 does one thing well. More than a decade's worth of custom indicators, Expert Advisors, and community scripts were built for MT4. Switching to MT5 means porting that entire library, and the majority of users can't justify the effort.
After testing MT4 and MT5 side by side, and the differences are less dramatic than the marketing suggests. MT5 adds a few extras including more timeframes and a built-in economic calendar, but the core charting feels very similar. Unless you need MT5-specific features, there's no compelling reason to switch.
Getting MT4 configured properly the first time
Downloading and installing MT4 is the easy part. Where people waste time is configuration. By default, MT4 opens with four charts tiled across a single workspace. Close all of them and open just the instruments you follow.
Chart templates save time. Configure your usual indicators on one chart, then right-click and save as template. After that you can load it onto other charts in two clicks. Small thing, but over months it adds up.
One setting worth changing: open Tools > Options > Charts and tick "Show ask line." MT4 only shows the bid price on the chart, which can make your entries look off by the spread amount.
MT4 strategy tester: honest expectations
MT4's built-in strategy tester gives you the ability to run Expert Advisors against historical data. That said: the quality of those results comes down to your tick data. Built-in history data is interpolated, meaning gaps between real data points are estimated mathematically. If you're testing something beyond a rough sanity check, download third-party tick data.
Modelling quality tells you more than the bottom-line PnL. If it's under 90% indicates the results aren't trustworthy. Traders sometimes share screenshots with 25% modelling quality and ask why live trading looks different.
The strategy tester is one of MT4's stronger features, but the output is only useful with quality tick data.
Building your own MT4 indicators
MT4 comes with 30 built-in technical indicators. Few people use more than five or six. That said, the platform's actual strength comes from custom indicators written in MQL4. The MQL5 marketplace alone has a massive library, spanning simple moving average variations to full trading dashboards.
Adding a custom indicator is simple: find out here copy the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and the indicator shows up in the Navigator panel. The catch is quality control. Free indicators vary wildly. Some are genuinely useful. Many stopped working years ago and may crash your terminal.
If you're downloading custom indicators, verify the last update date and if other traders mention bugs. A broken indicator doesn't only show wrong data — it can slow down your entire platform.
Risk management settings most MT4 traders ignore
MT4 has several built-in risk management tools that the majority of users skip over. Probably the most practical one is the maximum deviation setting in the trade execution window. This controls the amount of slippage you'll accept on market orders. Leave it at zero and you'll get whatever price comes through.
Stop losses go without saying, but MT4's trailing stop feature is underused. Click on an open trade, choose Trailing Stop, and enter your preferred distance. Your stop loss follows with the trade goes in your favour. It won't suit every approach, but if you're riding trends it reduces the temptation to stare at the screen.
These settings take a minute to configure and the difference in discipline is noticeable over time.
Running Expert Advisors: practical expectations
Automated trading through Expert Advisors have obvious appeal: program your strategy and stop staring at charts. In reality, most EAs lose money over any decent time period. Those marketed using flawless equity curves are often over-optimised — they look great on past prices and fall apart the moment conditions shift.
None of this means all EAs are useless. Certain traders build their own EAs to handle one particular setup: time-based entries, automating position size calculations, or closing trades at set levels. That kind of automation work because they do mechanical tasks without needing discretion.
If you're evaluating EAs, run them on a demo account for at least several weeks in different conditions. Running it forward in real time is more informative than backtesting alone.
Using MT4 outside Windows
MT4 was built for Windows. Mac users face compromises. Previously was emulation, which did the job but had display glitches and the odd crash. Certain brokers now offer native Mac apps using Crossover or similar wrappers, which are better but remain wrappers at the end of the day.
MT4 mobile, available for both iOS and Android, work well for monitoring open trades and managing trades on the move. Full analysis on a mobile device doesn't really work, but closing a trade from your phone is worth having.
It's worth confirming if your broker provides a native Mac build or just a wrapper — the experience varies a lot between the two.