Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences some time ago, nudging brokers toward MT5. But most retail forex traders kept using MT4. The reason is simple: MT4 does one thing well. Thousands of custom indicators, Expert Advisors, and community scripts only work with MT4. Moving to MT5 means rewriting that entire library, and most traders would rather keep trading than recoding.
After testing both platforms side by side, and the gap is smaller than you'd expect. MT5 adds a few extras such as more timeframes and a built-in economic calendar, but chart functionality is very similar. For most retail strategies, MT4 is more than enough.
Getting MT4 configured properly the first time
Installation takes a few minutes. What actually causes problems is getting everything configured correctly. Out of the box, MT4 opens with four charts squeezed onto the screen. Shut them all and start fresh with the instruments you actually trade.
Templates are worth setting up early. Build your go-to indicators once, then save it as a template. Then you can load it onto other charts in two clicks. Small thing, but over time it saves hours.
One setting worth changing: open Tools > Options > Charts and tick "Show ask line." MT4 only shows the bid price by default, which can make entries appear wrong 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. Worth noting though: the accuracy of those results hinges on your tick data. The default history data is interpolated, meaning the tester fills gaps using algorithms. For anything that needs accuracy, you need third-party tick data.
Modelling quality matters more than the bottom-line PnL. Anything below 90% indicates the results aren't trustworthy. People occasionally post backtest results 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 it's only as good as the data you give it.
MT4 indicators beyond the defaults
MT4 ships with 30 built-in technical indicators. Most traders never touch them all. However the real depth lives in user-built indicators coded in MQL4. You can find a massive library, covering everything from basic modifications to full trading dashboards.
Adding a custom indicator is simple: place the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and the indicator shows up in the Navigator panel. The risk is quality control. Free indicators vary wildly. Some are well coded and maintained. Some are abandoned projects and can freeze your terminal.
When adding third-party indicators, look at when it was last updated and whether people in the forums report issues. Bad code doesn't only show wrong data read the article — it can lag your entire platform.
Managing risk properly inside MT4
You'll find a few native risk management options that a lot of people don't bother with. The most useful is maximum deviation in the order window. This defines the amount of slippage you'll accept on market orders. Without this configured and the broker can fill you at whatever price comes through.
Everyone knows about stop losses, but trailing stops is worth exploring. Click on an open trade, pick Trailing Stop, and define your preferred distance. It follows automatically as the trade goes in your favour. It won't suit every approach, but if you're riding trends it removes the temptation to micromanage the trade.
These settings take a minute to configure and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
Automated trading through Expert Advisors attract traders for obvious reasons: set rules, let the code trade, walk away. In reality, the majority of Expert Advisors lose money over any meaningful time period. EAs sold with incredible historical results are usually over-optimised — they worked on past prices and stop working the moment the market does something different.
None of this means all EAs are a waste of time. A few people build their own EAs to handle specific, narrow tasks: entering at a specific time, calculating lot sizes, or closing trades at predetermined levels. These utility-type EAs are more reliable because they do mechanical tasks without needing discretion.
Before running any EA with real money, use a demo account for no less than a few months. Forward testing tells you more than any backtest.
Using MT4 outside Windows
The platform was designed for Windows. If you're on macOS deal with compromises. Previously was Wine or PlayOnMac, which was functional but introduced rendering issues and occasional crashes. A few brokers now offer Mac-specific builds built on Wine under the hood, which are better but still aren't built from scratch for Mac.
MT4 mobile, available for both Apple and Android devices, are surprisingly capable for keeping an eye on positions and making quick adjustments. Full analysis on a phone screen isn't realistic, but adjusting a stop loss from your phone has saved plenty of traders.
Check whether your broker offers a native Mac build or just a wrapper — the experience varies a lot between the two.