Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences a while back, pushing brokers toward MT5. Still, most retail forex traders haven't moved. The reason is not complicated: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means rebuilding that entire library, and most traders would rather keep trading than recoding.
I spent time testing both platforms side by side, and the differences are less dramatic than the marketing suggests. MT5 has a few extras such as more timeframes and a built-in economic calendar, but the charting is about the same. Unless you need MT5-specific features, there's no compelling reason to switch.
Setting up MT4 without the usual headaches
Downloading and installing MT4 is the easy part. Where people waste time is the setup after install. Out of the box, MT4 loads with four charts tiled across one window. Close all of them and open just the markets you care about.
Templates are worth setting up early. Build your usual indicators once, then save it as a template. Then you can load it onto other charts in two clicks. Minor detail, but over time it saves hours.
One setting worth changing: go to Tools > Options > Charts and tick "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.
Backtesting on MT4: what the results actually mean
MT4 comes with a backtester that lets you run Expert Advisors against historical data. Worth noting though: the quality of those results comes down to your tick data. The default history data is modelled, meaning gaps between real data points are estimated mathematically. If you're testing something more precise than a quick look, you need real tick data from a provider like Dukascopy.
That quality percentage in the results is more important than the headline profit number. Anything below 90% suggests the results shouldn't be taken seriously. People occasionally post backtest results with 25% modelling quality and can't figure out why their live results don't match.
This is one area where MT4 genuinely outperforms most web-based platforms, but it's only as good as the data you give it.
Building your own MT4 indicators
MT4 comes with 30 built-in technical indicators. The average trader uses maybe a handful. That said, the real depth comes from community-made indicators built with MQL4. The MQL5 marketplace alone has over 2,000 options, spanning simple moving average variations to complex multi-timeframe dashboards.
The install process is painless: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, reboot MT4, and it appears in the Navigator panel. The catch is reliability. Publicly shared indicators range from excellent to broken. Some are well coded and maintained. Many haven't been updated since 2015 and will crash your terminal.
Before installing anything, check the last update date and whether users report issues. A broken indicator won't just give wrong signals — it can freeze MT4.
Managing risk properly inside MT4
There are a few native risk management options that most traders skip over. The most useful is the maximum deviation setting in the order window. It sets how much slippage is acceptable on market orders. Without this configured and you'll get whatever price is available.
Everyone knows about stop losses, but trailing stops are overlooked. Click on an open trade, pick Trailing Stop, and define a distance. Your stop loss moves automatically as the trade goes into profit. Doesn't work well in choppy markets, but on trending pairs it removes the need 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.
Running Expert Advisors: practical expectations
EAs sounds appealing: define your rules and let the machine execute. The reality is, the majority of Expert Advisors underperform over any decent time period. EAs sold with flawless equity curves are usually curve-fitted — they look great on historical data and stop working the moment market conditions change.
None of this means all EAs are useless. A few people build their own EAs to handle one particular setup: opening trades at session opens, managing position sizing, or closing trades at predetermined levels. These utility-type EAs are more reliable because they handle mechanical tasks that don't require interpretation.
If you're evaluating EAs, run them on a demo account for a minimum of several weeks in different conditions. Live demo testing is more informative than any backtest.
MT4 beyond the desktop
MT4 was built for Windows. Mac users see this face compromises. The traditional approach was Wine or PlayOnMac, which was functional but had rendering issues and the odd crash. A few brokers now offer macOS versions built on Crossover or similar wrappers, which work more smoothly but still aren't true native apps.
The mobile apps, on both iOS and Android, are surprisingly capable for keeping an eye on your account and tweaking stops. Full analysis on a mobile device doesn't really work, but managing exits on the go is worth having.
Look into whether your broker has real Mac support or a compatibility layer — it makes a real difference day to day.