A practical look at MT4 for forex traders
Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences years ago, nudging brokers toward MT5. Yet most retail forex traders kept using MT4. The reason is simple: 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. Migrating to MT5 means rebuilding that entire library, and the majority of users don't see the point.
After testing MT4 and MT5 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 still holds its own.
Getting MT4 configured properly the first time
The install process is quick. The part that trips people up is getting everything configured correctly. Out of the box, MT4 shows four charts tiled across one window. Clear the lot and open just the instruments you actually trade.
Save yourself repeating the same setup by using templates. Configure your usual indicators once, then save it as a template. Then you can load it onto other charts without redoing the work. Minor detail, but over weeks it adds up.
Something most people miss: go to Tools > Options > Charts and enable "Show ask line." MT4 only shows the bid price by default, which makes entries appear wrong until you realise the ask price is hidden.
How reliable is MT4 backtesting?
MT4 comes with a backtester that lets you run Expert Advisors against historical data. But here's the thing: the reliability of those results depends entirely on your tick data. Built-in history data is interpolated, meaning it fills in missing ticks mathematically. If you're testing something that needs accuracy, you need proper historical data.
Modelling quality tells you more than the bottom-line PnL. If it's under 90% means the results shouldn't be taken seriously. I've seen people post backtest results with 25% modelling quality and wonder why their live results don't match.
This is one area where MT4 genuinely outperforms most web-based platforms, but the output is only useful with quality tick data.
Custom indicators on MT4: worth the effort?
MT4 comes with 30 built-in technical indicators. Few people use more than five or six. But the real depth is in custom indicators written in MQL4. The MQL5 marketplace alone has over 2,000 options, covering everything from simple moving average variations to complex multi-timeframe dashboards.
Adding a custom indicator is simple: place the .ex4 or .mq4 file into your MQL4/Indicators folder, restart MT4, and it appears in the Navigator panel. The risk is quality control. Publicly shared indicators range from excellent to broken. A few are well coded and maintained. Many stopped working years ago and can freeze your terminal.
If you're downloading custom indicators, check the last update date and whether users report issues. Bad code doesn't only show wrong data — it can lag MT4.
Managing risk properly inside MT4
MT4 has a few native risk management tools that the majority of users never configure. Probably the most practical one is the maximum deviation setting in the trade execution window. This controls the amount of slippage you're willing to tolerate on market orders. If you don't set it and you'll get whatever price the broker gives you.
Everyone knows about stop losses, but best mt4 brokers the trailing stop function is overlooked. Click on an open trade, pick Trailing Stop, and define the pip amount. The stop adjusts automatically as price moves your way. Not perfect for every strategy, but if you're riding trends it removes the temptation to sit and watch.
You can configure all of this in under five minutes and they remove a lot of the emotional decision-making.
Expert Advisors — before you trust a robot with your money
Automated trading through Expert Advisors have obvious appeal: define your rules and let the machine execute. In practice, a huge percentage of them lose money over any extended time period. EAs sold with incredible historical results tend to be fitted to past data — they look great on past prices and break down the moment market conditions change.
This isn't to say all EAs are a waste of time. Certain traders code their own EAs for well-defined entry rules: time-based entries, calculating lot sizes, or taking profit at predetermined levels. These utility-type EAs tend to work because they do mechanical tasks that don't require interpretation.
If you're evaluating EAs, test on demo first for at least several weeks in different conditions. Live demo testing is more informative than backtesting alone.
MT4 on Mac and mobile: what actually works
MT4 is a Windows application at heart. Running it on Mac face friction. The old method was Wine or PlayOnMac, which was functional but came with display glitches and occasional crashes. Some brokers now offer macOS versions using Wine under the hood, which work more smoothly but remain wrappers at the end of the day.
MT4 mobile, available for both iPhone and Android, are surprisingly capable for watching positions and managing trades on the move. Full analysis on a phone screen doesn't really work, but managing exits while away from your desk is genuinely handy.
Check whether your broker offers real Mac support or a compatibility layer — the experience varies a lot between the two.