A practical look at MT4 for forex traders
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 kept using MT4. The reason is simple: MT4 does one thing well. More than a decade's worth of custom indicators, Expert Advisors, and community scripts only work with MT4. Migrating to MT5 means porting that entire library, and the majority of users don't see the point.
I spent time testing MT4 and MT5 side by side, and the differences are smaller than you'd expect. MT5 has a few extras like more timeframes and a built-in economic calendar, but the charting is about the same. Unless you need MT5-specific features, MT4 still holds its own.
Setting up MT4 without the usual headaches
Installation takes a few minutes. What actually causes problems is the setup after install. By default, MT4 opens with four charts crammed into a single workspace. Shut them all and start fresh with the pairs you actually trade.
Save yourself repeating the same setup by using templates. Configure your go-to indicators once, then right-click and save as template. From there you can load it onto other charts instantly. Minor detail, but over weeks it adds up.
A quick tweak that helps: go to Tools > Options > Charts and check "Show ask line." By default MT4 displays the bid price on the chart, which makes your entries look off by the spread amount.
MT4 strategy tester: honest expectations
The strategy tester in MT4 allows you to run Expert Advisors against historical data. But here's the thing: the quality of those results depends entirely on your tick data. Built-in history data from MetaQuotes is interpolated, meaning it fills in missing ticks using algorithms. If you're testing something beyond a rough sanity check, download third-party tick data.
The "modelling quality" percentage tells you more than the headline profit number. Anything below 90% means the results aren't trustworthy. Traders sometimes show off backtests with 25% modelling quality and can't figure out why live trading looks different.
Backtesting is where MT4 earns its reputation, 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. Few people use more than five or six. However the real depth lives in community-made indicators written in MQL4. You can find thousands available, covering everything from simple moving average variations to elaborate signal panels.
The install process is painless: copy the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and you'll find it in the Navigator panel. The catch is reliability. Free indicators range from excellent to broken. Some are genuinely useful. Some stopped working years ago and may crash your terminal.
Before installing anything, look at how recently it was maintained and whether people in the forums report issues. Bad code won't just give wrong signals — it can freeze your entire platform.
Risk management settings most MT4 traders ignore
There are a few native risk management options that a lot of people never configure. Probably the most practical one is the maximum deviation setting in the new order panel. This controls the amount of slippage you're willing to tolerate on market orders. Leave it at zero and you'll get whatever price comes through.
Stop losses are obvious, but trailing stops are overlooked. Right-click an open trade, pick Trailing Stop, and define the pip amount. It moves automatically as price moves your way. It won't suit every approach, but for trend-following it reduces the temptation to sit and watch.
These settings take a minute to configure and the difference in discipline is noticeable over time.
EAs on MT4: what to realistically expect
Automated trading through Expert Advisors attract traders for obvious reasons: define your rules and let the machine execute. In practice, the majority of Expert Advisors underperform over any decent time period. Those sold with perfect backtest curves are usually over-optimised — they performed well on the specific data they were tested on and fall apart once the market does something different.
This isn't to say all EAs are worthless. A few people build custom EAs for one particular setup: entering at a specific time, managing position sizing, or closing trades at set levels. These smaller, focused scripts are more reliable because they handle mechanical tasks without needing interpretation.
Before running any EA with real money, run them on a demo account for no less than two to three months. Running it forward in real time reveals more than backtesting alone.
MT4 on Mac and mobile: what actually works
The platform was designed for Windows. If you're on macOS deal with compromises. The old method was running it through Wine, which mostly worked but had visual bugs and the odd crash. Some brokers now offer Mac-specific builds built on Wine under the hood, which work more smoothly but still aren't true native apps.
On mobile, available for both Apple and Android devices, work well for watching your account and making quick adjustments. Serious charting work on a phone screen is pushing it, but adjusting a stop loss while away from your desk has saved plenty of traders.
It's worth confirming if your broker provides real Mac support or a compatibility layer — the difference in the full report stability is noticeable.