A practical look at MT4 for forex traders
Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences some time ago, steering brokers toward MT5. Yet most retail forex traders kept using MT4. The reason is straightforward: MT4 does one thing well. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Migrating to MT5 means rewriting that entire library, and most traders would rather keep trading than recoding.
I've tested both platforms side by side, and the differences are smaller than you'd expect. MT5 has a few extras such as more timeframes and a built-in economic calendar, but chart functionality is about the same. For most retail strategies, there's no compelling reason to switch.
Getting MT4 configured properly the first time
The install process is quick. What actually causes problems is the setup after install. By default, MT4 loads with four charts tiled across a single workspace. Shut them all and open just the instruments you care about.
Templates are worth setting up early. Set up your preferred indicators on one chart, then save it as a template. From there you can load it onto other charts instantly. Sounds trivial, but over time it adds up.
A quick tweak that helps: go to Tools > Options > Charts and tick "Show ask line." The default view is the bid price by default, which can make your entries look off by the spread amount.
Backtesting on MT4: what the results actually mean
MT4 comes with a backtester that allows you to run Expert Advisors against historical data. That said: the reliability of those results hinges on your tick data. The default history data is modelled, meaning the tester fills gaps using algorithms. If you're testing something that needs accuracy, grab proper historical data.
That quality percentage in the results tells you more than the headline profit number. If it's under 90% indicates the results aren't trustworthy. I've seen people post backtest results with 25% modelling quality and wonder why their live results don't match.
The strategy tester is one of MT4's stronger features, but only if you feed it decent data.
MT4 indicators beyond the defaults
MT4 comes with 30 standard technical indicators. The average trader uses maybe a handful. But the platform's actual strength comes from user-built indicators written in MQL4. The MQL5 marketplace alone has over 2,000 options, ranging from simple moving average variations to elaborate signal panels.
Adding a custom indicator is simple: place the .ex4 or .mq4 file into the MQL4/Indicators folder, refresh MT4, and the indicator shows up in the Navigator panel. One thing to watch is quality. Publicly shared indicators vary wildly. Some are solid tools. Others stopped working years ago and will crash your terminal.
Before installing anything, look at when it was last updated and whether users report issues. Bad code won't just give wrong signals — it can freeze your entire platform.
Managing risk properly inside MT4
There are a few native risk management options that most traders skip over. The most useful is maximum deviation in the order window. This controls how much slippage you'll accept on market orders. Leave it at zero and the broker can fill you at whatever price is available.
Stop losses are obvious, but the trailing stop function are overlooked. full article Click on an open trade, choose Trailing Stop, and enter your preferred distance. The stop follows with the trade goes into profit. Doesn't work well in choppy markets, but if you're riding trends it reduces the need to micromanage the trade.
These settings take a minute to configure and they take some of the guesswork out of trade management.
Expert Advisors — before you trust a robot with your money
Expert Advisors on MT4 sounds appealing: program your strategy and stop staring at charts. In practice, the majority of Expert Advisors fail to deliver over any decent time period. EAs marketed using perfect backtest curves tend to be curve-fitted — they look great on the specific data they were tested on and stop working once market conditions change.
None of this means all EAs are useless. A few people code personal EAs to handle one particular setup: opening trades at session opens, managing position sizing, or taking profit at fixed levels. These utility-type EAs tend to work because they do mechanical tasks that don't require judgment.
When looking at Expert Advisors, use a demo account for a minimum of a few months. Live demo testing reveals more than backtesting alone.
Using MT4 outside Windows
MT4 was built for Windows. Running it on Mac deal with friction. The traditional approach was emulation, which was functional but came with visual bugs and stability problems. Some brokers now offer macOS versions built on 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 making quick adjustments. Full analysis on a mobile device doesn't really work, but closing a trade from your phone is genuinely handy.
Check whether your broker offers a native Mac build or just a wrapper — the experience varies a lot between the two.