What forex traders should actually know about MetaTrader 4
Why traders still pick MT4 over newer platforms
MetaQuotes stopped issuing new MT4 licences years ago, pushing brokers toward MT5. Still, most retail forex traders kept using MT4. The reason is straightforward: MT4 works, and people trust what works. A huge library of custom indicators, Expert Advisors, and community scripts run on MT4. Switching to MT5 means porting that entire library, and the majority of users can't justify the effort.
After testing MT4 and MT5 side by side, and the differences are marginal for most strategies. MT5 adds a few extras like more timeframes and a built-in economic calendar, but the core charting feels nearly identical. For most retail strategies, MT4 is more than enough.
Setting up MT4 without the usual headaches
Installation takes a few minutes. Where people waste time is getting everything configured correctly. On first launch, MT4 opens with four charts tiled across one window. Close all of them and start fresh with the pairs you actually trade.
Chart templates save time. Build your go-to indicators on one chart, then right-click and save as template. Then you can apply it to any new chart instantly. Small thing, but over months it adds up.
A quick tweak that helps: open Tools > Options > Charts and enable "Show ask line." MT4 only shows the bid price by default, which makes your entries look off 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. Worth noting though: the reliability of those results depends entirely on your tick data. Standard history data is interpolated, meaning it fills in missing ticks with made-up prices. For anything more precise than a quick look, you need real tick data from a provider like Dukascopy.
Modelling quality tells you more than the bottom-line PnL. Below 90% indicates the results shouldn't be taken seriously. I've seen people share screenshots with 25% modelling quality and ask why live trading looks different.
The strategy tester is one of MT4's stronger features, but it's only as good as the data you give it.
Custom indicators on MT4: worth the effort?
MT4 ships with 30 built-in technical indicators. Most traders never touch them all. But the platform's actual strength comes from user-built indicators written in MQL4. You can find over 2,000 options, covering everything from basic modifications to full trading dashboards.
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 risk is reliability. Free indicators are hit-and-miss. Some are well coded and maintained. Others stopped working years ago and may crash your terminal.
When adding third-party indicators, look at how recently it was maintained and if users mention bugs. A poorly written indicator won't just give wrong signals — it can slow down MT4.
Risk management settings most MT4 traders ignore
There are several built-in risk management features that most traders never configure. First worth mentioning is the maximum deviation setting in the order window. It sets the amount of 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 MT4's trailing stop feature is underused. Click on an open trade, select Trailing Stop, and set a distance. It adjusts when price moves in your favour. Doesn't work well in choppy markets, but on trending pairs it reduces the need to micromanage the trade.
None of this is complicated to set up and the difference in discipline is noticeable over time.
Running Expert Advisors: practical expectations
EAs attract traders for obvious reasons: set rules, let the code trade, walk away. In practice, a huge percentage of them fail to deliver over any decent time period. The ones advertised with incredible historical results tend to be over-optimised — they look great on historical data and fall apart once market conditions change.
That doesn't mean all EAs are worthless. Some traders build personal EAs for one particular setup: time-based entries, managing position sizing, or taking profit at predetermined levels. These smaller, focused scripts work because they do repetitive actions where best metatrader 4 brokers you don't need judgment.
If you're evaluating EAs, use a demo account for a minimum of a few months. Forward testing is more informative than backtesting alone.
MT4 beyond the desktop
MT4 is a Windows application at heart. Mac users has always been a workaround. The old method was running it through Wine, which did the job but had display glitches and occasional crashes. A few brokers now offer native Mac apps wrapped around Crossover or similar wrappers, which are better but remain wrappers at the end of the day.
On mobile, on both Apple and Android devices, are surprisingly capable for watching your account and tweaking stops. Doing proper analysis on a 5-inch screen isn't realistic, but closing a trade from your phone is worth having.
It's worth confirming if your broker provides real Mac support or a compatibility layer — the experience varies a lot between the two.