What forex traders should actually know about MetaTrader 4
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 stayed put. The reason is simple: MT4 does one thing well. More than a decade's worth of custom indicators, Expert Advisors, and community scripts run on MT4. Moving to MT5 means porting that entire library, and few people would rather keep trading than recoding.
After testing MT4 and MT5 side by side, and the gap is less dramatic than the marketing suggests. MT5 has a few extras like more timeframes and a built-in economic calendar, but the core charting is about the same. For most retail strategies, 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 getting everything configured correctly. By default, MT4 opens with four charts crammed into one window. Clear the lot and start fresh with the instruments you care about.
Chart templates save time. Configure your usual indicators on one chart, then right-click and save as template. Then you can apply it to any new chart in two clicks. Minor detail, but over months it saves hours.
A quick tweak that helps: 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 by the spread amount.
Backtesting on MT4: what the results actually mean
MT4's built-in strategy tester gives you the ability to run Expert Advisors against historical data. Worth noting though: the quality of those results depends entirely on your tick data. Built-in history data from MetaQuotes is modelled, meaning the tester fills gaps with made-up prices. For anything that needs accuracy, grab real tick data from a provider like Dukascopy.
The "modelling quality" percentage matters more than the profit figure. If it's under 90% suggests the results shouldn't be taken seriously. People occasionally show off backtests with 25% modelling quality and wonder why the EA fails in real conditions.
This is one area where MT4 genuinely outperforms most web-based platforms, but it's only as good as the data you give it.
Custom indicators on MT4: worth the effort?
MT4 comes with 30 standard technical indicators. Most traders never touch them all. But the platform's actual strength lives in custom indicators written in MQL4. The MQL5 marketplace alone has over 2,000 options, covering everything from basic modifications to elaborate signal panels.
The install process is painless: drop the .ex4 or .mq4 file into the MQL4/Indicators folder, restart MT4, and the indicator shows up in the Navigator panel. The risk is quality. Community indicators range from excellent to broken. A few are well coded and maintained. Many haven't been updated since 2015 and can freeze your terminal.
Before installing anything, check how recently it was maintained and if people in the forums report issues. A poorly written indicator won't just give wrong signals — it can slow down MT4.
The MT4 risk controls you're probably not using
There are several built-in risk management tools that most traders skip over. Probably the most practical one is the maximum deviation setting in the trade execution window. It sets the amount of slippage you're willing to tolerate on market orders. Leave it at zero and you're accepting whatever price the broker gives you.
Stop losses are obvious, but MT4's trailing stop feature are overlooked. Click on an open trade, choose Trailing Stop, and enter your preferred distance. Your stop loss adjusts automatically as price moves your way. Not perfect for every strategy, but for trend-following it takes away the urge to stare at the screen.
None of this is complicated to set up and the difference in discipline is noticeable over time.
Expert Advisors — before you trust a robot with your money
Automated trading through Expert Advisors have obvious appeal: set rules, let the code trade, walk away. In reality, a huge percentage of them lose money over any decent time period. EAs marketed using flawless equity curves are often curve-fitted — they performed well on past prices and break down once the market does something different.
None of this means all EAs are a waste of time. Some traders develop their own EAs for well-defined entry rules: entering at a specific time, automating position size calculations, or exiting positions at predetermined levels. These utility-type EAs are more reliable because they handle defined operations without needing judgment.
When looking at Expert Advisors, run them on a demo account for at least a few months. Live demo testing tells you more than historical results ever will.
MT4 on Mac and mobile: what actually works
MT4 was built for Windows. Mac users has always been a workaround. Previously was emulation, which did the job but had rendering issues and occasional crashes. A few brokers now offer native Mac apps wrapped around source Wine under the hood, which work more smoothly but remain wrappers at the end of the day.
The mobile apps, available for both iOS and Android, are genuinely useful for keeping an eye on positions and making quick adjustments. Doing proper analysis on a 5-inch screen is pushing it, but adjusting a stop loss from your phone is genuinely handy.
It's worth confirming if your broker provides real Mac support or a compatibility layer — it makes a real difference day to day.