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, nudging brokers toward MT5. But most retail forex traders kept using MT4. The reason is not complicated: MT4 works, and people trust what works. More than a decade's worth of custom indicators, Expert Advisors, and community scripts were built for MT4. Switching to MT5 means porting that entire library, and the majority of users don't see the point.
I spent time testing both platforms side by side, and the differences are marginal for most strategies. MT5 has a few extras like more timeframes and a built-in economic calendar, but the charting feels about the same. For most retail strategies, MT4 still holds its own.
Getting MT4 configured properly the first time
Downloading and installing MT4 is the easy part. What actually causes problems is getting everything configured correctly. On first launch, MT4 loads with four charts squeezed onto a single workspace. Clear the lot and start fresh with the pairs you follow.
Save yourself repeating the same setup by using templates. Configure your usual indicators once, then right-click and save as template. After that you can apply it to any new chart instantly. Minor detail, but over months it saves hours.
Something most people miss: open Tools > Options > Charts and enable "Show ask line." By default MT4 displays the bid price on the chart, which can make your entries look off by the spread amount.
How reliable is MT4 backtesting?
MT4 comes with a backtester that lets you run Expert Advisors against historical data. Worth noting though: the quality of those results comes down to your tick data. Built-in history data is interpolated, meaning gaps between real data points are estimated mathematically. If you're testing something beyond a rough sanity check, grab real tick data from a provider like Dukascopy.
The "modelling quality" percentage matters more than the bottom-line PnL. Anything below 90% indicates the results aren't trustworthy. I've seen people share screenshots with 25% modelling quality and can't figure out why the EA fails in real conditions.
The strategy tester is one of MT4's stronger features, but only if you feed it decent data.
MT4 indicators beyond the defaults
MT4 ships with 30 default technical indicators. Few people use more than five or six. That said, where MT4 gets interesting is in custom indicators written in MQL4. You can find a massive library, ranging from webpage basic modifications to elaborate signal panels.
The install process is painless: copy 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 control. Community indicators vary wildly. Some are solid tools. Many are abandoned projects and may crash your terminal.
If you're downloading custom indicators, look at how recently it was maintained and whether other traders mention bugs. Bad code doesn't only show wrong data — it can slow down MT4.
The MT4 risk controls you're probably not using
MT4 has a few native risk management features that a lot of people don't bother with. First worth mentioning is the maximum deviation setting in the new order panel. This controls how much slippage is acceptable on market orders. Leave it at zero and you're accepting whatever price the broker gives you.
Stop losses go without saying, but trailing stops is worth exploring. Right-click an open trade, select Trailing Stop, and define a distance. Your stop loss follows with price moves in your favour. Doesn't work well in choppy markets, but for trend-following it removes the urge to sit and watch.
None of this is complicated to set up and they take some of the guesswork out of trade management.
EAs on MT4: what to realistically expect
Expert Advisors on MT4 sounds appealing: set rules, let the code trade, walk away. The reality is, a huge percentage of them underperform over any meaningful time period. The ones marketed using perfect backtest curves tend to be fitted to past data — they look great on past prices and stop working when market conditions change.
This isn't to say all EAs are a waste of time. Some traders code personal EAs for specific, narrow tasks: opening trades at session opens, managing position sizing, or exiting positions at fixed levels. These utility-type EAs tend to work because they handle defined operations that don't require judgment.
When looking at Expert Advisors, run them on a demo account for a minimum of several weeks in different conditions. Forward testing tells you more than historical results ever will.
Using MT4 outside Windows
The platform was designed for Windows. Running it on Mac deal with compromises. Previously was emulation, which did the job but came with rendering issues and the odd crash. Some brokers now offer native Mac apps built on compatibility layers, which are better but remain wrappers at the end of the day.
The mobile apps, on both Apple and Android devices, work well for watching open trades and managing trades on the move. Full analysis on a 5-inch screen doesn't really work, but managing exits on the go is genuinely handy.
Look into whether your broker has a proper macOS version or just Wine under the hood — the experience varies a lot between the two.