MT4 is vintage, like a trusted pocketknife. It launches fast, runs charts smoothly, and executes orders without drama. That simplicity hides dangers, though. Be patient, get used to its quirks, and you'll be alright.
Choose a broker with clean pricing feeds and a tight spread at peak hours. mt4 news trading mobile
Look at the ping in the bottom right corner; if it's low, you're good. Try it out on a trial setup, and then migrate to a small live account. Be on the lookout for slippage when markets open and during events. Keep the size of your trades small until the platform feels like second nature.
Set up charts once, store them for reuse, and use them again. Profiles help separate setups. I like to have one profile for each session: Asia, Europe, and US. Use simple tools. A moving average or two, RSI, and volume can handle the load. There are too many toys on the screen.
Shortcuts cut down on clicks. Pressing F9 opens the ticket. One-click trading speeds up exits in a hurry. Use Ctrl+Y to check trading sessions to see how the session behaves. To measure pips, use the crosshair (middle mouse button or Ctrl+F). A quick drag indicates the time, distance, and price. Useful when rushing decisions.
EAs are automation and edge. Use Magic Numbers to keep places from overlapping. For better modeling, try "Every tick" in Strategy Tester, but trust forward tests more. A VPS near your broker’s data center cuts down on lag. Keep logs; the Journal reveals the truth if an EA goes wrong.
The kinds of orders matter. Market orders hit now. Stops follow the move. Limits catch dips. To avoid mistakes, put in stop-loss and take-profit when you open the trade. Partial closure splits the trade to manage risk. Trailing stops only work if MT4 is running. So, either keep it running or host it remotely.
Think about the rules of the broker. Some let you hedge, but others don't. FIFO is how US accounts work. Five-digit brokers use points instead of pips. One pip is generally equal to ten points. Error 130 says "invalid stops" rather loudly. Make the stop wider than the current price. "Off quotes" is what Error 136 signifies. It signals server hiccups. Retry or reduce size.
Make sure your work area is clean. Use Ctrl+B to remove clutter. You can change or delete indicators by right-clicking on them. Load "Default" and reset if a template stops working. Make a copy of the folders for MQL4, templates, and profiles. Having a copy stored makes a crash less alarming.
Keep access safe. For read-only sharing, use the investor password. Never use someone else's EA on a live account. Check the code for trading functions and strange web queries. Your setup can be one-of-a-kind without being risky.
Watch out for swaps, commissions, and server time. Highlight events on the chart. Be very careful while trading during big releases. Make sure the size of your position matches your account by double-checking it. Small edges, over and over again, beat hero trades. And if your hand shakes, take a break. After coffee, the chart will still be there.