I get asked this all the time — "Lin, MT4 or MT5 for gold?"
Look, I've been trading gold on both since 2019. And here's the real deal. Forget those broker comparison tables, seriously. When your money's on the line staring at an XAUUSD chart, what actually matters? Let me tell you.
What Actually Matters
Most articles just ramble on about timeframes and how many indicators you can load. Missing the point completely. The real difference? MT5 runs on 64-bit with multi-threaded processing. MT4 is 32-bit single-thread. If you're a manual gold trader just using one Daily chart with zero indicators — honestly, you won't notice a damn thing. Both show the same candle. That's it.
MT5's Strengths
21 timeframes versus 9. Great if you scalp on M2 or trade H8 structures. Personally? I only need Daily and 4H. So doesn't matter to me, really.
More order types. Buy Stop Limit, Sell Stop Limit — finer control for pending entries. Actually no, let me rephrase: useful if you automate. For manual traders, not a big deal.
Better backtesting. Multi-currency, tick data, multi-threaded optimization. If you code EAs, MT5 blows MT4 out of the water. No contest there.
Built-in calendar. Market events right there on the platform. No more alt-tabbing to Forex Factory. That's kinda nice.
MT4 Still Wins Here
EA ecosystem. Thousands of tested, documented EAs out there. Many of them? Never ported to MQL5. So if you rely on those, you're stuck.
Broker support. Every broker has MT4. Not all have MT5. Want options? Go MT4. Simple as that.
Lighter footprint. MT5 is heavier. On older machines or during volatility — trust me, you'll feel it. I've had my laptop chugging during news events.
Learning resources. Every forum, every YouTube video, every trading course references MT4. Something breaks? Fix found in seconds. MT5? Good luck digging through Russian MQL5 forums. I've been there. It's not fun.
My Take
| Your Style | Start With | Why |
|---|---|---|
| Manual gold trader (new) | MT4 | Simple, tons of resources, universal support |
| Scalper (M1–M5 entries) | MT5 | More timeframes, faster execution |
| EA / algo trader | MT5 | Better backtesting, MQL5 |
| Multi-asset trader | MT5 | Stocks, futures, crypto in one place |
| Pure gold price action | MT4 | Fewer distractions. Exactly what you need, nothing more |
I started on MT4 back in 2015. Tried MT5 in 2020. Went back to MT4. Not because MT5 is bad — it's objectively better engineered, honestly. But better engineering doesn't mean better trading. I don't need more features. I need less noise. Less clutter. Just the chart and me.
If you're starting today: grab MT4. Learn to read price action on the Daily. By the time you outgrow it — and you might not — you'll know if MT5 fits.
— Lin