I get asked this all the time: "Lin, MT4 or MT5 for gold?"
Been trading gold on both since 2019. Here's the real deal — forget those broker comparison tables. What actually matters when your money's on the line staring at an XAUUSD chart?
What Actually Matters
Most articles ramble about timeframes and indicator counts. Missing the point entirely. The real difference? MT5 runs 64-bit with multi-threaded processing. MT4 is 32-bit single-thread. If you're a manual gold trader using one Daily chart with zero indicators, you won't notice a damn thing. Both show the same candle.
MT5's Strengths
21 timeframes vs 9. Great if you scalp on M2 or trade H8 structures. I only need Daily and 4H, so doesn't matter to me.
More order types. Buy Stop Limit, Sell Stop Limit — finer control for pending entries. Useful if you automate.
Better backtesting. Multi-currency, tick data, multi-threaded optimization. If you code EAs, MT5 blows MT4 out of the water.
Built-in calendar. Market events right there. No more alt-tabbing to Forex Factory.
MT4 Still Wins Here
EA ecosystem. Thousands of tested, documented EAs. Many never ported to MQL5.
Broker support. Every broker has MT4. Not all have MT5. Want options? Go MT4.
Lighter footprint. MT5 is heavier. On older machines or during volatility, you'll feel it.
Learning resources. Every forum, YouTube video, trading course references MT4. Something breaks? Fix found in seconds. MT5? Good luck digging through Russian MQL5 forums.
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 |
Started on MT4 in 2015. Tried MT5 in 2020. Went back to MT4. Not because MT5 is bad — it's objectively better engineered. But better engineering doesn't mean better trading. I don't need more features. I need less noise.
If you're starting today: grab MT4. Learn to read price action on the Daily. By the time you outgrow it, you'll know if MT5 fits.
— Lin