Is MT4 a trader's favorite platform?

I am opening this new thread because it is clear that 95% of retail brokers offer MT4, and MT4 is massively popular but I want to find out if it is popular because a high %age of brokers offered it over the years so everyone was forced to learn it... or if the traders (not brokers) prefer it over other platforms and because of demand brokers offer it.

So, if you trade using multiple platforms (including MT4) I would like to hear your opinions on whether you think MT4 is superior to other platforms and why.

I've been using Ninjatrader 7 with my broker, FXCM, and I have to admit, NT7 is superior to MT4 in many different ways. One of the most important features of NT7, for me personally, is the option to use different candle bars. Instead of using time bars (i.e. 5m, 15m, 1hr, etc.), NT7 natively allows you to use Range Bars, Renko, volume, tick, and a few other different bars. For me personally, I don't care how much price moves in a certain time frame. Time isn't relevant with respect to price. If your broker supports NT7, you should open a demo account and compare the differences. NT7 is much more professional than Mt4. The charts are much smoother and it has a build in trade manager.

MT4 doesn't allow you to use range bars or the other bars natively. You have to purchase a script or indicator (I purchased my script for $60US and my indicator for over $100US). I haven't looked lately but the free script I used to use was pretty bad and a BIG resource hog.

The only downfall of NT7, is it isn't free. You either have to lease or purchase a license. The monthly fee to lease NT7 I believe is $60 for FXCM, at this point. However, if you trade a minimum lot size of 5 standard lots per month with FXCM, they give you the license for free. However, if you don't meet the minimum, they charge you the $60 per month. But, before that, you have to make sure your broker supports it. On a side note, if you also trade futures, you can trade both futures and forex on the platform with a multibroker license.

Hope that helps.

I have used Ninjatrader extensively, OpenEcry's Trader extensively, Sierra charts somewhat, Interactive Broker's platform, and MT4 extensively. MT4 is by far the worst for the following reasons:

1. Appearance: the charts are fuzzy and look very poor compared to the quality of appearance provided by the others, especially Ninjatrader.
2. Drawing functionality: I think being able to quickly and easily draw is a must and MT4 is seriously lacking here. It does not provide keyboard shortcuts to the various drawing tools as all other platforms due and it does not have a snap to price mode like ninjatrader which makes it easier to draw straight lines. Further, it doesn't have a "global draw object" function in which you can draw on one EUR/USD chart, for example, and that line will show on all your EUR/USD charts.
3. Trading capability: the inclusion of the little click to trade buttons in the upper left have made it somewhat more user friendly, but execution is still very slow. And if you are in the US, you cannot get an MT4 broker that provides anything close to a good spread. However, if longer term trading, its probably acceptable - the feature where you can click and drag from your order to create a stop and a target is a very nice feature. However, there are no built in trade management features like Ninja's trailing stops or multiple split position management.
4. Bar types: there are only minute charts provided. Range bars, renko bars, tick bars, volume bars are all standard with Ninja, to name a few. All of these require clunky off-line charting in MT4.

There are some positives: customizability in terms of indicators, colors, etc. Its free. It uses significantly less resources from your computer. And its ultra fast to load.

I use both MT4 and Ninja charts now. Ninja is limited in its data feeds, and even more limited if you actually want to trade through the data feed (there is one that is acceptable: Interactive Brokers).

I'm a newbie so no big experience, but already spotted a big annoyance: no real volume data. Instead, MT4 gives ticks per time unit. Does anyone know if Force Index is still usable under these circumstances?

its funny how 95% of brokers offer MT4 and 95% of all traders loose
MT4 is ok, but it should really be only used as a chart package, NEVER to trade with due to the broker plugin and generally slow execution
its also a huge resource hog once quite a few indicators are used and real pain in the ass at times
but so are the others

Ninja i found was far too buggy (and even worse than MT4) others have too and just abandoned it
Protrader3 is up and comming but not there yet, so most are stuck with MT4 for now

Tradestation is supposed to be ok, but also has issues, namely trading on it
(google for others reviews before trading direct through it)

MT4 can be made to work well especially if you can code, so probably best to embrace it with all its faults
and use it for charts only, and then trade at the exchanges via real ECN

I use the Java platform from Dukascopy and i must say it took me a while to get used to it.
Before this i traded with mt4 for about 3 years and i must say i like the java platform much better!

Its popular because its free...you get what you pay for...enough said. Metatrader is famous for having a back door for the brokers to manipulate not just the spread and price but your individual trade...I didn't believe it until I saw it for myself. Retail FX brokers WILL take your money, sooner or later.

First...learn to trade...then develop a rock solid trading plan...then develop the discipline to use your plan to its fullest...THEN worry about the best broker to use.