How to Copy Trades from MT4 to MT5
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two of the most popular trading platforms in the forex market. While MT4 is widely used for its simplicity and user-friendly interface, MT5 offers enhanced features, including more order types, better charting tools, and access to additional markets like stocks and commodities. Many traders find themselves needing to copy trades from MT4 to MT5, whether to diversify their trading strategies or to take advantage of the advanced capabilities of MT5. In this guide, we’ll explore how you can seamlessly copy trades between these platforms, ensuring smooth execution and minimal downtime.
Why Copy Trades from MT4 to MT5?
Traders may want to copy trades from MT4 to MT5 for several reasons:
Upgrading to MT5: As more brokers adopt MT5 due to its advanced features, traders may want to transition their trading from MT4 without losing current trades or strategies.
Diversification: By copying trades between MT4 and MT5, traders can spread their risks across multiple platforms and brokers.
Better Analytics: MT5 offers enhanced analytics and faster execution times, which may appeal to traders looking to optimize their performance.
Methods to Copy Trades from MT4 to MT5
There are several ways to copy trades from MT4 to MT5, each with its own advantages and technical requirements. Below, we discuss the most common methods, from trade copier software to custom scripts and manual trade replication.
1. Using Trade Copier Software
The most reliable way to copy trades from MT4 to MT5 is by using trade copier software. This software automatically replicates trades between different MetaTrader platforms, ensuring trades are mirrored in real-time.
Popular Trade Copier Tools:
Local Trade Copier: This tool allows users to copy trades between different accounts on the same computer or a VPS. It supports MT4 to MT5 copying, ensuring that trades are duplicated instantly across platforms.
FXBlue Trade Copier: FXBlue offers a free trade copier solution that works between MT4 and MT5, ideal for traders who want to run multiple accounts simultaneously.
How Trade Copier Software Works:
Master and Slave Accounts: In trade copier setups, the master account is the one from which trades originate (in this case, MT4), and the slave account is where trades are copied (MT5).
Real-Time Replication: The software continuously monitors the master account for new trades and immediately replicates them to the slave account. This includes trade modifications, such as stop-loss or take-profit adjustments.
Example: Setting up Local Trade Copier
Install the Software: Download and install Local Trade Copier on both the MT4 and MT5 terminals.
Configure Master Account: Set your MT4 account as the master account within the copier settings.
Configure Slave Account: Link your MT5 account as the slave account.
Start Copying: Once configured, the software will begin copying trades from MT4 to MT5 in real-time.
| Feature | Local Trade Copier | FXBlue Trade Copier |
|---|---|---|
| Supported Platforms | MT4 to MT5 | MT4 to MT5 |
| Setup Complexity | Easy | Medium |
| Cost | Paid | Free |
2. Manual Trade Copying
Another method is manual trade copying, where a trader manually opens the same positions on MT5 that were originally opened on MT4. While this method is less efficient, it works for traders who don’t need instant replication or are managing a small number of trades.
Steps for Manual Copying:
Monitor Open Trades: Keep your MT4 platform open and monitor the active trades.
Replicate Trades on MT5: Open your MT5 platform and manually input the same trade, including the asset, lot size, entry price, stop loss, and take profit.
Monitor Trade Changes: Manually adjust trades on MT5 if changes occur in the MT4 account (e.g., moving stop-loss levels or closing trades).
While manual trade copying ensures full control over each trade, it is time-consuming and prone to human error, especially during volatile market conditions.
3. Custom Scripts and Expert Advisors (EAs)
For technically inclined traders, custom scripts or Expert Advisors (EAs) can be developed to automate the process of copying trades from MT4 to MT5. This approach requires programming knowledge, but it offers a highly customizable solution tailored to specific trading needs.
How Custom Scripts Work:
Scripts are written in MetaQuotes Language (MQL4/MQL5) to detect and replicate trades between MT4 and MT5 accounts. Once a script is installed, it continuously monitors trades in the MT4 terminal and mirrors them in MT5.
Expert Advisors are more advanced and can incorporate additional features like custom risk management rules or selective trade copying.
Case Study: Developing a Simple Trade Copier EA
An experienced trader may create a custom Expert Advisor (EA) that copies trades from MT4 to MT5. The EA is programmed to recognize trade signals, including opening and closing positions, and sends these signals to the linked MT5 platform. While this method is highly efficient, it requires constant maintenance and updates, especially when brokers make platform changes or updates.
| Pros | Cons |
|---|---|
| Highly customizable | Requires coding knowledge |
| Real-time automation | Maintenance required |
4. Using a VPS for 24/7 Trade Copying
For traders looking to ensure their trade copier runs smoothly without interruptions, using a Virtual Private Server (VPS) is essential. A VPS allows traders to keep both MT4 and MT5 platforms running 24/7, ensuring that trades are copied even when their local computer is off.
Benefits of Using a VPS:
Increased Reliability: A VPS ensures continuous operation, especially during volatile market hours or when internet connectivity issues arise.
Faster Execution: VPS servers are typically located near broker servers, which can reduce latency and improve trade execution speed between MT4 and MT5 platforms.
5. Risk Management in Trade Copying
When copying trades from MT4 to MT5, it’s important to implement proper risk management strategies. While trade copiers can replicate trades, differences in lot sizes, margin requirements, and broker execution speeds can result in different outcomes on the two platforms.
Tips for Managing Risk:
Adjust Lot Sizes: Ensure that lot sizes are appropriate for your MT5 account balance, especially if you are copying trades from a different account size.
Monitor Slippage: Slippage can occur if there’s a delay between copying trades from MT4 to MT5. Monitor this closely to minimize potential losses.
| Risk Factor | Solution |
|---|---|
| Lot Size Differences | Adjust lot sizes for each platform |
| Slippage | Use VPS for faster execution |
| Broker Execution Times | Test copiers with demo accounts |
Conclusion
Copying trades from MT4 to MT5 is a straightforward process with the right tools. Whether you choose to use trade copier software, manual copying, or custom scripts, the key is to ensure smooth replication and effective risk management. Tools like Local Trade Copier and FXBlue Trade Copier make it easy to automate this process, while advanced users may opt for custom scripts to meet specific needs.
For traders looking to enhance their experience further, using a VPS ensures uninterrupted copying and faster execution, essential for success in volatile markets.
