Copying Trades from MetaTrader 4 (MT4) to MetaTrader 5 (MT5)

To cut straight to the chase, yes there are ways to copy trades from MT4 to MT5. Absolutely, it is possible to copy trades from MetaTrader 4 (MT4) to MetaTrader 5 (MT5) using various methods. Here are a few common approaches:

1. Trade Copier Software: Many third-party trade copier software solutions are available that can seamlessly copy trades from MT4 to MT5. These tools typically require installation on both platforms and configuration to establish a connection between the two. Some of these trade copiers are now built online via a virtual VPS server, allowing easy connection to both MetaTrader accounts.
2. Manual Execution: While not automated, you can manually execute trades on MT5 based on signals or positions from MT4. This method involves closely monitoring your MT4 account and manually entering corresponding trades on your MT5 platform. Obviously this defeats the purpose of copying trades, however if your not placing many trades it’s worth considering.
3. Using a Broker Offering Both MT4 and MT5: If your broker supports both MetaTrader 4 and MetaTrader 5, you may be able to link your accounts internally. Some brokers offer this feature, allowing you to copy trades between your MT4 and MT5 accounts without the need for external tools. Simply contact your broker and raise this enquiry, most brokers have this underlaying MetaTrader functionality allowing you to copy from one account to many accounts using a PAM/MAM (multiple account management) system.
4. Migrating Scripts or EAs (Expert Advisors): If you have custom scripts or EAs that you use in MT4, you may need to modify or convert them to be compatible with MT5. While this may require some programming knowledge, it can be an effective way to automate trade copying. The most easiest way to get this done is to contact a EA developer and get them to make a EA (expert advisor script) which copies from MT4 to MT5.

There you have it! Many methods to copying trades from MT4 to MT5. However it really depends why you want to copy trades across both platforms first, establish why and then you can choose from options above. The first point of contact should be your broker as this would be the easiest way to copy trades from MT4 to MT5. If that’s not possible then look into online trade copiers as most companies who provide that service would normally charge monthly per account, so take costs into account too.

Out of all the methods of copying trades discussed above the most complicated and costly is hiring a EA developer to do the job. This coding requires specific knowledge and good understanding of how both trading platforms work. Most EAs are quite complicated and this can takes a long time to produce and requires lots of testing, simply coming back to financial costs – it definitely can add up! In reality the cost should be between $200-$400 to get a custom EA trade copying script made. The cost can only further increase if the strategy EA you have is more complex. The more settings etc, the more coding required which means more money.

Before proceeding, it’s crucial to consider potential differences between MT4 and MT5, such as changes in order types, script compatibility and any variations in trading conditions. MT5 is usually traded for stocks and provides more trading instruments. Additionally, always use caution and thoroughly test any trade copying method on a demo account before applying it to a live trading environment.

If you’re unfamiliar with the technical aspects involved in trade copying, consulting with a professional or seeking assistance from your broker’s customer support team can be beneficial.