Hi Folks.

I got some feedback to yesterday's email about MetaQuotes plans to stop supporting MT4 as soon as this Fall. Most of you asked more or less the same question: Do I think you'll wake up one morning and MT4 will simply be gone?

Look, I'm no better at telling the future than anyone else, but I think if/when MetaQuotes decides to completely do away with MT4 (if such a thing is even possible) there will be a lot of advance notice. They just won't drive a stake through its heart and walk away.

It will likely resemble the saga of Microsoft and Windows 98, which many people believe was the best operating system they ever released (particularly after Service Pack 2). M-Soft developed several different operating systems after Win98, such as Windows 2000, Windows ME, Windows XP and then Windows Vista, but many millions of people held on stubbornly to their Win98 operating systems.

With the release of Vista, M-Soft announced they would no longer support Windows 98, which meant no updates, but more importantly, no more security reviews. So, if exploitable flaws still existed within 98 (SPOILER ALERT: They did!) Microsoft would not fix them nor be responsible for them.

This is how they got all but the most recalcitrant banks to switch from 98 to Vista, and then the string of later op-sys software they developed.

So it will likely be for brokers who are attached at the hip to MT4. It will be up to them to locate and pay for the constant reviews and repairs these platforms require to stay abreast of all the major changes that take place not only in trading but in coding as well. Eventually, all the brokers who stuck with MT4 will either disappear or they will pay the subscription fee and start offering MT5 as they phase out MT4.

So don't go to sleep every night worried you'll wake up to some MT5 dystopia tomorrow. It won't go down like that.

But a lot of the I.T. people who work for the brokers HATE MT4 because it is an outdated system built on an old software platform and requires constant repetitive works to keep running. And they certainly have some say within their own brokerages.

The fact that traders prefer 4 over 5 by about a 4 to 1 margin never factors into the equation.

So the change is coming. Fast or slow, it's going to get here for most of us eventually. If you want to be ready, pick up my MT5 Conversion Pack, which is a collection of my best indicators and EAs, converted to MT5 and ready to plug in and play as soon as you get it. The link to read more about it is: http://fxscalpingacademy.com/mt5package/     

One last thing: if you have an indicator or EA you really like using, you might want to reach out to its creator right now and see if they have any plans of their own to convert to MT5. A lot of people have walked away from the business over the last 5 years and finding the people who created some pretty popular software might be difficult. If you want or need my help in that regard, drop me a line at jeffglenellis@gmail.com and I'll see what I can do.

Jeff