Yes, agreed, Even though MT4 back testing not reliable, but for me its still important as I can learn price action movement and effect to the EA. For Example whether the EA we were testing will blow our account with certain amount of capital and how to overcome this problem with approriate min capital for the EA we were testing.

Also in long term back testing (for 2 year ++) we can estimate average which month price action tend to make big movement for precaution as history will repeat itself in FX world.

I will say MT4 not reliable because when we do backtesting , our spread for the currency pair is fixed, while in real time or forward test , they will be a change in spread during news time. Unless ur EA doesnt trade on news time that maybe backtesting much more accurate.

Also there is few factors will influence backtesting otehr than spread. think about it and see the truth for ur self.

Backtesting result is not a promise for real test / forward test, but merely a guidance.

regard

CF