As others have mentioned:
This is not a Martingale System since you only increase your trade position when you WIN, not LOSE.
This system compounds based on using the profits you made from the most recent trades in the current streak of wins.
What I add is:
You can't continue to risk ALL your profits on each and every trade since you will break the win streak and get a loss which loses all of your compounded profits. You MUST take some profit at some point before the next losing trade. The point at which you take this profit is best found by seeing if there is some magic number of streaks that typically happen. This is guessing since statistically there should be no reason why a certain number of wins would continue to happen.
There is a betting system called the '1-3-2-6 betting system'. essentially it plays on winning in streaks, a 4 win streak. the component it offers that this system does not, is that after the 4 win streak you start over from your original wager/position size. It also takes some profit off the table after the second win. So if you lose on the 3rd bet/trade you will still have a profit.
The reference to a gambling betting system is made easy because yes it is more like gambling than proper money/risk management. By compounding your recent profits into the next trade you inherently increase your position size beyond a decent percentage of your total capital balance. If you believe your recent profits from a trade are actually the house's free money and not your own until the day you withdraw those funds then it may be easier for you to risk them by doubling up on the next trade.