https://dailypriceaction.com/friday-qna/martingale-forex-strategy
I am quoting here few thoughts/points discussed in the article by the author for your review. You may click the above link to read the complete article.
As for trading robots or Expert Advisors with MT4 that are a common vehicle for Martingale strategies, I dislike both.
I’ve often said that if you want to be a trader, you have to learn how to trade. There are no shortcuts in this business. Those who try to cut corners are fodder for the 5% of traders who have put in the thousands of hours of study time.
That may seem like a harsh way to end this article. However, I assure you that it’s my best attempt to convince you of what it takes to succeed in this unforgiving and often brutal game we call Forex trading.
Final Words
Martingale is arguably one of the riskiest trading strategies available. By doubling up on losing positions, you’re exposing your trading account to dangerous levels of drawdown that can lead to a blown account.
I’ll go as far as to say that using Martingale over an extended period is guaranteed to blow your account. In fact, it’s a mathematical certainty.
It also reinforces the bad habit of adding to a losing position. Most investors would refer to this as dollar cost averaging.
While that may work well in the stock market where investments are held for years or even decades, it’s incredibly dangerous when used in short durations in a volatile market like currencies.
Also, if you are going to add to a position, only do so when the market is moving in your favor.