Why Martingale strat is bad?

Why 80% of the people have negative reviews about Martingale strategy? I think if played with proper money management it may run strong. I've collected some thoughts from a few friends who have different views.

"Because it is horrible, it's not simply about being able to survive the losing streaks, but also not falling into the risk of ruin trap (when the amount of money you have is not enough to recover the losses over time). Adding Martingale to a strategy will exponentially increase the chances of you going broke, and how fast that'll happen. Also, as mentioned here, Martingale is the money management. You should also bear in mind that he created this as theoretical exercise, as no one can remain solvent long enough to make it work."

"It depends on how deep your pockets are. If you already have enough that you probably don't need to trade - Martingale the shit out of it. I was in a "trading room" where Martingale was the savior to losing trades. Pile enough contracts on and sure in the end you will have a positive day. Even the huge accounts can't survive though if you keep doubling up enough that your account gets locked until you refund, which I have seen. If I had the resources to be down several hundred grand on a single trade I would be so happy. I have also seen the same person start with one contract and ending up with several hundred contracts in play, down 30k, and back up to a positive number. It can be done but your account has to have many digits to play that game. Thats why I don't do live trading rooms any more. It's not realistic for the average trader if I can't duplicate it."

"Martingale is good for when the markets range but will blow your account when they trend.

• look for pairs that generally range throughout the day
• or pairs that have periods of the day where they range
• identify times for upcoming news events which may be catalysts for range breakouts
• test out multipliers less than 2x
• put a cap on the amount of steps by either stopping out or hedging.

Open a demo account and let it rip. Let us know your review."

"It works until it doesn’t, and when it doesn’t, you lose everything. On a long enough timeline you lose everything and you don’t get to know how long that timeline is. In other words, you’re putting everything on a roulette wheel and you don’t even get to know what your odds are."

I am very confused. Do i need to open a demo account and try for myself?

What u guys think of Martingale?

#OPINIONLEADER#