Actually about 7 or 8 iterations is about right, we are still working to find the optimal parameters but here is a little information. https://forex-assistant.com/phoenix
There is an unlimited free trial on these programs to help new traders learn systemic trading. Wish I was finished with the book but in a nut shell, the martingale is a recovery system not a trading system. However, there comes a point where it gets too large to be practical, at that time you reset to the starting size of the trades but double the sizes until recovery has been made. Let's say you set the max iterations at 7 and your starting amount was .01 lots, then the 7th iteration would be for .64 lots. If you lose that trade you would have to make up 1.27 lots of losses. A secondary recover system where you double the size of the trades, would take over and you reduce the deficit amount by half of the winning amount. In practice that doesn't make very much money and I think that is what our friend Step_up has a problem with. However, there is a modified martingale system (the Phoenix) that pays for every trade taken, even the losses. That makes all the difference in the world.
I'll tell you what I will do for everyone here. If you send a request to Mary at firstname.lastname@example.org I will give you a free copy of my new book. I would only ask that you send me an evaluation of the book and if you find any typos that you make note of them so we can fix it before putting on Barnes & Noble. It will still take about 2 to 3 weeks before she can send it to you but I will tell her to be aware of my offer here. It will sell for $29.95 so if you want my research early and for a lot less money as 'free' most certainly is, then you have to do me the favor of writing a review.
And by the way when I say free trial of my programs, I mean free trial, you don't have to pay for it with a promise or the return of your money if not delighted as you see so often, no credit card is needed.
The martingale in its natural form does not work, this turns people sour on the mathematical concept and they never look for the modifications that do work. A good recovery system will help but not completely compensate for a poor trading system. The martingale is not a trading solution but can help to make a good trading system better. For 'Phoenix' it is also important to get the range size right and that is where we are at currently.
Look at https://www.myfxbook.com/members/ForexAssistant/mt4-6040547/570955
where we put the Phoenix into the secondary recovery to finish testing. Unfortunately we recovered from the first test too fast to give us much information so we had to force a second reset so we can see how long it will take to recover from a martingale max-out. This is still early for Phoenix and while we are letting traders test it, it is not ready for the open market just yet.
The secondary recovery is simple and can be used on other programs like Pegasus, https://www.myfxbook.com/members/ForexAssistant/pegasus/670938
This is not a martingale recovery program but it does use the secondary recovery as Phoenix does.
Hope this helps,
where research touches lives.