In case you have not been paying attention, Martingale is a system that “doubles up” your next order when you lose on a previous order. In the case you lose twice in a row, then it “doubles up” again - on the already doubled order. The third time around you’re now 8x as large, and so on and so forth until your account balance is massively hit - and you perhaps suffer a margin call as a result.
Taking a look at the
Universum 100/100 EA, you can see how that can quickly wipe out your account if you are not using proper money management skills and are not entering the market when it is safe to do so.
The Universum 100/100 is currently experiencing a pull down of nearly $7500 due to three bad positions, and has a 4th position open right now for 8.5 lots! If this order is wrong, it will pretty much wipe out most of the account.
The other issue to look out for here is slippage overnight. If the closing price tonight varies more than 100 pips from the open price tomorrow, it could be a disaster. Just Friday to Monday there a nearly 200 pip slippage (gap) between the closing price of the EURUSD and the subsequent open price on Monday. Even with a SL in place, you would have taken a very large hit (or very large gain, had you been short.)
Personally, looking at where it entered the market, I would not have placed a buy order.