The performance of the Martingale strategy in different market stages

Bull Market Phase
In a bull market, the Martingale strategy performs relatively well because even if one is temporarily trapped, there is still a chance to break free in the long run. However, it is important to be aware of the risks at the end of a bull market, as there can often be severe pullbacks.
Bear market phase
A bear market is the most dangerous time for the Martingale strategy. Continuous declines will cause the Martingale strategy to keep increasing its positions, ultimately leading to depletion of funds. During a bear market, it is best to avoid using the Martingale strategy.
Volatile market phase
A volatile market is the most suitable environment for the Martingale strategy. Prices fluctuate within a certain range, and the Martingale strategy can achieve stable returns by buying low and selling high.