The Martingale strategy in forex trading involves doubling the position size after each loss, with the aim of recovering losses and making a profit. However, this strategy is highly risky as it can lead to significant losses in the event of a series of consecutive losing trades. The strategy assumes that the market will eventually reverse, which may not always be the case, leading to an exponential increase in losses. Additionally, the strategy requires a considerable amount of capital to cover the increasing position sizes, and there is no guarantee of making a profit. Traders should avoid using the Martingale strategy or use it cautiously, with proper risk management and a sound trading plan.