I have enough experience to certify a few points i have faced with martingales , would like to share them for those who are confused.
1. Trading binary options need a smarter martingale theory and not the one used for roulette and gambling, as the odds are in the favor of the broker.
2. Set a max limit to the no. of martingale level(s) , max should be 4.
3. Even if everything seems to be amazingly fine , keep a fact in your mind that you will and will lose at a certain time (also a part of our plan).
4. Summing up all levels of stake should be an amount which you can afford to lose at least thrice and still have something left in your balance to help you when needed.
5. Broker problems , internet issues etc can screw things up within a second , causing you a late entry or maybe a no entry at certain time.
6. Last but not the least , go for martingale strategy covering all points above , if and only if you really have something which works nearly 99% of the time with the limited amount of martingales.
So martingale when done right and in a limit can be very profitable , but also it carries a huge risk , so go ahead only when you have something you can afford to lose (where your fault will be none).