A position-sizing system where you INCREASE size after wins and DECREASE size after losses — the opposite of martingale.
Anti-martingale (also called "pyramiding") is the inverse of martingale. After winning trades, you increase size to capitalize on a hot streak. After losing trades, you decrease size to protect capital during a cold streak. It's the mathematically correct way to scale.
Anti-martingale matches your size to your edge. When the system is working (winning), you press the advantage with bigger bets. When it's not working (losing), you back off until conditions improve. It's the opposite of the classic gambler's mistake of doubling down on losses.
Most professional position-sizing systems are some form of anti-martingale: fixed fractional, Kelly Criterion, volatility-adjusted sizing. They all share the principle that risk should scale with edge, not against it.
Trend-following CTAs like Dunn Capital and Man AHL have used anti-martingale pyramiding for decades — adding to winning trades while cutting losers. The asymmetric return profile is the source of their long-term outperformance.
Frequently asked about anti-martingale
What is an anti-martingale in trading?+
A position-sizing system where you INCREASE size after wins and DECREASE size after losses — the opposite of martingale.
When will I see anti-martingale used in real trading?+
In every fixed fractional sizing system. The default of every modern position-sizing calculator.
What is the most common mistake traders make with anti-martingale?+
Pyramiding INTO losing positions. That's martingale, not anti-martingale. Anti-martingale only adds size after the position is already profitable.
What do experienced traders know about anti-martingale that beginners don't?+
Use percentage-of-equity sizing for built-in anti-martingale behavior. Risk 1% per trade and your size automatically grows when you win and shrinks when you lose. Compounding does the rest.
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