I will stick my hand up and say that I use a loss chasing system. I back a horse in every race on my card, usually about 30-40 per day average.

It has been argued over and over again that you cannot turn a loss at level stakes into a profit by simply using a progressive staking system. All it does is magnify the loss. But if you are profiting on level stakes, then I cannot see why this same system wouldn't now magnify your wins.

I must stress though that my system is designed personally, and is not trying to make a profit from one race (ie 10 losses in a row, then a winner to put you in front).
Mine relies on the fact that I am winning level stakes anyway, so it is just trying to increase my POT just a fraction.
I must say that doing this I have been going almost 12 months, turned over more than 1 million dollars, and have kept going through some really really bad losing streaks, and I have not looked at a form guide as of yet. In fact I only really ever know which one I backed by the number....

Not trying to suggest that I am guaranteed to keep winning, in fact it is always in the back of my mind that there is always a bigger losing streak on the way and could possibly wipe out everything.
That is why every time I increase my bank and increase my stake, I am always that little bit safer, and am betting a smaller % of the bank.

I am currently going through 1 of my worst periods since I started, so am very stressed about the whole situation, but am confident that I have set it up properly to see the other side.

It is a rollercoaster ride, both financially and emotionally, but as long as you start with a plan and a bank THAT YOU ARE PREPARED TO LOSE then it should all be good.
Expect to lose your bank, it is gambling after all. I do prepare for that every day.
If you make profits, take some money out, put it to something. Don't blow it like you have a never ending supply. Use it....