I believe this type of system will always fail at level stakes in the long run, BUT, there can be some incredible profitable patches, I believe the trick is to capitalise on those winning streaks and ride out th losing ones, and hopefully make a killing when it comes.eg (very briefly) say you have a losing system but at one point produced a good run of 6/1, 5/1, L, 3/1, L, 8/1,
starting with a $30 bank and betting 1/3 of the bank (not reducing), this sequnce (which was picked at random)would have reached $1162 at the last winner. Lets say you have a goal of $1000, so now you revert back to the $30 bank and start again. Needless to say there is some frustrating times when there is 3 losers in a row after a good run, but sometimes there is a residue left, which then goes into the coffers.

By the way this idea is NOT my bread and butter, but I do enjoy mucking around like this with relativly small amounts to start.