Originally Posted by
Bsims
OK, if you wager a fixed percentage of your bankroll and adjust periodically, here is what will happen. When you have a nice streak, your bankroll will go up and so will your wagers. This will continue until you lose a few. Then as you lose for a while, your bankroll will go down as will your wagers. This won't change until you have some winners.
So when all is said and done and you look back, you will have made bigger wagers on losing bets and smaller ones on winning bets. Effectively, you are doing just the opposite of dollar cost averaging on the stock market. I think this is not good.