There isn’t much "method" to this at all.
This is known as the "Martingale" strategy and what it allows a gambler to accomplish versus level staking for any sequence of N bets (truncated at bankruptcy if it occurs) is:
- increase his chances of bankruptcy
- increase his chances not making a profit
- decrease his expected finishing bankroll (for a gambler with a negative expectation)
- increase the standard deviation of his finishing bankroll
Sound great, right?
That being said, as one's bankroll approaches infinity, then by using Martingale, the probability of profiting by a given amount approaches unity (100%).
Note however that this does
not imply any increase in expected profit (or decrease in expected loss). This is simply the result of increasing one's probability of a gain and decreasing one's probability of an extremely large loss only by (exponentially) increasing the magnitude of that loss. In other words, given a negative expectation, then the larger the gambler's stake the greater the expected loss, but the higher the probability of yielding a (tiny) profit.
In short, whether you're a gambler or an investor, stay far, far away.