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Fibonacci Progression in horse racing gambling systems

Fibonnaci progression

Who was Fibonacci? Well, with a name like that you may correctly deduce that he was an Italian.
He was, in fact, also a mathematician who discovered that there is a natural numerical sequence that grows by the sum of the previous two figures.
Pretty intellectual stuff, huh?

What it means is that if you follow the progression:

1   1   2   3   5   8   13   21   34   55   89   144   233
at any time you strike a winner at better than 2/1 ($3.00) you end up in front.

As you can see from the above example though, if you strike a losing sequence of just 13 your next bet is 377 units (whatever value that may be).
Of course, if, at any stage of that progression, a winner was struck at better odds, say 5/1, you get a great collect but how confident are you in your
selection method that you'll never end up beyond a losing run of 13 and facing Armageddon?

Over to you........