A successful variation is as follows:

Use the plan exactly as Kiwi says BUT group your selections for safety, what I mean by that is you count say the first two bets as one bet .i.e. say your first bet is $100, then put $50 on the first selection and $50 on the second selection, recalculate after the 2nd selection has run, continue the same thing with bets 3&4, 5&6, etc etc

this way youre spreading the risk, even a run of 48 losers is reduced to 24 losing bets.

Now you can take it a step further really go for safety by grouping into 3's, 5's or even 10, so in other words your first bet on the retirement plan is 1/10th of the stake on the first 10 selections then re-calculate.

Another way is call all the days bets as 1 investment (I like this one) i.e. there are 5 selections today so your next bet is 1/5 of the stake on all 5, then at the end of the day re-calculate your next bet (as per the retirement plan) say the next day there are only 2 bets so 1/2 of the stake on each, recalculate at the end of the day again etc etc.