Partypooper, I think that any staking plan (and certainly level stakes) would lose under those circumstances. I'm a big fan of the retirement plan, and have been using it for a fair while.

The key to the plan, in my opinion, is to understand the role of the divisor, and to set up your betting strategy accordingly. I use the plan for "win" bets in my home state (Victoria) and again for interstate, and again for "place" betting, because my strike rate differs significantly for each. An accurate spreadsheet is a must.