Here's a staking plan I was sent. What do people think?

Let X = Initial bet
Let Y = Running profit for the day.

1st race = Bet X (eg $10)
2nd race = Bet Y/3 or X (whichever is greater)
3rd race = Bet Y/3 or X (whichever is greater)
etc....

Exceptions
If 2 wins in a row, next bet is Y/5
If 3 wins in a row, next bet is Y/6
If 4 wins in a row, next bet is Y/8
If 5 wins in a row, next bet is Y/10
If 6 wins in a row - you're a hero

If running profit (Y) reaches 10x (eg$100), all remaining bets are Y/4 or less
If Y reaches 15x (eg $150) all remaining bets are Y/6 or less
If Y reaches 20x all remaining bets are Y/8
If Y reaches 25x all remaining bets are Y/10.

After a loss, bet stays at same Y ratio as previous bet. ie If previous bet was Y/5, next bet is also Y/5, until a win is achieved then minus 1 from base figure. ie next bet after a win would be Y/4.

Example
1st race Bet $10 (wins paying $55, $45 profit)
2nd race Bet $15 ($45/3) (Wins paying $75, $60 profit)
3rd race Bet $20 (Y/5 = 105/5) loses
4th race Bet $15 (Y/5 = 85/5 rounded down)loses
5th race Bet $15 (y/5 = 70/5) wins - profit of $60
6th race Bet $30 (y/4 = 130/4) loses
7th race Bet $25 (y/4 = 100/4) wins - profit of $100
8th race Bet $25 (Y/8 as running profit is 20x) loses
Result is profit of $175.
WWLLWLWL
Level stakes profit would be $145.

The greater the no of wins, the better it works.