No, it's not a good strategy if you have limited funds I've tried that many times in the past and I always ended up in a losing side, you sometimes win but most of the time you lose, a lot of people have experimented on this strategy and depends on your control and luck you can only extend your playing time but winning I don't think so.
Chance of losing is high and winning is just a tiny piece of chance whenever you do this. And if someone keeps on trying this and keeps on doubling the amount which is known as martingale.
The time that he win then that's already the call and sign that he should stop and keep the profit that he took from that win and don't repeat the cycle.