~ Now, I've known about Bustabit for a year or two. It's a place I go to unwind sometimes. For instance, just last week, I lost around $10k on futures trading. But before that loss, I actually turned $250 into nearly $5,000 on Bustabit by playing patiently.~
I'm sorry, what are talking about, mate? How can you turn $250 into nearly $5,000 by playing "patiently"? The answer is, you can't. No patience will help you to do something like that, it all depends only on luck.
~
I employ a strategic approach to my gameplay. I never play consecutively. Typically, after observing a series of red outcomes, usually around 4 or 5, I join the game.
You mean the "pre-rolling" technique that has been used by dice players since the beginning of times? Honestly, there's nothing new in it, and as all other strategies for purely lucky-based games, it works until it doesn't.
Let's say I start with a bet of 1 BIT and lose it. I then double my bet to 2 BIT, and if I lose again, I double it once more to 4 BIT.
Again, it's an ancient as the sands good old martingale strategy. There are millions of "improved" martingale strategies around, but all of them follow one rule: they work until they don't.