xyyz, what you just described is the massengale technique, and let me warn anyone out there who's reading this, DON'T DO IT!
It's a plain silly technique, and you could easily lose all your money that way. You may be saying to yourself, well I can't lose 8 or 10 hands in a row, well, YOU CAN! You'll either run out of money or hit the table limit using that betting strategy.
If you're a card counter, you'll want to use the Kelley system of betting. It's also applicable to the stock market, for it's a mathematical function of the proper amount to risk given the odds.