Actually, no, if I lose 10 times in a row I would still have about 35% of the intial amount. I keep the percentage at risk constant, which means that as I lose I will reduce the size of my positions. Sorry to disappoint you.
OP, you're getting advice from somewhere around 100 years options experience. Spin and dagnyt alone have 50+ Good, sound advice you're getting but there is a drawback. Legging in or at any other point of the trade involves risk management - as has already been noted. The veterans know this intuitively, but if you are unfamiliar with the strategy, then the moves to make may not be obvious, indeed many will go unnoticed. It's a good idea to keep in mind at any point of the trade that there are ways to manage risk, increase or decrease - always with an eye on the bottom line - profit. Be smart about it and learn. You can turn losers in to winners - or the reverse if you're not careful.
Hey Donnap. LTNS. FWIW, I've got nearly 30 years under my belt, dabbling with options. But only 2 of them were good (g). And no pointing at below the belt and laughing!