Chasing losses and martingale sounds the same to me, you are chasing your previous losses until nothing is left, and the house edge comes in at unexpected times, the highest amount I've spent in a martingale was $300 and but that amount was not safe even in the lowest bet because streak could go over 20, I stopped using it, it's just not worth it.
better do selective martingale or random it's more exciting and surprising using these two methods, but don't expect to win just have fun.
But chasing losses when you're betting with a same amount is impossible because if you calculate it, you will lose due to the house edge. In martingale strategy, you have calculate if you will not lose since you win you will recover all of your previous losses, but in the reality the result isn't same like the expectation.
That's why it has been mentioned if someone want to gamble using martingale strategy, they must need an unlimited money.
Well, though it's something that no one should really apply in their gambling since it can be deadly for their bankroll, as you said, if someone has a bankroll that is too high and all they want is to earn a couple of hundred dollars, they can start playing with a very small amount, like $10, and then start doubling the bet for every lost bet, considering they have a pretty large bankroll, let's say about $100k, they can manage to win some money at the end if they don't get greedy.
The problem occurs when we get greedy and don't stop when the strategy works a few times, and we just keep playing and doing the same thing only to get more and more and that is when the house edge does its magic.
even if the person is not a greedy person, let's imagine that this person hits 10 times and makes a profit, will this person give up playing and never play again? if that person decides to stop playing then he will make a profit, since he made a profit and stopped playing. but if that person keeps playing then even if today he makes a profit in the end there will be a loss because the house always wins. this is the problem that many people do not understand, it is impossible to make a profit while the person continues to play, it only makes a profit if the person makes money and stops playing, and when I talk about stopping playing I mean the person never playing again
years ago there were many videos on the internet, they were videos of strategies to win a lot in the dice and other casino games, in the video the guys showed how easy it was to earn money with a bot and Martingale, some even said that it was just having a lot of balance and putting it in automatically that the person would earn a lot, but it was all a lie, the objective of those people who made those videos was to gain followers and likes, because with youtube they earned real money and they knew very well that you do not earn money with games of chance, that is the hard truth, there is no winning strategy for games of chance, those who enter games of chance should expect losses and look at games as fun
unfortunately there are few people who deep down realize that you shouldn't expect any profit from gambling, many people are wrong and even say: "I see gambling as fun" but they're just saying that so that other people don't criticize them , at the end of the day they are playing with the clear objective of making a profit and they leave with losses but even so they continue with hope that they will make a profit