Is this a good gambling strategy?

No. In theory if you could double the bet each time you would break even in the long run, but you cannot do so because every table has limits. Increasing the bet by diminishing percentages does not lead to the result you want. Figure it out, Lose, 5 + 6 + 7 + 8 = 26 lost. Then win 9, doubled is 18 and you are down by 8.