Is it possible? Sure it is and here's the way to do it.
Set up a bank ( let's say $100 but it can be smaller ). Lay any horse in a race whose BF price is between 40.0 and 99.0 for a liability of $100. In Oz races I would not lay first uppers, first starters, second uppers or topweights ( thanks RP ). When you achieve a profit of 10% you quit. Tomorrow you start with a bank of $110. If you don't wipeout in seven days your bank will be a minimum of $200. From my experience wipeouts will be rare.
Now here's the second part of the money management plan. When your bank doubles you put 50% of your profit into a reserve bank. You start week 2 with a bank of $150. If that doubles you have another $75 in your reserve bank. When your wipeout comes you start again with a portion of your reserve bank. What portion you use would depend on how many times you have doubled your bank before the wipeout.