I don't know anything about your situation, but with respect, this seems extremely high to me.
>the only rule I follow is that I am invisible when on two wheels.
The strategy that I take to counter this is to actively make myself visible. Not only with lights but also with my actions.
If there is a tight squeeze coming up, I will take the centre of the lane and proactively block vehicles from passing dangerously if necessary. (The same if there are parked cars that may open their doors)
http://www.ctc.org.uk/blog/julie-rand/why-wont-cyclists-take... has more advice on taking a visible position.
In my area, [these accidents](http://bicyclesafe.com/#wrongway) are way to common. I almost hit a biker like this the other day because they were riding against traffic past my apartment entrance.
[Here is a stack exchange question with some more stats on the topic](http://bicycles.stackexchange.com/questions/9033/why-is-it-s...)
Meanwhile, bicycles that go with traffic will (relatively) approach the driver at a much slower speed, giving the driver more response time.
The other issue with it is that it severely reduces your options. When riding with traffic, you can take the entire lane if necessary, something I have to do several times on my commute because the traffic flow around me is dangerous if I don't. Riding against traffic means you're stuck riding the gutter, somewhere I actively avoid on city streets if only to save my tires.
I don't ride with headphones, and shoulder check constantly to maintain awareness of what is behind me. My hearing has saved my ass several times (nothing quite gets your adrenaline going like hearing the roar of cabbie flooring his Crown Vic behind you in an attempt run your ass over).
Bicycling, like motorcycling, requires constant vigilance and awareness, it's naive to believe otherwise. It's tough to do and lapses happen all the time, but on a bicycle you don't have 5,000 lbs of metal and electronic nannies, just your wits and senses. And a U-Lock if it comes to it ;)
Edit: also, don't expect other cyclists to endanger themselves by swerving into overtaking cars for an against the flow rider. They might even consciously chose a good head-butt with the other rider over ending under a car. In other words: you should be _really_ ready to jump.
The other day, I was coming out of an alley, turning right on to a one way street. I'm turning right, so I expect all road traffic to be coming from my left. That's the direction I'm focused on in making my right turn.
Now, I always check to the right, but I never really expect to see anything. When I did actually see a cyclist zinging up from my right, it kind of gave me an adrenaline jolt. He was never in any danger, my car was fully stopped and never moved: but it was so unexpected to see him there, that i kind of went "oh god, I almost ran him over".
Point is: if safety is your concern, then probably the safest thing you can do is to follow the same laws cars do. Be where a driver expects to see another car.
It's ingrained in drivers to pay attention to the source of traffic in such cases, a sort of optimization tree for their merging decision. If you're traveling against traffic, you're an outlier not considered in others' equations, and you're at risk of injury.
As a daily bicycle commuter and motorcyclist, the only rule I follow is that I am invisible when on two wheels. So I ride in a way that makes me safe, and that usually means doing things that most people would probably find dangerous.
In over 15 years of daily commuting (yes, all through the winter, too) I've been hit a half dozen times. The majority of those accidents were intentionally caused by the car driver, only a couple were truly faultless. None of them were the result of the driver not seeing me, they were all the result of the driver behaving badly.
A reflective jacket or spray isn't going to do ANYTHING if the driver decides that they own the lane and they're okay mowing you down to get it. That to me is the big flaw with any conspicuity safety measure, it relies on drivers actually being aware of the road around them and honoring your use of it. At least around here in DC, those two things are seldom present.
Most riders are foolishly naive about their safety. Traffic laws aren't going to keep your head from bouncing off a hood, and a reflective vest isn't going to make the driver put down their cell phone and pay attention to the road.