You have to always manage risk with the odds in your favor.

Even if you lose, if you're sticking to your rules, it could be a good trade that just had a bad outcome.

Keep putting on trades with high expected values and over hundreds of trades you'll come out ahead. 

How you recover from a drawdown is more important that the duration or magnitude of the drawdown.

Everyone has drawdowns. Therefore, focus on your rules and play superior defense and allocations such as Peter will respect your process.

If you bail on your rules, like amateurs do, you relegate yourself back to amateurville. How you behave around drawdowns will show allocators how you will behave when you lose their money.