of course risk management is crucial and not only on separate positions, but on the whole account as well. A DD of 40% will not hold up. The profit might spike up and one will feel secured that it is working the way it's intended to do, until the next 30-40% DD will appear and suddenly that will make the strategy very insecure, at least nerve breaking :). Why not have a strategy with less risk? 20% DD at max seems to be a very good threshold, above that threshold, the strategy is at risk of not holding up in the long run.
" Lock in the profit and minimize the draw down "