A good money management should be tailored to avoid big drawdown, so yes it is a solution. Obviously you still need to be profitable otherwise you end up loosing. There is nothing that will give you a 100% to win forever however. What are the chances? well it depends on many, many things. But I can give you an example and do the maths from that:
Let’s say you consider 30% of drawdown is your personal limit.
Let’s imagine that you have a mechanical system that magically gives you 60% chance of win over a hundred trades a year. Your SL and TP are both at 100 pips. So you basicaly win X$ 6 times over ten, and loose X$ 4 times over ten, this is profitable in theory.
To make it simple, let’s suppose your money management rules are to take only a trade at a time. You adjust your position sizing so that each trade is X% of your capital.
The probability of loosing N times in a row are (4/10)^N. What probability would you consider too risky?
If you take your risk parameter X at 10% of your capital, you will loose 30% of your money and probably become psycologically shocked after 3 loss. The probability of that 0.4^3 = 6.4/100 approx. You have 6.4% chances your next 3 trades will put you at your limit. The number alone seems small, but do not forget you make 100 trades per year!
Now if you risk 3% per trade instead of 10%. You need 10 losses in a row before reaching your limit. The probability becomes 0.4^10= 0.01/100. You are a lot safer. The bad news is that it also reduces you profits.
In other terms, from a given trading performance you can set your money management to either grow slowly and safely, or to grow fast and risk to loose the game
That is just by changing the amount of money you risk per trade. Your money management rules can be a lot more complicated if you split your exist, enter multiple trades at once on different pairs, use different systems, etc…
I’ll edit this post in 5 minutes, I may be able to add a graph for a more visual explanation.
edit: it will take me more than 5 minutes, but I have not forgotten. I will add a reply when I can.