On drawdown management – how far is too far before adjustment?

Still trying to get my head around proper risk sizing relative to overall capital, especially with positions that might run for a few days. I've been aiming for a 1-2% max single-trade risk, but when does a cumulative drawdown across several small losses necessitate a temporary reduction in that per-trade risk? Is there a common threshold, like 5% or 10% from peak equity, that triggers a re-evaluation of the current strategy or sizing, or is it more nuanced than a simple percentage?