How impotant is money management while forex trading?

[rosy]

When you trade without money management rules, you are in fact gambling. You are not looking at the long term return on your investment. Instead you are only looking for that jackpot. Forex trading is tightly connected with analyzing the charts and the fundamental indicators, knowing where to enter and where to exit a position is not enough. Professional traders manage their risks and devote a lot of their time to learning the techniques of the proper money management.

please give your expert comments on this paragraph.

[jennismortal]

Forex money management forces a consistent monitoring of a trader's position and to accept the losses when necessary. Most people do not care for this aspect of trading, but it is very important.In many cases of large losses, poor money management was the culprit. Everyone wants the $1 billion profit in a single day, but that is a market rarity. Good Forex money management, though, can give a trader much better odds of a large gain than a trader who has little or no money management.
On an individual trade, the 1% makes little difference and even if the trader is wrong 20 times, he or she will still maintain 80% in equity. This type of Forex money management, however, requires discipline which is often in short supply with many traders.Money is easy to lose, but not so easy to make back. This attitude of the market is what wise traders must keep in mind to avoid big losses.