Traders use various money management systems and all of them are useful I guess. The main idea of money management is not only saving money and deposit, but also learning how to operate with money. If you are trader you have to know how to interact with money and how to distribute deposit wisely. The more time you dedicate to the process of learning how to interact with money and how to distribute it, the more chances to be successful you have actually. No doubts, that there are some traders who don't know how to manage money and thus it leads to upleasant consequences, however all of them might learn how to do it, but in fact not all of them have a real wish.
Whatever trading strategy that imp0lemented, money management has the important key to continuing trading strategy working n best trading performance, although trader have a good trading system but without money management in trading, it will mess up whole trading activities because can lead them to become greedy in trading
There are some automated EA on MT4 that you can be used for money management but in my view it is best to first learn how to calculate money management manually so that the process is fully understood.
There are so many strategies for money and risk management available online. I know that you can find some of the threads devoted to this topic on this forum. You can also browse youtube and look for the money management there.
I believe that money management is really considered to be a significant thing. Some traders prefer not to pay attention to money management as well as risk management, however the matter here is to pay attention to thse things as they are really important. I prefer calculating various ratio, for example risk/reward daily. It helps me to understand ho much money I can afford myself in this particular day to spend and how much I'm going to earn. Some traders create this plan on a month, it doesn't matter at all. The system which I comply with includes 1:3 ratio of risk/reward and it's enough for the vast majority of traders.
Money management in real life and in real trading is very important, in real life implementation, we spent money based income, don't exceed spending than income, because will make a debt, in forex trading, don't trader like as gambling, but need to use money management and risk management, greedy is not a good answer to become a success in trading.
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