Both money management and trading psychology are key to success in forex trading. A person will fail with a good strategy if he/she ignores the importance of money management and trading psychology. It has been said that trading is 90% psychological. And it's true.
Yes, of course, money management and trading psychology is a very important issue in forex trading. It is impossible to stay in trading without applying that formula. I know it will help me a lot to be successful.
the success on money management depends on your trading plan , actually its all about a perfect knowledge , when you have then you can make a powerful money management which will support you for all time to avoid unfortunate risk and losses.