Money management is an integral part of forex trading. If anyone is not having any money management policy, he/she is never gonna be a good trader ever. You need to follow some good and realistic money management system.
If you are a new trader, it is better not to trade on big news release date. Suppose you open a trade and before news your position is in loss. You system says it will hit tp but due to news you can't hold the position because a spike in price can hit your SL. And if you are sure enough that you will be able to get out of the trade with profit before news, that's different.
I think so too. I have lost a lot of investment by trading without money management. I believe that if I maintain discipline and follow money management with a positive mindset, I can become a successful trader in the future.
The inability to manage capital, of course, is quite important, on the one hand, we can make a profit, but it will not be for long, because as a result we will start to lose and we will be very disappointed.