A great article on Trade and Risk Management by Jeff Wecker
Before you can manage a winner, you’ve got to get into it. And you’ve got to get into it with minimum risk. Because in the end, its all about risk reward followed by money/trade management. If you try, for example to enter a currency trade with 30-50-100 pips of risk, you are going to have to be right quite often. If you can find flash points in the market, where you can enter with 5-15 pips of risk, you probably only have to be right one out five, six or seven times to make consistent money. So, spend some time looking for those inflection points in the market.
See the full article here: