I know I'm pretty new to the forex world but I've browsed around and must say that this site is probably the best resource for beginners. I'm sure there are plenty of other sites but maybe I just haven't found them yet. It's also good to know that there is a large community out there that is willing to help.
Ok, enough ranting. My question is that I've browsed many forums and I keep hearing traders mentioning good money mangement. Is there a book or ebook that teaches good money management?
Money management is how much money you risk on each trade and how much of a loss you are willing to take on a trade.
For instance, most traders do not risk more than 3% - 5% on any one trade. Me personally, I never trade larger than 1% of my account on any single trade. Money management is a great skill to learn in the event you have a string of losses you can keep the drawdown to a minimum.