I absolutely agree with the author of the thread. Money management is the cornerstone of trading and any kind of investing as any investment presupposes certain risks which have to be controlled. Without money management trading reminds me of betting where 'win or lose' situation takes place all the time. The essense of trading, for me, is long and steady growth of trading account which is impossible without proper management. However, I should also point out the fact that more often than not money management is damaged by the trader's emotions and psychological state. So, knowledge is important, but the ability to implement this knowledge on practice irrespectively of emotional situation is even more essential.