Being able to manage your money and control risk are two of the most essential skills of the successful forex trader. The ability to spot good trades is one thing, but if you cannot also see the risks that underlie those trades, then what appear to be golden opportunities could turn into nightmares quickly. At the same time, if your money management is poor, then you will invest the wrong amount into each position you take. That can lead to you draining your account or failing to grow.
Risk is difficult to analyze in full because so many different factors can affect the price of a currency. You need to do extensive research on all of your currency pairs of interest to learn about the major risks to their prices. That is basic due diligence, and it is core to doing well. At the same time, you must learn that you cannot risk large sums on any individual position. Learn about the Kelly Criterion and apply it to your money management. That will teach you how to strike the right balance between committing too much to one trade and not taking advantage of the chance to make a real profit.