As you will see, or as you may already know, the best trading practices often intertwine. They play off each other to create better strategies, with some more important than others.
But no matter where it is, it is imperative to remember that a couple bad trades can severely affect any gains you have garnered so far. There is an ever-present risk when you put money into something that is not completely in your control. The good thing is that you can control how much risk you will put yourself at.
Risk management is important to control the losses in the event of market reversals, high volatility, any exchange outages, server maintenance, etc. Properly managing risk helps protect the capital and gives a trader the confidence to trade even after a few losses. If no risk management is applied to a strategy, a possible loss of capital might occur.