How do you manage risk when trading forex, especially during volatile market conditions?

Volatility is often considered a threat to opening trades on the market. How do you minimize your trading risk during market’s high volatility?
Minimizing trading risk in forex involves several key strategies. Firstly, practicing proper risk management by determining the maximum amount of capital to risk per trade and setting stop-loss orders to limit potential losses. Additionally, diversifying your portfolio across different currency pairs can spread risk and reduce exposure to any single market movement. Staying informed about market developments through reliable news sources and conducting thorough technical and fundamental analysis can help make more informed trading decisions. Avoiding emotional trading and sticking to a disciplined trading plan is crucial, as impulsive decisions can lead to significant losses. Finally, using leverage cautiously and understanding its potential impact on your positions is essential to mitigate risk. By combining these approaches, traders can minimize risk and enhance their chances of success in forex trading.