What are the currency trading risks?

["Daniel A. Poiree" <danielpoiree@xxxxxxxxx>]

For all the knowledgeable traders who read this list, what are the risks (as
well as can be defined), beyond the usual risks of the "traders market" that
would apply to any market, to trading currency futures? In other words, what
risks are unique to currency traders?
In particular, I wonder, how, in the real world, currency devaluation would
affect a trader with a futures position, (say in the Japanese Yen or Euro)
and in this day and age how likely any devaluation might be.

Has this happened in the last 10 or 20 years? If so, what happened to those
who held positions? How were the contracts settled (in the new devalued
currency or the "old valuable currency") and how would they be settled these
days?

Are there any other risks unique to currency futures?

I've never really seen this discussed before.

Thanks for your thoughts!

Daniel A. Poiree

Bellingham, WA