Forex risk management strategies are crucial for traders to protect their capital and minimize potential losses in the volatile foreign exchange market. Common risk management techniques include setting stop-loss orders to limit downside risk, using proper position sizing to control the amount of capital at risk on each trade, diversifying the portfolio to spread risk across different assets, and implementing risk-reward ratios to ensure potential profits outweigh potential losses. By employing effective risk management strategies, traders can manage their exposure to market volatility and protect their capital while aiming to achieve consistent and sustainable trading results.