There are Forex options, but you are delving into a complex and dangerous world of unknowns too difficult to explain here. A hedging strategy is essentially a method to reduce risk. Have you considered other strategies to reduce risk, that don’t cost you anything or open new positions or cause greater overhead and more maintenance? One such strategy involves not leveraging a futures position to begin with. I trade Forex and other futures for living, and rarely do I see people that understand fully the significance of leverage. You can buy $100,000 worth of currency with $1,000 margin in a standard account. This would be the purchase of one standard lot, at 100:1 leverage. Or you can get 200:1 leverage in a mini account. Wo, how much trouble can we get into now? Just because you “can” doesn’t mean you “should” trade with this kind of leverage. Trading stocks with 2:1 leverage is considered risky. What most people don’t seem to realize, is that you don’t have to trade with leverage at all. Just put $100,00 in your account, buy one lot, and you have zero leverage. Or put $10,000 into a mini account and buy one mini-lot, or $1000 and buy one micro-lot. You can see that by controlling leverage, trading the Forex doesn’t have to be any more risky than trading stocks or any other investment. The same holds true with all or any futures contract. You decide how much leverage to use, and how much risk to accept. You can accept the maximum leverage like most people looking to “get rich quick,” and blow out like 80%-90% of all traders, or you can play it smart and ease into it slowly, starting with a simulator while you’re learning, probably for at least six months.
There is no need to hedge a currency position any more than there is any need to hedge a stock position, if you control the leverage.