hedging-strategies - Question and answers

I primarily deal with suppliers in Germany and customers in the UK, with payments in EUR and GBP. I've tried using simple forward contracts through my bank, but the fees are cutting into my profits, and I'm not sure if I'm timing them right. Are there more flexible or cost-effective methods like currency options or ETFs that could work for monthly transactions under 50,000 euros?

I have a diversified portfolio with stocks from various sectors, but during recent volatility, I've seen large drawdowns. I've considered using options, but I'm not sure about the best practices or how to implement them without increasing costs too much. My goal is to reduce risk while maintaining some upside potential.