Emerging-market pairs: what did you learn the hard way?

Emerging-market currencies offer high interest rates and violent moves — devaluations, capital controls, intervention. Beginners are drawn to the carry and blindsided by the risk.

Share your experience:

• the pair and what happened
• whether the swap income survived the price move
• what you'd tell someone eyeing high-yield EM pairs now

There's a reason these are not on most beginner watchlists.