How to trade Currency Options?

OK so you mean that currencies by nature are less volatile so you get lower implied volatilies, i.e. lower premiums. Right?

 

You mean that one day the implied volatility is like 5% and a few days later it shoots up to 20%?

Is that what you mean by "Vol of Vol"

 

I would suggest mini forex that can run longer with very large stops...IMO

 

Volatility moves much more than for equities for example. In a low volatility context, a marginal variation has a deep impact on every structures based on that kind of option. For example, 1 year implied volty was around 23% in march, and is currently aroud 13% for ATM vanilla options.