The usual trader-derived risks apply - poor TA, failure to use a stop-loss, over-sized positions, lack of exit strategy.
The forex pairs are less subject to shock from fundamental economic / sector events / news, new sector-related legislation / regulation, tech discoveries etc.. Compared to stocks, there is no risk from acquisitions, fraud or changes to index constituents. Compared to stocks and commodities there are no issues with physical supplies of component parts or compounds.
I would say that forex is not an easier way to make money but there are fewer ways to get wiped out.
Use of high leverage combined with unfavourable market conditions such as high volatility (which is basically noise) leave your position basically unprotected against market ebbs and flows. So reducing leverage you also mitigate financial risks (but forced to expect lower returns in exchange).
The biggest risks occur when someone comes to forex without adequate knowledge or the idea that they will get rich quick and easy. Ads and internet hype sometimes promote this notion, only emphasizing that the market is huge and instilling fomo in people.
Also, don't trust anyone who wants to tell you exactly what to do. I'm thinking of EA's, trading systems for sale, etc. Those rarely result in anything good.
Indeed, the ability to confess own errors is important but even more important is to accept the fact that you can be mistaken thinking you make a mistake! (closing in loss but being eventually right and missing huge win!). It makes me extremely emotional and prompts to find opportunities to revenge.
Risks is found in anything you do in life, and in trading you will face risk because you can never be completely sure what is going to happen. However you can deal with risks by being careful and counteract it with analysis, gaining knowledge, and contorlling emotions. It is important to have a plan and to be careful with money as you need to avoid big losses. I suggest keeping a journal to analyse your own moves and improve upon them.
Forex is a risky business and the biggest risk involved in it is to lose your whole money without making any profit. If you have no knowledge and skills then it will be very difficult for you to be successful in forex. Always learn forex and make strategy and plan to go good in this market.