i can not be considered as a successfull trader but i know a few thing that you need to do to cut your losses.
first you must have your own strategy,and put your position.
after you put your position,do not forget to use stop-loss order.
why ? because it's a tool to help you minimize the loss,insert your target into your stop-loss order and wait for it.
if the price goes down to below your level,the order will be executed.
Disagree with using stop loss order. Too many times my stop loss has been hit and then rebounds and as an adjustment I stopped doing that. Now I manually view the markets and don't carry more than 20 coins. If you have more coins than this perhaps you should use stop loss because it will be tough to keep track. If you have less than 20 coins, I feel like you can track them manually everyday and see which ones need cutting.
Yap, cryptocurrency trading and other trading is not the same. Cut loss maybe good way in other trading like forex but its not good decision when we have cryptotrading. Stop loss will just make our capital down and down. Sometime after touch our stop loss then the price rebound specially for good coin. If you invest in well known coin, stop loss is not good suggestion.