Stop loss are really very important in trades whether you are in for long term or short term. Stop losses help you from getting completely rekt which is a very common happening in such a volatile market. Try to decide your stop loss according to past volatility trends. If you tackling with a very high volatility coin, go for a loose stop loss else a tight one. This you have to judge according to your investment.
Many people think that stop loss is cutlose. whereas cutlose is not always good. I prefer to be patient rather than cutlose. I know there are many investors who stop losses by selling at a price of $6900 some time ago for fear of losing too much. but patience can be better