I don't believe in cutting losses with your open trade or saved coin. Cutting losses is very injurious to your funds and more importantly to the future profit that would be made. It is therefore important to get into good project from the start to avoid a situation where you are unsure and losing money!
Cutting losses is in a way admitting the loss, taking it. Just a quick example. You decide that whenever price hits your entry point you'll sell. You set a stop loss at that level. There's a huge crash and the price lands 10% below your entry point. You admit the loss, sell, and the price recovers above your entry point within a day. Now if you want to enter you're going to have much less coins than 2 days ago. Now rinse and repeat and in the end instead of making money you'll be losing it. Irresponsible trading is a great path to ruin.