Honestly I did not use any device as a risk management. I will only set a price value bracket when to stop to invest. Like when the coin price value will fall more than 60% of your capital I think it is the time liquidate. And the best risk management that each of us can easily apply is fact that you need to invest the amount that are ready to loss.
In the real sense of it, your loss that you set should be worked with your balance because if you lose a greater percentage of your balance in a first trade and continuously losing such, you will see that your account will be off. At least 1 percent loss in your trade is recommended.