Common advice is to keep your currencies safe by placing them into storage. I feel this is risky considering coins have dumped to all time lows within short periods of time. The alternative would be to keep them on an exchange and set stop losses, however, this is also risky as exchanges or your account can be compromised. How do you manage these risks?
You either are a belieber in bitcoin, or you're not.
If you're not, you could either choose not to buy it, or as you said, have some faith in the centralized exchanges, and place stop loss orders for when bitcoin drops too low.
Can't stress it enough though: not your keys, not your coins.
How do you manage these risks?
Only buy what you can afford to lose.