How do you manage these risks?
To answer your question, let me tell a short story.
During the ICO bubble where every project including shitcoins were massively pumped, most investors ( not really traders) joined a community initiative The Hodl gang. Here's what happened when majority of them held those tokens till 2018; they experienced 50-80% loss in value of the coins they held.
The moral of the short story is that, Don't be greedy and then You shouldn't leave money on the table while you're holding(/hodling). If they didn't get emotionally attached and greedy to those token, they wouldn't have lost so much.
So here's what I suggest is:
Properly analyze and buy your favorite coin.
set an OCO (One Cancels the Other) order on binance or if you use a different exchange, set a stop loss.
If the market goes your way, sell and buy at a retracement.
That way, You'll still be holding your favorite coin but your stash will keep growing as well as the value.