Setting stop loss of 10% would really be recommendable in times like these but for those days where volatility intensity is high then its better not to put it up yet it can
easily be triggered or hit on.There are indeed several ways on reducing risk but managing or selecting which one would be used will be our job because not all things will work the same as others.
Honestly I never think about setting up stoploss for my trades because I am trading only bitcoins. Whenever market is going against my prediction, I will just change my positions into holding this way I am managing all may risks associated with my trading. I guess people can easily get rid of risk levels in their trading by simply choosing highly recommended assets like bitcoins. Because, you will be getting second chance like converting your trades into holding instead of booking losses.
Other than converting open position into holding for long-term, I am not having any special strategy for risk management. Still, I am booking profits on each and every trade but in long a time frame.