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That’s the point though. You are a new host, There’s nothing wrong with giving your opinion but we need to remind readers that your viewpoint is from a new host and not an experienced one, This is for the sake of the people who read this forum every day.
You say yourself that you have lots to learn and that’s true. Even when you’ve been hosting for many years you’ll still find that you’re learning. That’s what’s so wonderful about hosting. 
how often guests cancel on the reservations? I see we have few options to implement our cancellation strategy although it probably is always uncomfortable handling cancellations. Isn’t it?
Not really. We have few cancellations and they are usually well ahead of time so that we can rebook. When I have a cancellation, I post the dates on social media which always brings a booking for those dates.
I have just finished hosting my 55th group. I have been hosting via AirBNB for just over 6 weeks. I have had two cancelations. One was four months before arrival, the other 7 months. The second one cancelled about 6 hours after booking. So odd. The first one had a new work assignment that interfered. My location is a destination location; people plan their trips carefully. I suspect that locations that are weather-based and/or mid-points have more cancelations.
There are many factors to consider in choosing your cancellation policy. I have the flexible cancellation policy which has worked well for me. I live close to Los Angeles International Airport which means that many people need a one night stay when they are flying in or out of the U.S. Almost every time a guest has cancelled I’ve gotten a new guest for the time slot. When a guest cancels your listing is placed higher in the search. If I lived somewhere that took planning to access like many posters here I would have a stricter cancellation policy.
Context is everything, isn’t it?
It sure is. 20 characters.
Very true. A little while ago we had a self-proclaimed “expert” telling us the key to being a good host was empathy. Last week we had some “secrets” from a host who had been active for a few months, now we have a 10 point list That is less than helpful. Oh and don’t forget the guy who says we must use DSLR pics.
It might be a good idea if anyone who wants to share their “expertise” should have to tell us how many days, weeks, months, years they’ve been hosting. This will help newbies to sift the advice.
Frankly, the moment I hear the word “secrets” I know it’s bullshit. Except for the dossier. I believe every word. 
There was also the Secrets guy who was full of advice but at the same time getting nailed by the Canadian IRS for not reporting his earnings. What I kind of liked about him was that he was honest! How many of us would admit we got in trouble with the IRS!?