What happens if my iPhone gets stolen?

So my iPhone almost got stolen and I want to know everything they can do to make it untraceable such as if they take out the SIM card can I track it or if they turn off location services

If they restore the phone, the phone will be nearly untraceable. In such case, it is better for you to contact your service provider for help.
Learn to be more careful in the future. To protect your idevice from being stolen or lost in the future, I suggest you apply some free anti-theft apps like iLostFinder and set up Find My iPhone/iPad/iPod in iCloud on the device. Hope it helps.

http://ikeymonitor.com/free-apps