If you panic sell, you lose. That's why it's advisable to trade with money that won't affect your other daily activities, use spare money (except for us that already built thick skin, because whatever happens always meet us prepared).
How to create spare money,
- To every cash you make, take out a spare and credit your wallet, don't just take a huge amount that would drain you. Buy as you make money, like you are saving. By this, you will be gradually accumulating.
One case scenario here.. 2.3m turns to 1.141m. And all the money there was as a result of accumulation and groaning of my crypto via scalping and investing for long term. And I know that crypto isn't the only hustle, there are other sources of income, so if this one taya us, I go abandon the money there till any year the money chose to grow back. And this is because I bought prospective coins (NFT/METAVERSE COINS) with great use cases and not just price manipulated like some shit coins. The ones I invest in shit coins are just experimental. So I know what our prospective coins can be in the next 2, 3 years if we abandon it.
The beauty is that Spot trading isn't futures trade where you lose against your prediction. On spot, as long as it's a good coin that won't be deleted someday, no matter how long it takes, you have hope of recovering your dipped money.
In a worse case, I will find capital to start afresh with the current price of crypto and begin to scalp and invest like we are just beginning.
If you could grow your money in crypto to the level before it started dumping, then you can do it all over again with better experience.