Well it can be very unpleasant when you see much red, but so far this is not something really disastrous, so i do not worry in the long run price will be much higher than we had chance to see it. Just stay calm and do not fall under fud pressure, especially if you are already deeply in alt-coins. 
Panic in present is very late, I always ask my friends why not scared when the price of Bitcoin and Altcoin in highest price, why not take profit and waiting the correction price in market? Just when the price in lowest, they apcept their mistake and take loss, but this is wrong because the market will bounce after that timeGood thing you tell it for your friends but the question there is do they follow your advises? since its little freaking out really to see those downfall and new guns surely got caught for that situation but to unlucky for those people who convert since the price right now is currently pumping and might it continue but don't expect to much since I assume that people prefers to sell rather than buy since august 1 dilemna is not coming yet.