he who panics first, panics best.
the thing about panic selling is this: if you know you're gonna do it, do it early. don't wait weeks or months because then you'll probably end up capitulating at the bottom.
Very true. Firstly it is not possible to actually not panic in the face of dropping prices and massive losses. But the decisions you make in that situation is what counts.
Durung a bearish market, Protecting your capital, would take precedence to profit maximization.