Some trades we take are in wrong direction but because we want to be hopeful that it will come back to profit, we allow it and it close against us. If we keep doing this, it is the exact opposite attitude of someone that wants to keep their initial capital.
There are steps you can take to reduce the loss before you lose every thing or it get to your stop loss and such is
1. Stop the trade: This is very good but difficult for many traders to do it but if you do that, you have potential loss that you have saved.
2. Use of stoploss all the time: This help your losses to be minimal.
3. Try to adjust your stoploss: You can do this if your trade is already in profit and you suspect that it is going back to your entry price, so you can take your stoploss to entry and all the order to run for profit or it stops at your entry.
This is actually very important and I learned this the hard way by facing quite significant loss when I just kept a coin for too long in hope that the market will recover and I can at least get the value for which I bought them. But I was new that time and failed to analyze that the project was dead and nothing was being done to improve the value or pricing of the coin and all the promises being made in their telegram group were fake and empty.
For anyone who by mistake purchases any such coin or token which you think is not going to develop into anything and the value will keep dropping, in that case sell the coin as soon as possible. But yes at times there will be a pump before the coin ultimately dies, so if there are chances of that happening, just use that opportunity and come out of the market.