newbie here 
with small fingers Bought 5k when price was around 50k. Nows it’s dropping and I’m panicking 
How to overcome panic and think about stopping loss? When will you determine the most appropriate time to sell?
This advice was always given it here repeatedly, "invest only of what you can afford". Now, because you have seen that the Bitcoin price has a correction for a while and you think about panic selling then, if will you do that, it means you will accept your loss already. The reason is that Bitcoin isn't good for a short-term investment, it's always advisable for a long-term holding so that you can see a potential way of gaining profit and achieve your expected profit. with small fingers Bought 5k when price was around 50k. Nows it’s dropping and I’m panicking How to overcome panic and think about stopping loss? When will you determine the most appropriate time to sell?
If you will believe that Bitcoin was good for a long-term investment, then, hold further your Bitcoin until your profit was there. But if not, cut your loss and never invest in any crypto because you're always afraid of loss.
As they said, "patient is the virtue".