The dynamics of trading the market change after a specific period. My concern is the spike that usually occurs especially when you are in one direction and the market moves in the opposite direction. Have you experienced such before, what is the best approach a person can take to salvage the situation?
Do you think is trading just for profits everytime? No minimizing your loses are also a part of a good trader. And the market will change his direction several times as it can be manipulated also hype, fomo, fud can affect strongly. So a perfect trader is he who have both strategies for ups or downs.I have faced it many many times and obviously will face in future too. So we all have to learn to manage or avoid these situations.
So what you need to do :
1. Always prepare for both pump and dump scinerio and invest as much as you can afford it. And never trade a huge amount in a single crypto.
2. Never go opposite of trend that may cause you huge lose. Always follow the trend and mark the level if there have a possibly correction.
3. If sudden volatility arrives you should close your position or minimum your lose to have a chance for another opportunity to gain. You just close your trade and wait for the deep or the perfect support level.
4. Put stop loss in a lower level of support zone so that if support breaks you may have a little loss. Never trade without stop loss if you aren't a long term holder.
5. Suppose you lose some of our Assets and want to recover it immediately then you might have wrong decisions so wait for the perfect time and recover it smartly.