Risk management is in the preparation

Don’t panic. Yes, it is time to start to panic. But what is panic? It is a forced action in response to the threat of uncertainty. An investor does not know what to do. There is no precise plan of action because the environment and market behavior are unclear and highly dynamic. Market actions, as reflected in prices, are unclear, and players' actions within the market cannot be determined. 

The only way to deal with a panic is through careful planning. But how can you plan for what may not have been anticipated? The only solution is to run scenarios or thought experiments on possible reasons for panic and then work through possible responses. This is not easy, and there is no reason you will get the drivers of panic right, but by conducting these exercises, you will identify common themes for addressing the unknown.