1. Biggest thing to do right is to set a stop loss. I know this sounds like common sense but you wouldn't believe how many traders mess up their account by being egotistical and saying "oh well" it will come back up. Well, I'm here to tell you that it most likely will not come back up for while if at all. Most stocks continue a trend until a certain point and that trend reverse. Take your loss and put that money to work somewhere else
2. Position sizing is key. If you have a $1,000 account or a $1,000,000 account never use more than 25% of your total account value on one trade. I personally use 10-15% on each trader so I have available cash to cushion a drawdown. (pros lose too)
3. Stop trading after a string of 3 or more losses in a row. You need to take a step back and look at what may be going wrong. It may be out of your control but you need to verify that and wait to trade when conditions are right. If you are just revenge trading cause you keep losing then you will end up broke.
Trade safe and trade smart.
One other thing that I learned that is important, do not chase a correction. Wait and see how it plays out. Often the bigger corrections during a rally will pause several times in a day and maybe even over several days. Wait until there is a clear stop, bottom, and resumption of the rally. This rally since March has been extra hard because I have seen notable correction happen only for a few hours in a day and then take off again by the end of the day. RSI and MACD are really helpful for monitoring these moves. I never trade without them now.
I add on top of this:
4. Position sizing and calculated risk for every position. Win and losses can be 50% but your wins must be bigger!
If you have some losses in a row it can happen and is in the odds of every strategy..If you keep on losing without a strategy, you'll keep losing.