Keep your cool.

That is the best advice I can give anyone in this market.

Approach the market in a rational manner.  Do not allow your emotions to get the best of you.

Everyone has their own style and way of making money.  Whether one is a fast day trader trying to scalp a half point or a deep long-term value investor, to consistently make money in the  market, one must stick to their strengths and apply their discipline to the market at all times.  Allowing your emotions to over-ride your investment decision making process is a very good way to lose money.

If you feel your emotions overcoming you, step away and ask if acting on your emotions contradicts your process.  If your emotions make you want to do something inconsistent with your process, walk away from the market.  Your emotions may be right, but usually they are not.

Stick to your process and apply it in a rational manner.

Investment processes are a function of time.  What may be a bad short-term decision for someone may be a great long-term decision for another.   Understand the market environment and apply your process accordingly. 

This is a bear market.  Stocks are in melt-down. 

I am very short, but I am looking for a near-term bottom over the next few days in the midst of a longer-term downtrend. 

Let me make that very clear - I am not saying there will be a near-term bottom, merely that I am looking for one.  I will let the market talk to me before deciding what to do.  But if this action continues, I will look to begin covering my shorts.

I expect the market to bottom some time next year but I am remaining open-minded and flexible.  I will not allow pre-set notions dictate what I do if the facts on the ground change.

At some point, this will end.

Keep your cool.