With the market plummeting, here are a few tips you may want to follow.

Tip No. 1 – Don’t Panic – Stay Calm.

Easier said than done, I know.

But remember, markets are resilient. We’ve come back from far worse.

If you panic, you sell. And if you sell, you miss the potential for the recovery rally. We have to remember that markets are resilient and eventually recover, as they have historically. In fact, look back at the history of bad moves and you’ll see that each time they were followed by a recovery rally.

Tip No. 2 – Cash is King!

Cash is king.

Even billionaire Ray Dalio will tell you that.

For quite some time, he’d tell you cash is trash. However, he did a big U-turn.

“The facts have changed and I’ve changed my mind about cash as an asset: I no longer think cash is trash,” he said. “At existing interest rates and with the Fed shrinking the balance sheet, it is now about neutral – neither a very good or very bad deal. In other words, the short-term interest rate is now about right.”