I feel FOMC should still go ahead with 50bps rate increase despite the geopolitical situation. My reasoning for that is
1. FOMC has prepared the market well in advanced for a 50bps increase and hence market is already adjusted to bake-in the expectation. So if the requisite hike of 50bps is actually done, market will not be surprised. And we should not have an unexpected sharp correction.
2. Front loading the pain: Upfront 50bps increase is better now than to start with 25bp...

When I realise I have bought high, I will do either of the two approach.
1. If I am very sure of my reasoning to invest in a stock. and I am able to explain the latest downturn. I would usually start accumulating small quantities as the price drops in past I have ended up with very good avg price and a massive return when it recovers to expected level.
2. If I am unsure of my reasoning to invest, also if I bought it on a suggestion. I would cut my losses immediately. It serves me...

Current volatility is a blessing in disguise. it will give retail investors opportunity to buy good stocks for less. I expect the slump to last for a year and a 2 year bull run after that. I plan to remain invested in the market for that period