New player here - is patience a virtue or just naivety?

Hey all! I started trading about 3 weeks ago. I put about a month's pay into a trading account, as I felt confident that even if I lost it all, I could still make it back with relative ease. I was feeling good about it when after a few lucky trades I was up 10%, but then this week happened. I got caught up in online discussion and put about 75% of my money in IREN. I bought around 51$ and sold at 57$ - **but the line kept going up.** This is where I got scared and got back in, exactly when I shouldn't have. We all know what happened since. Now, in such a case, is it wiser to cut your losses and head for the hills or is waiting out a viable option? There's never a guarantee for a bounceback, but also there's no guarantee that I could make back such a loss step by step, trade by trade. I know this answer varies from one stock to another, but **I'm just curious to hear any kind of input from more experienced traders out there**. What are your thoughts on the matter?