Contribute anyway to a Roth IRA!
If you want to do a Roth IRA contribution and your salary is too high, google "Roth Backdoor". That is an intentional way to allow people to contribute, though it has odd complications if you have any traditional IRAs currently. If you aren't in a position to convert all your traditional IRAs to Roth, expect some taxes due, and weird paperwork.
Rollovers from 401K to IRA.
These are allowed, and are not considered "contributions", but are considered simply rollovers. Therefore, they don't count toward your contribution limits.
There is generally no tax consequence for a 401K to IRA conversion.
I wouldn't bother with a 401K to IRA rollover. 401K's are actually Federally protected, whereas an IRA can be taken from you by a state lawsuit in the wrong state. ... Unless you are being taken advantage of by the management company.
Roth conversion is fine, but...
You don't get to "rollover and convert" in a single motion. You need to decide whether you're converting to Roth inside your 401(K) before you roll it over, or inside your IRA after you roll over.
The issue is that an "after you rollover" Roth conversion may have weird interactions with the Roth Backdoor mentioned above, if you don't convert all your IRAs to Roth in that year.
Additionally, my Roth 401(k) has an $11 loss at this point, so there's no growth.
Yeah, that's not how investing works.
Long term growth and short-term volatility are a matched set: if you want the highest long-term growth (and in an IRA you certainly do), then you accept the highest short-term volatility. Volatility is the small ups/downs.
For instance there was a small "down" in 2020 during the late-February uncertainty and the March lockdowns of COVID. At the time, people thought it was the end of the world, but you can see it was just a blip. Heck, there'd been one in late 2018 and there was another last month.
Your #1 goal is to make reliable investments in whole markets, which John Bogle discusses in his book "Common Sense on Mutual Funds". And then, to minimize expenses and fees, because those are a guaranteed total loss.
DON'T evaluate investments by whether they made or lost money this month. Evaluate them by how they did compared to the index that they best reflect. So a US large-cap fund would be compared to the S&P 500. The S&P took a bit of a dive in the last month (4766 down to 4400; recovering now) so I'm not surprised your last month's performance was low. The question was, how was it compared to the index?
Take your $16 loss, figure it out as a percentage, then look at the S&P 500 (or more appropriate index) values for the start and end day.
You're not going to beat the index (science proves no stock picker's managed fund can beat the index by more than expenses and fees, other than by being lucky). But how close you come tells you how much of your investment is being eaten by fees or bad investments.