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Yes and no.
Let’s say you sell now. Then stocks drop by 10%. (Making up numbers for easy illustration). You wait to see if they’re going any lower, and the next thing you know, stocks have regained 5% of that and are on the way back up. If that’s the point where you buy back in, and assuming they don’t drop again, you’ve still come out well ahead.
It’s not so much about “buying the dip”. It’s knowing when the dip is over, things have started rebounding, and getting in before all the losses have been regained.