Roll call, page-29

It depends how you define early and late really. I've twisted it to make sense in my own mind.

If you bought higher up I'd argue you sold too late. If you'd sold earlier you would have shielded losses.
Missing a run it's terrible, but I feel much worse when I don't sell and lose money. I'd rather sell early and save a loss, than sell later in the hopes of a run that's often only 30-40% of the fall and take a loss anyway.
Exiting and re-entering costs some in brokerage but when you're not holding a stock I find you look at it more rationally and it's easier to pick a bottom. So if I see a micro cap and it's falling, I usually sell, and decide I'll come back to it. No averaging down. If it drops 50% maybe I'll repurchase if I think something is going to come out of the woodwork. If it keeps falling, At least I shielded myself from 50% of the fall.

I don't bother with this with my larger cap holdings, but these speccies are risky business better to be safe than have your money whittled away.