Every correction is a little different, and it depends on your focus - trader or investor, etc.
INMHO, as an investor with a bias to holding, there are only three rules: (1) buy quality stocks only, (2) earnings are the best (if not the only) proxy for quality in a bumpy market, and (3) don't use borrowed money.
I sold two largish positions in companies last week cold - INT on Thursday because it looked shaky anyway and EPG on Friday morning on the open. I still think that they are good companies (INT of course being highly speculative) but earnings will be at least a year or more out.
In the afternoon I nibbled on a small company that should be making good money within 6 months (QOL) and will probably nibble again next week if the opportunity/value is there, and the outlook remains supportive.
Admittedly I have a fairly long investment horizon, but if you buy well there is not too much to worry about.
ASX Price at posting:
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