"You are rewarded by taking on uncertainty," Portfolio Wealth Advisors CIO Lee Munson said. "You do not make money by getting rid of uncertainty. So you want to look at buying the dips or rebalancing the dips as 'if I get rewarded for taking on uncertainty risks, then why on earth would I want to spend much time not taking on uncertainty risk?'"
Munson said investors who have globally diversified portfolios, including stocks and bonds, are positioned to take on a market correction. When it comes to investing in individual stocks, he said it is important for investors to "do their homework."
"Set the price and the position size," he said. "At what price will I buy, how much of my portfolio will I dedicate to it, and am I going to buy all at once or am I going to buy multiple times?"
Read MoreHere's what could fluster stocks on Wall Street
Investors willing to do extra homework to prepare a shopping list of stocks could reap even bigger rewards from a "buy the dip" strategy.
Since the Aug. 7 dip, Monster Beverage is the top performer among large-cap stocks in the Russell 1000. Monster's stock is up 34 percent, benefiting largely from Coca-Cola's announcement that it was buying a 16.7 percent stake, worth $2 billion, in the company.
Even after considerable gains last month, analysts remain bullish on Monster with an average price target of $94.50, 8 percent above where the stock trades today, according to FactSet.
"We believe the deal is meaningfully positive for Monster, creating significant international and U.S. revenue synergies," Stifel Nicolaus analysts said in an August research note.