Your strange question has a strange answer. 
It’s not possible to generalise these porttolio allocation issues. Each decision has to be taken individually based on the merits of each company in question.
Just because a stock has gone up two times from your buy price, its not reason enough to sell it. In the first place, stock price moving up in a way has vindicated your thesis. If after the run up, you feel that most of the juice is out of the stock and run up has been beyond fundamental justification, then it makes sense to sell or book partial profits. The company you hold is something you have been with for a longer period of time.
If something else appears, where story is unfolding, and “appears” more glamorous, you have to evaluate it thoroughly from scratch. And do all the hard yards before taking up a position. And inspite of all these measures, there are chances of your call going wrong. Or wait period can be long.
Even simple logic tells you that an object in motion remains in motion, until it meets a force that stops it. It can be gravity, a wall, another object, any sort of hurdle. But as long as the trend remains intact, and there are no hurdles visible going ahead, it makes sense to keep riding it. If I want to ride a multibagger, I have to be able to control these itches to sell from time to time.
But these are hypothetical answers to hypothetical questions. We as investors usually face real life situations . And all said and done, investing is a simple pastime, we tend to complicate it with a lot of complicated equations.
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