use one . symbol for each position in regular expression and use backereferencing mechanism to handle character/string at any position.
For above requirement:
echo "hello is there anyone can help me with this question" | sed 's/^\(.\)\(......................................\)\(....\)\(........\)$/\2\4/g'
One . in 1st \( and \) is for very 1st charater and can be backreferenced later using \1
Other dots in 2nd \( and \) is for all other position starting from 2nd charater upto space charater before "this". It will be backreferenced by \2
all dots in 3rd \( and \) is for "this".. and so on
In replace section, \1 (for h) and \3 (for this) is removed so they will not appear in output.
Hope this helps..