Yes patience is the key if you are looking to make some good profits from bitcoin and you should not get panic even if the price starts falling as if you get panic and sell your coins at that point then it will give you only loss but if you manage to hold it in that scenario then you can make good profits in future when price will go higher once again.
It's not like you say because if I'll sell coins when price will fall and luckily you buy in still more lower price, than you are in some % profit and you can continue holding bitcoins but such action is now trading. To my mind it's better to hold 50% of bitcoins for future, trade with 40% and use 10% for your wishes. Smart trading is much profitable than long-term bitcoin hold.