This recipee could be a thing of the past. Nowdays it may be better to look for opportunities as lots of talent is going into the market. Do you still think of becoming a millionaire by hodling?
It depends on the situation. Not all long term holding investments became successful at the end. Some win the game of trading while some losses. Its still depends on how good trader you are and the capability of your trading knowledge. If you think that it reaches it hype, time to sell and don't let your investments make a stroke down because if that happened, that's the start of price fall back.