Yes, HODL does work.
When talking about my strategy of HODL, for me, I don't judge it on a regular and short term basis, I just have to set a good target and wait until that target will be achieve. For me, HODL means I'll be able to hold for a long term if the right timing has not come yet.
For example, I bought at peak in 2017, that means I am still holding until now, and I will never get panic despite of what would happen to the market.
You must be firm. However, people aren't have the same approach as you. Or you may be wealthy from behind so that you ain't worrying what would be the market held from time to time. If people have the same attitude as you, I just see a healthy environment. More positivity, I supposed? Full of encouragement, and such things.
I would not say I am wealthy but I made good profit in 2017 from other coins.
I diversified some of my profits by buying the altcoins that I like and unfortunately they are dropping in value, some lost 90% of its price from ATH but like I said, I don't panic, if in case I will lose my investment on them, overall, I AM STILL PROFITABLE due to my other coins.
you lose some and you win some, but make sure you have more winnings that your loses, that's the rule in investing and in gambling .