For investing in cryptocurrencies. Patience is indeed very important. I feel that the premise here is that the project you choose must have potential. It's worth your patience. Otherwise it won't be worth your time. 
It is very important to wait and be patient. But also it is very important to understand the reasons of corrections and drop the price.
Here some information to read https://dailycoin.com/reasons-for-the-crypto-correction/
The more you know the better you understand the market.