Long term investment is for investment in good projects with good fundamentals. People do bad investments into bad projects (shit or scam) and consider them as investments. They do not invest into anything. They only take risk and gamble that their gambling in random projects will help them to gain profit.

This is not correct. Long term investment is good if you make your entry in bear market. If you make your entry in the top of bull market, you should cut loss and wait to buy it in bear market. This approach does not mean you exit the project you like and want to invest in. It helps you to get better entry and increase the number of coins you have with same capital.

Better entry helps you to have less headache and stronger confidence to hold.