What is HODL?

The term began as a typo on a Bitcoin forum and later became "hold on for dear life." It describes a strategy of never selling, regardless of drawdowns.

Holding long term can be a valid allocation. The risk is treating it as the whole plan: accepting any drawdown, with no exit criteria and no way to benefit from a falling market. As Chad Wittfeldt puts it, if you are holding on for dear life, you are not in control.