To wait or be patient.
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To slow down and wait before taking action.
When someone tells you to hold your horses, they're asking you to pause, be patient, and not rush into something.
It's often said when a person is moving too fast or acting before they have all the information.
"Pump the Brakes"
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Slow down or reduce intensity of what you're doing
"Don't Jump the Gun"
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Don't act before it's the right time
"Hold Your Horses"
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Stop and wait before taking action