To slow down, be patient, and wait before taking action.
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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