What does “hold your horses” mean?

used to tell sb that they should wait a moment and not be so excited that they take action without thinking about it first

How is “hold your horses” used?

In Once Upon a Time... in Hollywood (2019), one line is: “Hold your horses. We're leaving.”

The clip at the top of this page is from Once Upon a Time... in Hollywood (2019).

Hold your horses. We're leaving.

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