Yep. Pretty much. I've been sitting on some for more than 15 years.
If it's really good people will reach out to you through your WHOIS information. Otherwise park them at Sedo.com and a dozen other domain name market places.
You don't. I got $500-$800 offers on a domain that I sold for $10,000 4 years later. I got consistent $2,000 offers on a domain that I sold for close to $50,000. I was patient even though everyone around me was calling me crazy.
I also rejected $2,000 for a domain name 5 years ago. Today I don't even have that name anymore and I let it expire. I have another that I rejected $1,800 for 6 years ago that I'm probably going to let go soon. So on those 2 I held on too long and will probably lose.
But remember I was registering domain names with my movie theater side money as a teenager back in the late 90s early 2000s. So my names aren't representative of what's out there right now. And with domain tasting and bots built to grab expiring domains it's an extremely hard game to get into.
Your best bet is to keep your ears to the streets and on pop culture. Be the first to register a new word or phrase (wish I was near a computer when our horrible president dropped Covfefe on us). Or buy low off a domain marketplace and flip it. I got my eyes on a domain name that's selling for $2k right now that I think I can probably flip for $10k in a few years.
Tip: when you're hunting for a name make sure you register right away. There are grimy registrars who backdoor their domain lookup lists to tasters who will scoop your shyt up if you wait too long.