Define long enough. There are far better ways to trade with infinitely less risk. Funny because in the end it's all about the risk. TV
Not on stocks. Stocks go to zero and stop trading. Then what? On ETFS like SPY and QQQQ, and even more specialized ETFS like XLF and XHB, sure. Now. Then again, those who averaged down on the QQQQ in June 2000 are still waiting. They may be waiting for 10, 20, or more years. The question in the end is not if averaging down 'works", but rather what is best in terms of risk/reward over time.
Most investors fund their retirement accounts, saving as they go; so they may keep contributing for years (and they should).