Explanation – When the iron is hot ; if it is being struck any iron  tool or vessels can be made out of it. ie   if any opportunity is being seen, we should immediately grab and use it.The right action should be taken at the right time.

Sentence  1-Sweetie asked her boss for the  leave  from office after working for an extra hour,as she knows to strike while the iron is hot.

2 Reeta proposed the name of her choice for an outdoor picnic🏖during the discussion,she struck while the iron was hot.

We can understand this phrase more clearly by the following story                                             Long ago there were two neighbours, Ram😊 and Shyam.😊 Shyam took a loan from Ram .Even after many years Shyam🙂 did not return Ram’s money.One day Ram heard that shyam had won a lottery ticket, he decided to strike while the iron was hot.

He knew that shyam had enough of money and could pay  the money back.Ram knew that Shyam will not give him money if he would ask for it after few months. he went to Shyam to ask for a money and  got his money back.😃 SO he used the right opportunity  to get his money back.  

SO you should not miss the opportunity, once you miss the opportunity; it’s difficult to get it back.