The Hanged Man can signify some delays with something you are trying to do, and letting go.
With delays, it's very important to be able to distinguish the things you have control over in this life, and things you do not. When talking about creative work, David Lynch, the famed auteur and proponent of Transcendental Meditation, says “You concentrate on your work, you do the best you can, and when it comes time you release control, realizing it's in the hands of fate."
This idea isn't only applied to creative work, though as a writer, I'm also well-versed in the art of waiting. Waiting for people to read my work, to publish it, waiting for that next-level career moment to come.
Again, this is not strictly applicable only to people in the arts. We all want to get ahead in our careers, be at the end result, or get the end result of a situation, but right now this card says to learn to let go of the outcome.
This also includes love and relationships. When you aren't at the result you want, focus on the present and what you have control over. As a writer, I just keep producing more work, or try to spend time filling myself out more, trying to live a full life. I advise you to do the same in your own way.
Control by letting go, and you'll return to a more balanced state. Remember, everything in its own time.
My mentor always says, the twilight zone between where we are and where we will be can be a time when we mentally get ourselves into trouble if we aren't careful. So be aware, and trust.
As far as another version of letting go - a lot of us like to hold onto outdated ideas, thoughts, feelings for people who don't belong to us.
We torture ourselves, because when we release into the unknown, we are doing just that. The unknown isn't easily defined, but with a little faith that it could hold something better, something that makes us new, something that expands our worlds, by focusing on possibility, that might make everything a little easier.
Don't be afraid to let go of certain things so you can be exactly who you want to become. To try things that are new and what you might currently deem out of character. Let go, be you, be new.