As cryptocurrency investors, we’re all pretty used to the volatility and double-digit ups-and-downs that come with the space. However, 20% flash crashes in a single day – as we saw happen on Saturday – can rattle even veteran digital investors.

There are many things that will help you through difficult times, but mental toughness is the most important trait. These common sense tips can help anyone develop mental toughness and the ability to endure difficult circumstances.

1. Decide what you WON’T think

There’s an ancient proverb that states, “As you think, so you are.” Many self-help gurus spin that into the power of positive thinking and proactive optimism.

That’s all good, but it’s equally important — and usually easier — to identify negative thought patterns you’ve had in the past and then choose not to engage in those again.

For instance, if you’re prone to thinking the worst outcome will occur, choose to take a wait-and-see approach instead. If you think you’re the only one who can save a project and that thinking causes you undue stress, decide to delegate to others. Talk to your team members if you suspect they are trying to undermine you.

You dictate your thought life, so be intentional about avoiding negative thoughts – like all your crypto investments will go to zero – which can undermine your mental toughness.

2. Develop mental energy

Mental toughness can wane when you’re stuck in a rut or experience repeated crypto market declines. It is best to start small and build from it. This can be any thing. Commit to call a new client, pay a bill, meet a colleague for lunch, clear out your email inbox — just do something, it doesn’t have to be connected to crypto.

Write down what you decide to do, then check it off once it’s accomplished and repeat the process to build momentum and create a virtual flywheel of positivity. Focusing on activities other than crypto can be a great way to refocus your perspective and outlook after a digital asset loss.

It is possible to create a string of tangible successes which can help you get through difficult times. Making success a daily habit will help you focus on what’s important, develop confidence and mental toughness, as well as help you get past the present situation.

3. Channel your role model

Lastly, pick someone that you believe embodies mental toughness — it could be an inspiring relative or neighbor who survived cancer, resurgent tennis star Serena Williams, maverick Tesla (NASDAQ:) CEO Elon Musk, or founder Charles Hoskinson – or whomever.

Next, study your role model to gain insight into their thoughts, anchoring beliefs as well as motivations and perceptions. Try to get as much information as possible about your role model and try to imitate it in your life. You can learn from others how they have overcome adversity and apply these skills to your life. This will help you become mentally tougher.

These three steps will help you to overcome the problems that investors face when there are flash crashes.

Flipside

• There’s another ancient saying that states, “Confession is good for the soul.” One of the best things someone who’s struggling with worry or depression can do is to find a support group to talk through their internal struggles.
• Others view cryptocurrency trading as an addiction like gambling. Counselors can also use 12-step programs to help treat the problem.

Why you should care

Life balance and proper prioritization of what’s really important (e.g. health, marriage, family, children…etc.) Can provide comfort and grounding in times of loss. Finances can be replaced – those other priorities cannot.

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