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3 Psychological Tricks To Endure Crypto Flash Crashes By DailyCoin

3 psychological tricks to endure crypto flash crashes

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

While there are many traits that can help in these difficult situations, mental strength is the one essential trait one can endure through downturns. Fortunately, the ability to endure and persevere in overwhelming circumstances is a crucial skill anyone can develop today using these three common sense tips.

1. Decide what you will NOT think

An old saying goes: “As you think, so are you”. Many self-help gurus turn this into the power of positive thinking and proactive optimism.

This is all good, but it’s just as important – and usually easier – to recognize negative thought patterns you’ve had in the past and then choose to stop engaging with them.

For example, if you have a tendency to believe that the worst outcome will occur, opt for a wait and see approach instead. When you feel that you are the only one who can save a project and thinking is stressing you out unnecessarily, choose to delegate to others. If you think a team member is trying to sabotage you, have a conversation to clear the air.

They dictate your thought life, so intentionally avoid negative thoughts – like all of your crypto investments going to zero – which can undermine your mental strength.

2. Build mental dynamism

Mental strength can weaken if you are stuck in a dead end or experience repeated declines in the crypto market. The best way to break this inertia is to take a small profit on yourself and then build on it. It can be anything. Make a commitment to calling a new customer, paying a bill, meeting a coworker for lunch, clearing your email inbox – just do something, it doesn’t have to be crypto-related.

Write down what you choose, tick it once it’s complete, and repeat the process to build momentum and create a virtual flywheel of positivity. Focusing on non-crypto activity during a digital asset crash can help restart your perspective and perspective.

This is a doable way to achieve a set of concrete achievements that can move you forward through adversity when everything seems to be falling apart. Purposely making success a habit can empower you to focus beyond the current situation, build confidence in your abilities, and develop mental strength.

3. Channel your role model

Finally, pick someone who you think embodies mental strength – it might be an inspiring relative or neighbor who survived cancer, resurrected tennis star Serena Williams, the loner of Tesla (NASDAQ 🙂 CEO Elon Musk or Founder Charles Hoskinson – or whoever.

Then, get to know your role models so you can understand the thinking, ingrained beliefs, motivations, and perceptions that make them what they are. Do your best to gain as much insight into their psyche as you can, and then imitate them in your own life at every opportunity that presents you. Understanding how others navigate adversity successfully can help you acquire similar skills and accelerate your own path to mental strength.

These three actionable steps can help you overcome some of the challenges we all face during flash crashes as crypto investors.

On the downside

  • Another old saying goes: “Confession is good for the soul”. One of the best things someone struggling with worry or depression can do is find a support group to discuss their inner struggles.
  • Alternatively, some advisors view constant cryptocurrency trading as an addiction similar to gambling and treat it the same way with a 12-step program.

Why should you care?

The balance in life and the right prioritization of the really important things (e.g. health, marriage, family, children, etc.) can help to provide support and comfort in the face of material loss. Finances can be replaced – other priorities cannot.


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