My alarm goes off at 4 am. I can barely read the numbers of the screen, I’m so tired, but I’ve been waiting for this launch for two months. I put the gas and slippage high in Uniswap and manage to get in on the first transaction. The coin is going up, up, up…and then…down, down down. Damn! 1 ETH is now $25 of shitcoin. How Am I supposed to go back to sleep now?

I’m one of the few Licensed Mental Health Professionals I have encountered in the cryptosphere. This does not necessarily make me a stone-cold trading wiz, but it does give me insight into how to maintain a helpful mindset and cope with the volatility of the crypto world. I would argue that mental health is one of the most underrated aspects of trading and investing.

How do you stay sane in crypto with all the ups, downs and unknowns? Many of us have been in situations just like the above, watching your portfolio dip 50% overnight, constantly glued to our phones. Watching coins go up and down or getting rugged by the seemingly legitimate projects. Some of us have our life savings in cryptocurrency. Dealing with the insanity in crypto, AND everything going on outside, can lead to the perfect mental health storm.

I hear a lot of people say: “you have to be 100% unemotional when trading.” And sure, theoretically that can be helpful, but I don’t think it’s realistic for most of us. More realistically, if we are taking care of our health outside of trading, it will mean that our emotions are more stable. Here are some reasons why mental health is so important:

  • If your mind and body are in a good place you’re going to make better decisions.
  • You will most likely have an easier time letting go of the mental FUD (Fear, Uncertainty, and Doubt).
  • It can be easier to balance crypto and other aspects of your life (meaningful relationships, goals, values etc.)
  • Fill in the blank – there are so many more areas that will improve if you’re taking care of your mental and physical health.

Alright, you’re on-board. Below I’ve listed a few things that are worth a try, or at least taking some time to evaluate in your life. By no means is this a comprehensive list, just like in trading, feel free to also do your own research. Here are some solid places to start:

  1. Take breaks – It may seem hard in a space that moves so quickly, but breaks are crucial. If you take a day or two off, or at least minimize your time checking your portfolio, you may find that you come back invigorated and make better decisions. Could you miss something? Of course, but they’ll always be another opportunity.
  2. Plan B – All of us want to hit it big with that one coin that 10000x’s and makes us millionaires. The reality is that most of us won’t. Consider having an alternative option, or side hustle, whether your in full-time crypto or just part-time.
  3. Mindfulness – I know this can be a catchphrase and not for everyone, BUT if you can develop a consistent mindfulness practice, I bet you’ll see benefits over time. It can be as simple as just taking a deep breath before making each trade, or more extensively, spending a few minutes per day doing meditation. Here’s a free Mindfulness course.
  4. Socialize– This doesn’t mean you have to be super extroverted, especially during COVID times, it just means trying to find a community and people that you connect with. This can be inside or outside of crypto. We have a great community at ADAPTCrypto Telegram and Discord, but you can also find another group, or some individuals that fit for you. This can also help your trading as information is key.
  5. Keep it simple with the basics: Sleep, Eat and Exercise – Get enough sleep – 7-9hrs if possible based on what you need. Try to eat a healthy diet, or at least eat regularly throughout the day – again based on your needs after consulting with your Doc. Exercise regularly, even if it’s just 30 minutes a couple times a week. We have a ton of research around the benefits of exercise, sleep and diet for mental and physical health.
  6. Get Professional Support – Find a Counselor – most of us could benefit from having a mental health professional to talk to even if we don’t have a serious mental health concern. For example, I see people who are trying to be me more effective in their work, clarify identity, or relationships, in addition to those of us with depression, anxiety and many more concerns. For those in the US this database is a good starting point.

If you do feel like you need immediate support there is the 24 hours/day, 365 days/year Suicide Prevention Phone: 1-800-273-8255 and Text Line: 741741 in the USA and most countries have lines as well.

I wish you all the best and hope that you found this article helpful.