Recently I had a coupon code come through on a training that completely caught my attention. While totally appropriate for the class, I see something even bigger happening. It is absolutely appropriate whether you HODL, Trade, Do Nothing - This is Important In All.
Power of the Mind
This is not some cliche, esoteric or woo-woo write-up about something that is not useful. In fact it is quite the opposite. The number of situations where this topic is critical if not foundational are endless.
When it comes to a HODL strategy, active trading or just doing nothing at all (indecision), the Power of the Mind is king when it comes to driving the show. On the surface, intellectually everyone understands this.
It is understood just like we need water to survive, yet we are all chronically hydrated. Why is that? Because the power of the mind has an override on some of our Darwinian processes. We need more water than we drink, yet we choose coffee and other dehydrating libations. Power of the Mind.
Let's Connect to Crypto
I know, I know, you're saying "what about crypto BryRi, how does this apply". Let me show you.
So here's a great example that connects well with what is happening at least over the last couple days in the markets. There's been a 30% correction.
THAT IS NORMAL. IT HAS HAPPENED BEFORE.
Yes, that was in caps & it's not meant to be yelling, so apologies if you read it that way. With a big drop, all sorts of things happen.
People in losing positions lose, people in leveraged positions get rekt. But here's the funny thing that happens. Let's say you're in the middle somewhere. Losing with the potential to get rekt.
Maybe you started with $100 (yes, yes it's illustrative). With 30% heading down you took your$70 and decided you would do something to counteract the current situation. Maybe you exchanged, maybe you leveraged.
Either way it was a poor choice and now you're at $50. So this continues on and now you're down to $10. What do you do?
There are several examples of what happens next;
- Let it ride. Back out of the hold or bust.
- HODL your $10 and head back to your strategy.
- Withdraw your $10 and go home.
- Something unique and creative that we haven't even covered here.
I'm betting these all sound familiar to you right? We have all been there before, whether it has been in Vegas or watching your portfolio evaporate right before your eyes. It's happening, the Power of the Mind.
Here's one more example because you can see how strategies in life and crypto build on each other. Don't worry, we will get to a remedy here in bit.
You've heard example before of a penny doubled every day right? Someone asks you to pick between two alternatives.
1. Receive $1 million dollars today.
2. Receive in 30 days a penny that has been doubled every day
Which would you choose?
On the surface many will choose #1 because it's right there in front of them. Just wait 30 days and you would have over $10 million dollars.
The point here is that the Power of the Mind is an incredible tool. It is something that drives us in whether we live in scarcity or abundance. It shows us strength or weakness. Wisdom or Shortsightedness. They are all connected and at the root of it is the power of the mind.
The N.A.B. approach
A simple tool that anyone can use is something you can refer to as the N.A.B. approach. It is something that will help as you fine tune your Power of the Mind in dealing with any situation.
Whatever is happening in your day and at any given time, the very first step to out-gunning, out-smarting, out-thinking, out-maneuvering your own mind is to recognize when it is trying to run in a direction contrary to what you really need. Stated differently you need to Notice when it tries to run off the road.
Noticing when the mind is making decisions for the being, is something that takes a little practice, but can quickly be adapted to any lifestyle. Maybe think about it this way. The mind is the hard drive for the computer of your soul and the programs are all of the tendencies, emotions and thoughts you may have on any given day.
So whether you need to close a few tabs, restart a program or just do a quick clean, when you notice what is happening, that is the very first step.
So now that you've noticed something is going on. You have realized that the mind and all of your habits (programs) are trying to lead you in an unproductive direction, you have noticed what is happening.
It truly is a success to be in that spaced of noticing what is happening and to take it a step further, appreciate what is happening "FOR" you and not "TO" you. There is a lesson, or nugget of information that you need to glean from the situation and now that you have it, you can appreciate what is happening and then more importantly head to the next step.
Going back to our $100 example. You have made a trade or are HODL'ing during a time where everything is burning down around you. Instead of going to that place where everything is falling apart, you think to yourself;
I recognize that this emotion is coming from a place of scarcity.
And now you are able to better appreciate the emotion and the fact that it is not driving you to make irrational decisions. In fact it is giving you a moment to check in on your belief about the situation. You believe that you made strong decisions to start in your position when you did and the current situation is just temporary.
Aside from that you know that in the near future, things will run the other way, so to just enjoy the ride.
Foundational and Liberating
When you realize that the Power of the Mind is intense as well as incredibly strong, you will begin to see how this one simple step of recognizing or Noticing your situation will be foundational to your future success as well as liberating from old thoughts and beliefs that do not serve you.
So moving forward, you have 3 key nuggets that will be incredibly helpful in supporting your growth and evolution. Notice what is happening, appreciate the benefit for you and cement your belief into the situation.
From there it's all up, be blessed.