"I think it takes a lot of strength and character and confidence in yourself to realise this is purely hysteria and that you're much more than the thing they're rejecting.
"There's so many girls that go for so many jobs and there's only one girl that's ever going to get it. So to compare yourself is an exercise in futility."
Malcolm, who will be walking the runway in August for David Jone's Spring/Summer show in Sydney, said that despite being one of our most successful modelling exports - she will often avoid mirrors and social media for the sake of her mental stability.
"On days when I wake up and look disgusting, I find if I go on Instagram and look at everyone elses picture perfect curated lives, I go 'wow I'm really failing at everything'," she said.
"I find taking time out to focus on myself and what makes me feel happy and strong and confident I find that very, very important."
Malcolm, who is married to musician Nathaniel Hoho, said that despite popular opinion - models too feel insecurities about their body - especially in the early years of work.
"Models get really insecure too," she said.
"A lot of my friends deal with it just as much as I do. It's hard because everyone has an opinion about your body.
"It can be really hard to separate opinions from what you know to be true."
Malcolm told news.com.au in 2016 about the "boring" regimen of getting Angel ready ahead of the world's most watched lingerie show.
"The casting process for Victoria's Secret is much different to anything else I've gone for," she said.
"Normally at a casting, you have a quick chat and they look at your book. But with a Victoria's Secret casting, they take the time to really talk to you, see how you walk and really get to know as much about you as they can in a short period of time."
Malcolm said that to prepare for the show, she will ramp up her exercise and diet at least three months before casting.
"I always look forward to having something other than what I'm eating leading up to a show. But it's a couple of months of my life, and it's so worth it so I'm willing to make that sacrifice to be able to walk with Victoria's Secret again."