Today, I was able to check off a few boxes on my “Childhood Dreams” list. As I sit on a Philly-bound Greyhound bus, it’s hard for me to even believe today was anything but a dream. As if getting the ultimate tour by the NYSE’s very own Executive Floor Governor Jay Woods wasn’t amazing enough, we also were able to see Eventbrite’s IPO first hand and meet the Eagle’s biggest fan Jim Cramer! Truly incredible stuff (that would not have been possible without Jay Woods, who I will forever be grateful for. Thank you, Jay.)
But back to me, on my cheap – 4hour long Greyhound bus. See I’m just an average Joe (Jill actually makes more sense.) An average Jill with a dream, who joined FinTwit, timid and lacking self-confidence. An average Jill who started trading full time more so out of necessity and love for the game than extraordinary capability. An average Jill who never in a million years would have thought she would step foot on the floor of the NYSE. But I did. Which brings me to the ultimate point of this post - never limit your upside potential by focusing purely on downside risk.
I never used to believe that we control our destinies. I myself was arguably dealt a rough hand (that’s a story for another time) and at one point had all but resigned myself to a miserable future. I would often think, “Some people just don’t have great lives, the sooner that you accept your fate as such the better.” Ludicrous, right? So often we place limits on ourselves, thinking it is somehow protecting us. Genius me for example, thought I was saving myself from a life of self-disappointment when in reality I was setting myself up for it.
The argument could be made that this is somewhat similar to setting breakeven stop losses (something I myself have been struggling with.) I will place a stop loss at breakeven if I am green on a trade - because I am loss-adverse and do not want to see it go red. I have found this is actually just limiting my successful trades: I will stop out and lose my well executed entry only to see the name reverse and continue higher. I lose out on massive upside, by trying to protect a possibly non-existent downside.
There is a famous quote that goes, “The second you limit yourself is the second you fail.” (I haven’t been able to find the origins of it, but if you know - please share!) In life and trading, learning how to transform your limiting beliefs is a necessity, because they are really just assumptions you make about reality. They are not proven facts, but only interpretations of past events and experiences (like an ugly past loss.) These often-negative ideas do not help or serve you. Instead, they hinder you, blocking you from your full potential or profits.
My challenge to you is the same challenge I brought to myself last year - change the way you look at things, and the things you look at will change. Break out of your comfort zone, loosen your stops, start a blog, reach out to people on Twitter you look up to - take a chance on yourself!
The second I started taking a chance, was the second my life began to change. I’m still just an average Jill, but previously shut and completely unknown doors are beginning to open. My mind is continuing to expand and my personal “Wall of Worry” is coming down like it’s June 1990. For now, I’m just a girl on a Greyhound bus, but maybe next year I will be writing to you from the Acela Express. #DailyDelusions