Building New Foundations — Jacob’s Trading Journey (Part 3)

This 4 part series is written by Jacob Richardson, a member of the Duomo Initiative team. This series will give a revealing and honest insight into his challenging journey towards becoming a profitable trader.

Read: Part 1, Part 2

Compared to the rollercoaster ride up until this point, I guess you could say things became a bit tamer. No big figures were being thrown around and there were no crazy returns.

In fact, there was no money being made at all.

However, for the first time in a long time, I wasn’t losing money either. Considering I had an average loss of around £1,000 per day during the previous month, I guess you could call this a blessing!

I was too busy eating humble pie and going right back to the start. It was time to forget everything I thought I knew about trading and start again.

I had a goal in mind, but I had no idea how long it would take me to achieve it or how difficult it would be. In fact, at this point I didn’t know if it was even possible.

Yet, whether through courage or stupidity, I was committed to it. I was going to become a consistently profitable trader.

I just got up every day and studied the course, searched the forum or YouTube for extra knowledge and then posted all my notes on the forum. I did this, again and again, every single day.

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Eat, sleep, study, repeat.

Eat, sleep, study, repeat.

Eat, sleep, study, repeat.

I had no exact plan, I just thought to myself, “keep studying and you’ll get there”.

Back to uni

If I wanted to completely break away from the irrational person I had been the month before, I knew I needed a change in scenery.

It was time to go back to university.

I’d already finished my degree, but a friend of mine was writing his final year dissertation. He would be spending over 12 hours per day in the library. This sounded like just type of retreat I needed — so I moved in with him.

It was like my own studenty version of going to live with the monks in Tibet. We would wake up at the crack of dawn, make our way to the local Wetherspoons for a hearty breakfast and then settle in for our day in the university library.

I’ve always been the type of person to breeze through my studies. During my education, I always knew I’d get decent grades anyway and studying for top marks didn’t interest me — I was far too ‘cool’ for that (yeah, right).

But, for the first time in my life, I found myself deep in study.

My laid-back attitude and I were about to get a serious slap of reality. I quickly realised I had never put this much effort into studying before and boy did it come as a shock to the system!

Surprisingly, I was actually enjoying what I was learning. Every new concept I would get to grips with would spark a new wave of motivation, as I realised I was one step closer to my goal.

I still didn’t know how long it would be until my mentorship with Nicholas would start — I assumed it would be in a few weeks. I just kept my routine, day after day, and made myself known on the forum.

Then the weirdest chain of events began…

Do you want to build a snowman?

I was tuning in for one of the members’ webinars when Nicholas made a passing comment, as a joke.

He said, whoever builds the best snowman can have a one hour call with him to discuss their trading.

It may have been said as a joke, but for me, this was an opportunity! I drove home from Liverpool and started building my snowman.

Worried that other members were going to be building snowmen too, I stayed out there all day in the freezing cold. Halfway into the masterpiece, my hands and feet were completely numb. I was tired and questioning my life decisions.

(Note: I’m trying to turn this into an emotional story of grit, mental toughness and determination — but, really all I did was build a snowman. It was worth a try).

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Surprisingly, this is actually a true story. You can see the post here.

Obviously, no one else actually built a snowman. So, I won by default! Still, a pretty good effort if I do say so myself!

I needed this call. I needed some clarity with this trading journey. I needed some sort of reassurance that I was doing the right thing.

Another reality check

The very next week, I had my call booked in with Nicholas.

I was ready to tell him my story and about how my trading was now going. I wanted him to tell me about my impending success and all the riches I’d earn if I kept putting in this much work.

Come on Nicholas, tell me what I want to hear…

To my surprise (and sadness), quite the opposite took place.

Nicholas made it clear that there was no guarantee I was going to be profitable that year or even the next. He said that since I would be relying on it as a source income (now that I had quit my job) it would add an extra element of complexity that would likely slow down the process.

If anything, throughout the entire Skype call, Nicholas tried to deter me from trading. Since I was so fixated on the monetary aspect of it and impatient with my progress, I wasn’t in the best situation to start trading and he knew it.

As stubborn as ever, I didn’t let this put me off. I asked him again if I was still in line to become his next mentee if I put in the work and he agreed.

Time to grind

It wasn’t long before I began questioning myself. Should I really commit to this path? Is this the right thing to do?

But then, like a lightbulb being switched on, I remembered the alternative. I hated working for somebody else.

My mind was set.

Nicholas advised that if I was going to do this, I needed a learning plan — no more relentless studying without clear steps to follow. I needed to treat the learning process as if I was running a business; become more organised and be accountable for everything.

The first step was to stop using real money and go back to using a demo account. I needed to stop looking for shortcuts and follow the right process.

It took me a few days, but I came up with a clear plan and routine that I was certain would tick all the boxes. I posted my schedule on the forum (featuring 6 hours per day of study time) and publicly committed to sharing a full journal of my studying and practice each day.

By making this public, I was holding myself accountable for meeting these deadlines every day. I didn’t want to be seen as the guy who wasn’t dedicated enough to fulfil his commitments.

I locked myself away in my room once again and began studying. This time, with tunnel vision for my goal and a regimented plan of how I was going to achieve it.

Six months later, my mentorship with Nicholas began.

To be continued in Part IV (coming soon)

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