How to Hit Rock Bottom — Jacob’s Trading Journey (Part 2)

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.

Click here to read Part 1

I was ready to take on the world. Nothing could stop me.

…or so I thought!

What followed was one of the darkest months of my life.

After depositing the rest of my life savings, it wasn’t long before I lost all the profit I had made.

Oh well… easy come, easy go!

But did I stop there? Of course not.

I continued to chase my losses by opening position sizes fit for a small bank. Until eventually I wiped out everything in what felt like a matter of seconds.

I lost 30 grand in the space of 3 weeks. It was a blur.

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Here is some of the damage — nearly £17k lost in a matter of days.

When it rains, it pours

On one of the most destructive days, I had lost £8,000 before lunchtime.

8 grand!!

In a last-ditch attempt to get the market to turn around before the price hit my stop loss, I begged and pleaded with the charts. Yes… I’m saying that I sat there actually speaking to my screen, praying to the charts.

The emotional trauma made me physically sick. Hours of violent wretching and possibly a few man tears.

(By ‘man tears’, what I actually mean is something that can only be compared to the hysterical cries of a small child… and when I say ‘possibly’, I mean definitely).

There were definite tears and screams coming from this 22-year-old man. It’s unquestionably a day that I’ll never forget!

Let’s put this into perspective for a moment.

Before this roller-coaster ride started, it had taken me my entire life to save that amount of money. I chose to work throughout university rather than having a social life (boring, I know).

I knew I’d need that money to pump into a business. To avoid the rat-race and build a better life for myself.

And now it was gone.

I don’t come from a rich family. There was no one to bail me out of the mess. That money had meant everything to me and I had blown it.

I was a broken man. My family were worried about me. I was lost.

I had no idea what to do, where to go, how to feel… I just felt sorry for myself, like a real loser.

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Making a tough decision

Looking back at all this, what seems particularly crazy is how much the money had meant to me — yet, how willing I was to watch myself throw it all away.

I would later be told that success in trading is 80% about psychology and mastering your emotions. There has never been a truer word spoken! (I’d have known this before losing all my money if I had bothered to finish the course I paid for in the first place).

Finish the course… Finish the course…

All I could think about was how I’d just witnessed the power of the forex market, in full force!

Yes, I’d seen the dangers of it, but more interestingly, I realised the potential of it. If I had lost my money that quickly, someone else must have made it that quickly!

I had a big decision to make.

I could go back to the 9–5 life, probably get a job that I would hate and work stupid hours to make someone else rich.

Or…

I could have another crack at it. Have a go at actually doing it properly this time. No shady signals services, no BS. Just hard work and studying.

Once again, my family thought I was crazy.

“There’s no way you’re trying this again?!!”

But, I went for it. Full steam ahead — tunnel vision! I literally had nothing to lose anyway, so why not!?

Round 2, let’s go!

A couple of weeks into studying non-stop, I was thrown a little bone.

A bone that I didn’t know at the time would steer the path of my career from that point onwards.

Nicholas Puri, the founder of The Duomo Initiative (aka the man behind the method I was meant to be learning) made an announcement to all his members. He would be running a competition for one member to have the chance to be personally mentored and work side-by-side with him for a month.

This was it, my chance… I needed this. This would be the story of my redemption!

He wanted an email application, but I knew there was no way I’d stand out like that. I decided to make a YouTube video application instead. I’d never even spoken to a camera before… It was awful!

The ‘redemption’ story

So there it is… The happily ever after you were hoping for.

Jacob was chosen for the mentorship, immediately became a great trader and lived happily ever after.

I wish!

Nicholas replied and explained why he could NOT choose me for the mentorship.

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All the time I had spent losing my money rather than studying the course meant I had never been active on the forum. He needed someone that he could see had been learning and was ready for mentorship, someone who had been active on the forum… someone that wasn’t me!

He told me he’d be doing a second mentorship at some point in the future and would be happy to pick me, on one condition… I had to start putting in the work!

I wasn’t going to let this be another setback, so I did the right thing. I knuckled down and began to study.

8–12 hours a day. Every day. No days off!

I knew I had one more shot at making this work. This was where the grind started and my trading journey really began.

To be continued in Part III (coming soon)

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