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.
After six months of studying the Duomo Method every day, I finally got word that my mentorship with Nicholas Puri would start on 1st October 2018.
Before beginning this adventure, like most 22-year-olds, I had no idea what I wanted to do with my life. But, the more I immersed myself in the world of trading, the more purpose and direction I found.
I had reached a point where I truly knew what I wanted to do with my life. Needless to say, I was pretty excited about the mentorship starting.
I did everything I could to prepare myself, but that still didn’t stop me from being super nervous! How could I not be? The rollercoaster journey over the past year and everything I had worked for was leading to this moment.
I was invited down to Nicholas’ office in London to get to know him and his team. I would be working closely with them over the next month.
I thought I had learned everything there was to know about the Duomo Method, but it took less than an hour with Nicholas for me to realise I had a long way to go!
Although it felt like I had already experienced every possible lesson the markets had to offer… I now understood that I was still only at the start.
Small, Consistent Steps, Day After Day
Nicholas pushed me to become more consistent with my routine, my decision-making process and every action that I took.
Each day began with a Skype call. Nicholas and I would go over the markets in detail for that day, so I could understand what I needed to focus on.
This was the first time I got to see a real, deep understanding of the markets from someone who had successfully made trading their career. I saw how he was able to swiftly break down the markets like it was second nature and find possibilities I hadn’t considered. I knew that was the level I wanted to achieve.
Throughout the day, we would have another two or three Skype calls, depending on what action there was in the markets. We would discuss my analysis, potential trade opportunities, and how I was approaching my work.
I tried to absorb everything like a sponge. I would go over my key takeaways from every call and make a list of them. I’d then try to recreate the scenarios while backtesting later that evening.
I spent barely any time away from my desk. I knew I only had one month of mentorship with Nicholas and I was going to cover as much as possible. My biggest fear was finishing the month and not feeling ready to trade alone.
Trusting the Process
As I progressed through the month, it began to feel like I was looking at the markets through a brand new set of eyes. My trading was improving so much.
Don’t get me wrong, I still had a long way to go, but it felt great to see that I was really improving.
Frustratingly though, it didn’t seem like I was going to finish the month in a profit. Despite all my hard work, my losses were still slightly outweighing my gains.
I started wondering if it was actually possible to make money from trading, even when you really knew what you were doing. But, Nicholas reassured me that it was a tough month and part of trading is being able to keep a cool head while you weather the storm.
I could feel the improvements I was making, and I knew being down by a few percent in my account wasn’t a true reflection of my progress. I trusted the process and stayed consistent with my approach.
Then the last day of the month came around… Halloween!
I started the day in the same exact way I began every day during the mentorship. Consistency, consistency, consistency…
I found a trade entry for the day, and it looked promising. It looked really promising.
At first, the price didn’t react in the way I hoped it would. But, slowly and surely it began to turn around.
Before long, momentum picked up, and the price was racing in my favour.
I calmly handled the pressure and went through a logical decision-making process before exiting the trade.
I had made a 6% profit. I was up for the month.
Boom! Finally, something to show for the hard work. I couldn’t have been happier!
The month ended with a confirmation of the most important lesson of all. Trading is about your results overall, not the results of individual trades. You have to lose some trades — it’s inevitable, but what matters is how you conduct yourself afterwards.
Stay consistent. Trust the process.
Onwards and Upwards
As more months went by, I continued improving. I won some, and I lost some, but it was clear I was making great progress.
It was fortunate that my mentorship was during such a tough month because now I knew the power of sticking to the plan.
Fast-forward a few more months, and I finally felt like I had become consistent. I was finishing each month in a profit. Sure, it was only a small one — but, it was still a profit!
Nicholas noticed the transformation I had gone through. Although I was still posting on the Duomo forum and helping other members, he wanted to take this a step further. He wanted to use my experience to help other members go through similar transformations and achieve their own goals.
To my surprise, Nicholas offered me a job and asked me to join the team. I felt I had a lot to offer the community and knew this would also be a chance to take my own trading to new levels. Without a second thought, I jumped at the opportunity!
So here we are, over a year since the mentorship ended. My trading journey has been a wild ride, but thankfully things have become more settled. This year, I’ve been hitting average monthly returns of over 5%, and big drawdowns are a thing of the past.
I honestly feel like the future is looking bright for me and my trading. The next part of my trading journey is yet to unfold, but I know if I stick to the plan and remain level headed, I’ll achieve great things.
Thank you for reading this 4-part series on my trading journey. If you’re interested in learning to trade, click here to check out our FREE course to get you started.