Meet Dominic Beare

Dom is a true EVO legend and has been with us for almost 2 years now. He is inspiring, strong minded, wise and experienced and is the perfect role model for those just starting out on their journey. Dom has been faced with many challenges throughout his trading career but the adversity he went through only made him stronger and he is now a consistent trader managing 6 figures. Check out the full interview with Dom below.

When did your trading journey first begin?

Before I stumbled across trading, I'd been working in the Oil & Gas Industry for 10 years as an offshore ‘slickline operator’. During my time off between jobs (sometimes up to 7 weeks), I decided to look into alternative ways of making money whilst at home. This is where I came across Trading in late 2018. 

As many do, I fell into the trap of ‘signals’ which worked out pretty well to begin with, but inevitably things started to go sour, one losing trade after another and I soon realised this wasn't the way to go as I’m relying on someone else to make money and it just didn't sit right with me so this is where I began exploring on ways on how to learn for myself.

During this time I signed up for an online training course which was very much the typical support/resistance 'retail trading approach' however, I wasn't ever happy with this style as I didn't find it that profitable long-term. Then after speaking to one of the other members within this particular community he mentioned he was leaving to join a new community - that being EVO. 

So, I made the decision to follow along and I remember after watching the original course it was like that scene from the Matrix where he wakes up in the real world and realizes he's been in a fake world.... I felt like I'd been lied to this whole time!

I was like 'this is it, this is how I need to trade' and I've been with you guys ever since after joining in late 2020.

What solutions have you put in place to overcome moments of chaos & stress?

In the past when I lost money, I would get quite emotional, but now because I've experienced that and I feel like I've hit the bottom, when I enter into a period of drawdown it doesn't affect me as much emotionally anymore because I feel like I've hit the worst of it so I've adapted my emotions to accept it and as a result, I deal with it really well now. 

One of the rules within my plan is that I don't lose more than 4% in a day - I rarely push myself to the point where I would ever hit this but if I did, that would be my limit. 

Journalling has helped me a lot.... in the evening I will take screenshots and record where I went wrong, write down what I did to help me control my emotions, and then that is my wind-down way of dealing with a loss or two for that day. 

Understanding probabilities also allows me to remain calm and have full confidence in my trade plan as I accept that losses are part of trading and my next winning trade is around the corner. 

And lastly, on occasion, I will half my usual risk if the market conditions aren't up to scratch, meaning you can have double the amount of losses if you enter into a period of drawdown.

What habit or behaviour has allowed you to gain the most momentum as a funded trader? 

I'd say one of the main focuses for me that has allowed me to gain confidence and trust in my strategy is Backtesting. This has definitely been one of the main habits that has helped me get to where I am today.

On weekends, rather than going out, I'll sit at my desk on a Sunday and I'll backtest for 5 hours for the whole month from the higher timeframes all the way down to the lower timeframes marking up all the valid entries - it's really amazing how much opportunity there is! 

You can study and consume content for hours and hours as much as you like, but you have to put into practice what you've learnt to see results and prove to yourself that the strategy works. Repetition, repetition. 

When you see price tap your point of interest (POI) to the pip and then it moves away in the exact direction you expected, it's literally the best feeling and such a big confidence boost. 

What are your thoughts on being part of a Community? 

I think being part of a community is very beneficial, not to copy other people's trades ( I learned that the hard way), but I would say that our community is by far the best I've been part of for sure... Everyone is very transparent, obviously there are different levels of skill but everyone is so humble and on the same level. You can go into our community (the EVO Club) and you can know nothing and yet still get a nice humble response. Everyone is very helpful and there is no ego whatsoever. 

I've part of been of some pretty toxic communities in the past where if you even utter an abbreviation of something that is not part of the course, people will just abuse you and are not prepared to help you at all.....

Trading can be very lonely, so it's nice to have the option to speak to people that are in the same boat as you.

How has EVO helped you in becoming a consistently profitable funded trader? 

There are two main aspects that have helped me the most....

The first is having an understanding of 'why the market moves'. That in itself was an absolute game changer for me as I would enter trades at all these levels and never really understood why. Another aspect is the Risk to Reward potential with the strategy.... with my previous 'retail strategy' I'd be entering trades with like 50/60 pip SL's targeting Daily highs/lows for 5% and you could be waiting weeks to make 5%, and sometimes it doesn't even play out and you're like 'I've just sat in this trade for a week and I've got nothing out of it'. It just took it out of you and I felt emotionally low from it. 

However with this strategy, because we use multi-timeframe concepts and we know that the markets are fractal, we literally get down to the 1-minute timeframe for our entries, and if you're able to hold your positions and target those higher timeframe highs/lows, the potential is ridiculous. 

My biggest trade to date is +30R on GBPUSD and that was just targeting a 15-minute low entering on the 1-minute timeframe... If I held that trade it would've hit +110%. I still need to work on my psychology in order to get to this point where I can hold trades with that much volume, but even if I did, I'd probably strip it down with partials anyway.

The strategy itself is actually incredible - it took me a bit of time to get used to it because it was completely different to what I knew, but once you get the hang of it, it's actually really quite simple. The course itself....well, I thought that the original course was amazing and then with 2.0 it just took it to a whole new level. I just didn't think it could get any better! 

It's just filled in any last remaining gaps and now I truly believe that I have the hang of the strategy and everything is fitting into place - it all makes sense and it's just a brilliant course, I'm just so glad that I was given the opportunity and my path lead to this point and I can't be more thankful enough, honestly... it's made me who I am today.

What's something unexpected you love about Trading?  

Before I started trading, I didn't really have many ambitious goals, I never really thought about 'where do I want to be in 10 years time', I just thought I was going to work offshore for the rest of my life.... However, that's not the case now as I lost my job during Covid which left me in a very vulnerable financial position where I went from having a pretty high paid job down to finding a factory job just to pay my bills - in fact, I was actually going negative each month and that adversity made me even more focused to do something that I wanted to do. 

Trading has definitely made my life more structured and overall has made me a better person. I find myself now being far more organised and goals orientated with my day-to-day stuff and business. 

Even the relationship with my girlfriend has improved!

Do you have any final words of wisdom? 

You have to be prepared to invest a lot of time into the studying aspect of trading, so if you are just about to start, ask yourself if this is something you really want to do first - your purpose has to be more than just about making money. 

Be patient - and I'm not just talking about waiting for trades, but also being patient with the process (remember the good old Chinese Bamboo Tree pro-verb). If you really want it, you can make it happen, but it does take time. 

I came into this questioning if I was going to make it and I've had moments where I've wanted to give up. There have been times when I've lost my own money and I've said to myself 'I need to stop otherwise I'm going to put myself in debt', but I kept at it, because I wanted it.

So if you're the same JUST KEEP GOING.... if I can do it, anyone can do it, but you just have to put your head down and be patient. 

How can we keep up with you?

You can find me on Instagram - @beare_in_fx